323 4Th AveOlympia, WA 98501

Property Details for 323 4Th Ave

Year built

1896

Lot size

0.17 AC

Property size (Sq ft)

11,180 SF

Property type

Residential income properties

Property subtype

Multifamily properties

Description

The Cunningham, a 12-unit mixed-use building in Olympia, WA, presents a compelling investment opportunity. This historic property, built in 1896 and boasting 11,180 square feet on a 0.17-acre lot, offers a blend of residential and retail space. The 12 studio and one-bedroom apartments average $465 in monthly rent, contributing to a strong 5.85% cap rate at an asking price of $3,150,000 ($282/sq ft and $210,000/unit). The building underwent a substantial renovation in 2018, encompassing a complete seismic upgrade, new electrical and mechanical systems, a new roof, and modern plate-glass storefronts for the three fully occupied retail spaces. Apartment amenities include fully equipped kitchens with dishwashers, ample natural light, on-site laundry facilities, storage, and secure entry. Its prime downtown location provides exceptional access to public transit, shopping, dining, and entertainment, further enhanced by its proximity to Capitol Lake and Budd Inlet. The Cunningham's historical significance as Olympia's only remaining pioneer storefront adds unique value and appeal. This fully occupied property offers a blend of historical charm and modern updates, making it an attractive investment for discerning buyers.

Location Insight

City

Olympia

County

Thurston

State

Washington

Latitude

47.0451

Longitude

-122.898

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