Stateside Flats presents a prime investment opportunity at 210 Bethel St NE in Olympia, WA, centrally located in the city's thriving economic landscape. With 27 units averaging 652 SF each, this 1970-built property offers a lucrative purchase price of $4,900,000. Boasting a solid T-3 cap rate of 6.22% and market cap rate of 6.92%, Stateside Flats sits on a 26,136 SF lot in the desirable HDC-1 zoning area of Thurston County. The property's strategic position in Greater Olympia benefits from the region's economic diversity, attracting a growing number of high-income professionals opting for renting over owning. With recent renovations such as a new roof and unit upgrades, Stateside Flats promises stable cash flow potential and continual growth in one of Washington's fastest-growing areas. Don't miss the chance to capitalize on this lucrative real estate opportunity in a market ripe for investment. - Favorable Financing Dynamics: Offers positive leverage from day one, with attractive debt options and a going-in cap rate of 6.22%. - Prime Location with Exceptional Walkability: Stateside Flats is located just minutes from Downtown Olympia and the State's Capitol Campus, with a Walk Score and Bike Score of 87 and 83, providing easy access to transit and major arterials. - Strong Rental Growth Trajectory: Submarket asking rents have increased 20.69% since 2021, demonstrating robust demand and clear income growth potential. - Significant Upside Potential: Opportunity to increase NOI by over 11% by bringing all units to market rate with minimal operational expense changes. - Attractive Affordability Profile: In-place rents represent just 15.68% of average household income, ensuring tenant affordability while maintaining substantial room for future rent increases. - Surrounded by Affluent Demographics: Average household income rises from $87,855 within two miles to $101,133 within 10 miles, with over 18,000 households within five miles earning above $100,000 annually. - Established Renter Market: 55% of housing units within one mile are renter-occupied, compared to 32% metro wide, reflecting a deeply embedded rental community. - Proximity to Major Employment Centers: Eight miles from the 28-acre Lacey Business Park (home to Amazon, Target, and Home Depot) and one mile from the Port of Olympia, which supports over 5,000 jobs and generates $447 million in business revenue. - Turnkey Asset in a Thin Market: An ideal acquisition for 1031 exchange buyers or family offices seeking cash flow from a well-maintained property in a market with strong buyer support and limited inventory.