SAINT MARTIN'S CENTER1225 RUDDELL RD SE • OLYMPIA, WA 98503

Exclusively Listed By:

Nicholas R. Bushong

Senior Associate

503.200.2078

nicholas.bushong@marcusmillichap.com

License: OR 2012209785

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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.