515 21St AveOlympia, WA 98511

This exceptional value-add multifamily investment property, located at 515 21st Street in Olympia, Washington, presents a compelling opportunity for discerning investors. The two-story, 4,161 square foot building, constructed in 1968, boasts 17 dorm-style studio units, each priced at $126,000. The property features six covered parking spaces, supplemented by ample street parking, catering to residents' needs. Recent renovations have modernized both the interior and exterior finishes, enhancing the overall appeal and functionality. The building includes two shared kitchens, three shared bathrooms, and a shared laundry room, providing convenient amenities for tenants. This property offers a pro-forma cap rate of 6.50% and a price per square foot of $516, reflecting its strong potential for return on investment. Its prime location in Olympia's Midtown neighborhood provides easy access to a variety of popular amenities, including La Costa Cafe, New Roma Bakery, Target, Bonfare Market, Ace Hardware, The Mill Coffee, At Ease Brewing, and several bus stops. The property's proximity to these establishments, combined with its affordability, ensures consistent occupancy and reliable cash flow when fully leased. The property's APN is 003-0132-001 and is situated in Thurston County, WA, zip code 98511. This is an ideal opportunity to acquire a well-maintained, high-performing multifamily asset in a thriving urban location.