Investment Overview

Built in 1970 and fully revitalized in 2022, Stateside Flats is a twenty-seven-unit community located just east of Downtown Olympia. Its walking distance from the Capitol Campus and proximity to major arterials make Stateside Flats a perfectly situated property in a location driven by stable economic factors and strong rental demand. From a tenant’s perspective, newly renovated one- and two-bedroom units in a walkable neighborhood, combined with a beautiful courtyard and amenities, make Stateside Flats an excellent place to call home. Stateside Flats consists of twenty-two one-bedroom, one-bathroom units averaging ±598 square feet, and five two-bedroom, one-bathroom units averaging ±859 square feet. Each unit features a kitchen and living room separate from the large kitchen. At a purchase price of $5,200,000, Stateside Flats offers a great value to a buyer at $192,593 per unit, and an in place 6.36% cap rate. An incoming investor can steadily increase rents without making any major capital improvements and easily achieve a 10% annual return.