Multi-Units Prevalent in Olympia (sales, apartment complexes, rentals)

[MovingSouthGal]

I'm looking for a low crime area with a good mass transit system. But as if that's not hard enough to find, I also need a multi-unit property, or at least a place I could make into a boardinghouse. It needs at least two living units (bath and kitchen area in each unit). Is Olympia a good choice????? Thanks for any answers.

[Sandy Nelson]

Not just has Olympia been ranked as the safest mid sized city in the US two years in a row. Its public transit system has also been named top for a mid sized city in the US. As for multi unit residences, there are plenty listed on the MLS, from duplexes, to boarding houses, it's all there.

[MovingSouthGal]

Hi Sandy, this is really good news since my current 2nd choice is Portland and did not want a city that large and Oregon laws are not to my liking. Is there a chance to find a property that's not too expensive with at least 3 units and at least 3 brms in the largest unit on or near a bus stop in a low crime area? If so, roughly how many are usually available at any given time nowadays (with the current economy)? We will have a little $$$ to put down but we'd like to borrow as much as we can handle. Thanks for answering.
Sherry

[StealthRabbit]

OP: I perceive you are looking to buy a MF?

loopnet is sometimes helpful in finding multi-fam props.

Do some digging as there are many commercial brokers who are not MLS / High $$ advertisers. They can find you bunches of stuff that they 'know about', but is not on the open market. A good (high volume) 'local' commercial lender can be a handy friend to have if you are looking for some real bargains.

I'm working at figuring out how to set up some Cooperatively owned MF units in Olympia. I have several interested 'donors' (people who want to convert their homes / props to co-ops.) Lending is no picnic at the moment, so probably be forced to a CLT or non-profit holding company.

Commercial Lenders currently want 25% down on owner occupied MF, and they like to see a 10% NET cap rate. That is very hard to find on We_t side of WA. For non-owner occupied, lenders aren't talking, even when I offered 50% down on a 12 cap. Look diligently for an owner finance, as there are a lot of retired investors who would like to trade fixing toilets into just 'collecting' a payment from their lounge chair in Tahiti.

[Sandy Nelson]

MovingSouthGal,

While there are lots of duplexes, I could only find one multi family listing that meets your criteria of having at least one unit that is a 3-bedroom unit. I found a 5 unit property that has one 3-bedroom unit. The total income for all units is $3,894 a month and the sales price is $380K. The listing is on a bus line and has Olympia schools.

[MovingSouthGal]

If I can relo there I'll be looking to buy. Maybe best to rent for a few months while looking. Thanks for all the info.

[MovingSouthGal]

I wish so much we could see it now! But, it's a good sign that there is one available. Hopefully if it sells meanwhile, there will be another. I thought it was premature to start looking but mom said it's the only way to find out if there's anything even doable for us in Olympia. I think she's right. I guess getting close to a bus stop is the hardest of all my criteria. What's the distance from the bus stop?Thanks for another reply. Sherry

[Sandy Nelson]

Sherry,

This particular home is located on 30th and Boulevard. The bus stops at Boulevard and 22nd and at Boulevard and 42nd. Here is the website for the Olympia Intercity Transit System : Welcome to Intercity Transit I hope this helps.

[MovingSouthGal]

Sandy and Stealth,

Of course the owner financing would be best if it means lower downpayment without horrendous mortgage payments, all else being equal. I need a place close enough to the bus stop that I won't be walking in an isolated situation. Also we need at least one off-street parking places for all but one unit. Stealth, I'd like to know how I can find out about the MF co-ops that are forming. Hope you both had a great holiday.

[MovingSouthGal]

Oh yeah, and we will need a rental/rentals there while we shop for our purchase. Not sure how many brms and baths though, but we will need at least 2 brms and 1 1/2 baths. If my mom comes along we will definitely need three so we need to plan for that worst case scenario. At least two parking places will be needed. All other needs as far as low crime and proximity to the bus stop are the same. We want few if any steps to deal with. The apartment complexes around here in Lower Bucks County all have horrible ratings. I talked with one of the tenants which confirms basically everything. Thanks for all your answers.