906 Adams StOlympia, WA 98501

Property Details for 906 Adams St

Year built

1901

Property size (Sq ft)

5,834 SF

Property type

Residential income properties

Property subtype

Multifamily properties

Description

This exceptional investment opportunity presents a 9-unit multifamily property situated in the heart of downtown Olympia, Washington. The property, encompassing two buildings on a 14,400 square foot lot, features a mix of studio and one-bedroom units totaling 5,834 net rentable square feet. Built in 1901 and renovated in 1964, the property offers significant value-add potential. Currently generating a NOI of $59,161, with a pro-forma NOI of $64,161, the property boasts a 4.55% cap rate and a pro-forma cap rate of 4.94%. The asking price is $1,300,000, translating to $144,444.44 per unit and $222.83 per square foot. A key advantage is the inclusion of a separately leased parking lot providing 24 spaces, each leasing for $30 per month, generating additional income. The property is zoned UR (Urban Residential), allowing for high-rise redevelopment or mixed-use projects. All nine units are currently occupied on month-to-month leases, presenting an opportunity to increase rental income. The property's prime downtown location offers easy access to the waterfront, shopping, and other amenities. This is an ideal investment for developers seeking a value-add opportunity or those looking to capitalize on the potential for significant redevelopment in a thriving urban core. The property's APN is 78504900100, 78504900200. There is no ground lease.

Location Insight

City

Olympia

County

Thurston

State

Washington

Latitude

47.0407

Longitude

-122.897

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