3335 Martin Way E - Apartments FOR SALE


Olympia, WA 98506- North Olympia
$21,000,000 USD
206-333-4031
3335 Martin Way E, Olympia, WA for Sale
$21,000,000 USD
Apartments - FOR SALE
1/32
null | 5.13% Cap Rate

3335 Martin Way E
Olympia, WA 98506
North Olympia


HIGHLIGHTS

  • In place Multifamily Tax Exemption through 2032 with an option to extend, greatly reducing the tax load on the asset.
  • Proposed 5% debt with two years of interest only through Olympic Federal Savings.
  • 2020 construction with large two and three-bedroom units averaging 894 square feet.
  • Amenity rich community featuring a playground, basketball court, community lounge, full size washer and dryer, stainless-steel appliances.
  • The convenient location provides residents easy access to major throughfares and downtown Olympia.
  • New construction asset priced well below replacement cost.

OVERVIEW

Northmarq is pleased to present Merritt Manor. This 2020 built multifamily community is located at 3335 Martin Way in Olympia, Washington compiled of 82 units. This asset features multiple unique factors making it an excellent investment opportunity, including 5% proposed financing and an exclusive MFTE tax exemption. Merritt Manor consists of large two-bedroom and three-bedroom units averaging 894 square feet. Each unit features full size washer and dryer, a moving kitchen island, granite countertops, and stainless-steel appliances. Additional community amenities include video patrol, EV charging stations, a basketball court, community lounge, playground, grilling area, elevator access, and a garden. Merritt Manor’s location provides residents with easy access to I5 and is a short drive from downtown Olympia.

FOR SALE DETAILS

PRICE

$21,000,000 USD

PRICE/SF

$256 USD /SF

# OF UNITS

82

PRICE/UNIT

$256,098

CAP RATE

5.13%

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Merritt Manor

PROPERTY TYPE

Multi-Family

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

4

YEAR BUILT

2020

PARKING SPACES

-

LAND DETAILS

LAND ACRES

5.72 AC

LAND SF

249,163 SF

ZONING

HDC-4

APN/PARCEL ID

41700100000

ASK ABOUT THIS PROPERTY

Joe KinkopfNorthmarqMore Info
206-333-4031

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Joe KinkopfNorthmarqMore Info
206-333-4031

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.