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SAINT MARTIN'S CENTER1225 RUDDELL RD SE • OLYMPIA, WA 98503
Exclusively Listed By:
Nicholas R. Bushong
Senior Associate
503.200.2078
License: OR 2012209785
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or representation, with respect to the income or expenses for the subject property, the future projected financial
performance of the property, the size and square footage of the property and improvements, the presence or
absence of contaminating substances, PCB's or asbestos, the compliance with State and Federal regulations, the
physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or
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ST. MARTIN'S CENTER
Olympia, WA
ACT ID Z0210444
C O N F I DE N T I A L I T Y A N D DI S C L A I M E R
SAINT MARTIN'S CENTER
1225 Ruddell Rd SE • Olympia, WA 98503
SAINT MARTIN'S CENTER
1225 Ruddell Rd SE • Olympia, WA 98503
EXECUTIVE SUMMARY
Price $3,700,000
Down Payment $1,295,000
Number of Suites 12
Price Per SqFt $102.94
Occupancy 87.20%
Gross Leasable Area 35,942 SF
Lot Size 2.08 Acres
YearBuilt 1970/1996
EXECUTIVE SUMMARY
FINANCING QUOTE
Loan To Value $ 2,405,000 (65%)
Down Payment $ 1,295,000 (35%)
Interest Rate 4.15%
Term 7 Year Fixed
Amortization 25 Years
RETURNS Current Pro-Forma
CAP Rate 8.88% 10.98%
Cash-on-Cash 13.19 19.08%
Debt Coverage Ratio 2.12 2.63
Located just east of Washington’s State capitol, Olympia, the city
of Lacey is a quiet, safe suburban town with a population of
about 50,000. Lacey is located in Thurston County about 50
miles south of Seattle and 120 miles north of Portland. Quiet
residential areas, clean streets, low crime rate, a first-class fire
station and a well-kept City Hall, all add to Lacey’s appeal and
livability.
The subject property is a 35,942-square foot Flex-Retail Center
located in Lacey (Saint Martin’s Center). It is located in direct
proximity to Saint Martin’s University on Ruddell Rd SE between
Lacey Blvd SE and Pacific Ave SE. This investment offers a
value-add opportunity for investors that are looking to continue
the lease-up and increase the below market rents while
collecting an above market return.
The property is priced based on current income which presents
an investor with the opportunity to push returns well above
market by leasing up the two remaining vacant units . The
property is in great condition with recent investment made into a
new roof.
INVESTMENT HIGHLIGHTS
• 13.19% In-Place Cash-on-Cash Return
• Income Tax Free State (WA)
• Centrally Located in an Opportunity
Zone Across from St. Martin’s
University
• Large parking lot with 110 surface
parking spaces.
• Low Price Per Foot at $103/SF
• Low vacancy rates throughout the Lacey
submarket
PROPERTY OVERVIEW
RENT ROLL
EXPENSE STATMENT
*normalized to market
OVERVIEW
OLYMPIA
Olympia is the capital of Washington state and is located at the
southern end of the Puget Sound. The city is 30 miles southwest of
Tacoma and 60 miles from Seattle via Interstate 5. The Olympia-
Tumwater metro encompasses all of Thurston County. Joint Base
Lewis–McChord borders the county on the northeast and its
proximity impacts the market’s economy. Art and cultural activities
can be found at the Washington Center for the Performing Arts, the
Hands On Children’s Museum, Yashiro Japanese Garden or the
WET Science Center.
▪ The largest private employer is Providence St. Peter Hospital with 1,600 workers.
Columbia Capital Medical Center and Group Health Cooperative are other major
companies in the healthcare sector.
▪ Agriculture remains a significant driver in the local economy, led by livestock and
poultry production. Berries, vegetables and trees are the dominant crops grown.
▪ Nearby Joint Base Lewis-McChord has a significant impact on the local economy.
The base employs roughly 38,000 service members and 14,000 civilians. Many of
the soldiers and their families live, eat and shop in Thurston County.
271K
2017POPULATION:
109K
2017HOUSEHOLDS:
38.9
2017MEDIAN AGE:
$63,600
2017 MEDIAN HOUSEHOLD INCOME:
DEMOGRAPHICS
U.S. Median:
37.8U.S. Median:
$56,3008.9%
Growth2017-2022*:
7.5%
Growth2017-2022*:
ECONOMY
METRO HIGHLIGHTS
* Forecast
Sources: Marcus & Millichap Research Services; BLS; Bureau of Economic Analysis; Experian; Fortune; Moody’s Analytics; U.S. Census Bureau
LARGE GOVERNMENT SECTOR
The state government employs roughly 25,000
workers throughout Thurston County. Additional
hiring comes from federal and local entities.
JOINT BASE LEWIS-MCCHORD
Located along I-5 adjacent to Thurston County, JBLM is
home to the Air Force’s 62nd Airlift Wing and the Army’s I
Corps.
INSTITUTIONS OF HIGHER LEARNING
Evergreen State College, South Puget Sound
Community College and Saint Martin’s University
contribute to an educated and skilled workforce.
Income
In 2017, the median household income for your
selected geography is $47,262, compare this to the US
average which is currently $56,286. The median
household income for your area has changed by
29.05% since 2000. It is estimated that the median
household income in your area will be $51,878 five
years from now, which represents a change of 9.77%
from the current year.
The current year per capita income in your area is
$26,258, compare this to the US average, which is
$30,982. The current year average household income in
your area is $58,959, compare this to the US average
which is $81,217.
Population
In 2017, the population in your selected geography is
11,167. The population has changed by 8.63% since
2000. It is estimated that the population in your area
will be 11,254.00 five years from now, which represents
a change of 0.78% from the current year. The current
population is 47.75% male and 52.25% female. The
median age of the population in your area is 35.28,
compare this to the US average which is 37.83. The
population density in your area is 3,543.37 people per
square mile.
Households
There are currently 4,815 households in your selected
geography. The number of households has changed by
4.90% since 2000. It is estimated that the number of
households in your area will be 4,950 five years from
now, which represents a change of 2.80% from the
current year. The average household size in your area is
2.21 persons.
Employmen
tIn 2017, there are 8,191 employees in your selected
area, this is also known as the daytime population. The
2000 Census revealed that 56.88% of employees are
employed in white-collar occupations in this
geography, and 42.84% are employed in blue-collar
occupations. In 2017, unemployment in this area is
5.91%. In 2000, the average time traveled to work was
24.00 minutes.
Race and Ethnicity
The current year racial makeup of your selected area is
as follows: 72.93% White, 4.16% Black, 2.01% Native
American and 6.78% Asian/Pacific Islander. Compare
these to US averages which are: 70.42% White,
12.85% Black, 0.19% Native American and 5.53%
Asian/Pacific Islander. People of Hispanic origin are
counted independently of race.
People of Hispanic origin make up 12.44% of the
current year population in your selected area. Compare
this to the US average of 17.88%.
Housing
The median housing value in your area was $211,539 in
2017, compare this to the US average of $193,953. In
2000, there were 2,008 owner occupied housing units
in your area and there were 2,582 renter occupied
housing units in your area. The median rent at the time
was $612.