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Mottman Building - Olympia, WA

Mottman Building - Olympia, WA

$2,845,000.00Price

101 Capitol Way N, Olympia, WA 98501

Rentable Bldg Area:  16,042 SF

Land Area: 15,682 SF

Cap Rate: 6.74%

Pro Forma Cap Rate: 7.15%

 

 

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  • Investment Highlights

    UNBEATABLE LOCATION IN THE HEART OF THE STATE CAPITOL

    Located on the most heavilytrafficked thoroughfare indowntown Olympia, this propertyis strategically located to capturea significant amount of foot andvehicle traffic

    FULLY LEASED WITH VALLUE-ADD OPPORTUNITY

    This asset currently sits at 100%occupancy and features staggeredlease expirations allowing investorsto adjust rates accordingly to morefavorable terms

    PRIVATE PARKING

    Ample parking is available acrossCapitol Way, in a 30-stall lot that isincluded in the sale offering

     

  • Investment Overview

    The Vara Group is pleased to present the opportunity to
    acquire the fee simple interest in the historic Mottman
    Building, a mixed-use building in the heart of downtown
    Olympia, the capitol of Washington state (“The Offering”).
    Mostly consisting of small office and mid-sized storefront
    retail suites, the Offering boasts strong historical
    occupancy and a 30-stall private parking lot that generates
    additional income. Situated along the most heavily
    trafficked thoroughfare in downtown Olympia, the building
    was constructed in 1888 and expanded in 1911. A full
    seismic retrofit was completed to shore up the structure
    and enhance the enduring quality of this historic property,
    which has been professionally managed for decades.


    The Offering resides in the Downtown Olympia Historic
    District and is listed on the National Register of Historic
    Place, which brings building code lenience and tax benefits.
    Additionally, The Offering is in a Qualified Opportunity Zone
    adding further tax incentives allowing investors to defer
    capital gains .


    An incoming investor will enjoy an attractive in-place return
    and scheduled annual rent increases as a hedge against
    inflation. Additional upside can be achieved through raising
    parking stall rates to market and renegotiating certain below
    market rents to market upon renewals.

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