509 Old Pacific Highway SE, Olympia, WA 98513
- $8,950,000
- 34,558
- SqFt
Listing courtesy of Better Properties NW.
- List Price
- $8,950,000
- Status
- ACTIVE
- MLS#
- 2032180
- Price Change
- ▼ $50,000 1684265718
- Days on Market
- 109
- Style
- 56 - 10+ Units
- Finished SqFt
- 34,558
- Area Total SqFt
- 34558
- Annual Tax Ammount
- 71242
- Lot Size (sq ft)
- 243,801
- Sewer
- Septic Tank
Property Description
PRICE DROP!! Fully rehabbed and stabilized 40-unit apartment complex located just off I-5, a major arterial close to military and large employers (government, hospital, education). The buildings are set back along the Nisqually river in a secluded quiet location. The property consists of 3 buildings on one parcel and an extra 2-acre parcel included. Perfect mix of units; 12- 3 bed 2 baths 15-2 bedrooms, and 13-1 bedrooms. Plenty of parking throughout the property for tenants and guests. This asset is completely turnkey with a full appraisal from OLYFED completed at 9.7 million. Updates include new roofs in 2020 and 2021, all new vinyl windows and patio doors in 2022, Kitchens, bathrooms, flooring, paint, fans, faucets, appliances etc...
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Additional Information
- List Date
- 2023-02-10 15:03:09
- Community
- Lacey
- Net Operating Income
- $503,218
- Gross Adjusted Income
- $704,697
- Total Monthly Income
- $57,767
- Insurance Expenses
- $34,743
- Water/Sewer/Garbage Expenses
- $30,000
- Total Expenses
- $201,077
- Cap Rate
- 5.62
- Vacancy Rate
- 5
- Total Number of Units
- 40
- Unit Name
- 509
- Potential Terms
- Cash Out, Conventional
- Year Built
- 1965
- Waterfront
- Yes
- View
- River
- Roof
- Composition
- Electric Expenses
- 6000
- Other Expenses
- 59092
- Energy Source
- Electric
- School District
- North Thurston
- Elementary School
- Evergreen Forest Ele
- Middle School
- Nisqually Mid
- High School
- River Ridge High
- Total Monthly Income
- $57,767
- Vacancy Rate
- 5
- Gross Adjusted Income
- $704,697
- Tax Year
- 2022
- Insurance Expense
- $34,743
- W/S/G Expenses
- $30,000
- Total Expenses
- $201,077
- Net Operating Income
- $503,218
- Cap Rate
- 5.62
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