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The Arts Park - Olympia, WA

The Arts Park - Olympia, WA

$6,480,000.00Price
6221, 6239, 6301, 6303 and 6305 Rich Rd SE, Olympia, WA 98501
Rentable Bldg Area:  63,500 SF
Land Area: 5.86 Acres
Pro Forma Cap Rate: 9.12%
 
 
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  • Investment Highlights

    VALUE ADD OPPORTUNITY
    Below market rents on majority of
    tenants creates immense value in
    market adjustments

     

    HIGH BARRIER TO ENTRY
    Property benefits from being the
    only light industrial-zoned parcel in
    surrounding area

     

    LONG TERM TENANT RETENTION
    Exceptional stability and reliable
    income flow underscored by
    extended tenant occupancy,
    minimizing uncertainties associated
    with turnover

     

    EXTREMELY ATTRACTIVE BASIS
    Property is being offered at a
    sharp discount to replacement
    cost, providing runway for longterm
    appreciation via rental and
    operational upside

     

    DIVERSE SUITE SIZES
    Varying suite sizes cater to a range
    of needs, offering a versatile and
    accommodating environment

     

    AMPLE PARKING AND ACCESS
    The property boasts ample parking
    in addition to three strategic
    access points to the park, ensuring
    unparalleled convenience for tenants
    and visitors alike

     

  • Investment Overview

    The Vara Group is pleased to present the sale offering
    for The Arts Park, a well-located and versatile industrial
    business park in Olympia, WA. Located at 6305 Rich
    Road SE, Olympia, the park benefits from being the only
    Light Industrial zoned property in a highly residential
    area, making it a compelling location for local businesses
    that cater to suburban living. The versatile metal
    buildings cater to a diverse range of tenant needs, from
    cold storage to custom art. With a variety of suite sizes
    and configurations, the park lends itself well to startups
    looking to grow as well as established businesses.


    The average effective rent at The Arts Park is
    approximately 30% below market. With all but one
    lease being month-to-month, there is an extremely
    unique opportunity to implement a value-add strategy
    immediately to capture this substantial upside. An
    incoming investor can achieve an 9.12% cap rate upon
    completion of raising the month-to-month rents to
    market and filling the vacant suites.


    Priced deeply below replacement cost, The Arts Park
    presents a compelling opportunity for savvy investors
    looking to create value through capitalizing on favorable
    market fundamentals in the local industrial market.
     

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