Buying In Olympia, WA
Sell Your Commercial Property In Olympia, WA
Skyline Capital Investments buys commercial apartment buildings of 5+ units in Olympia and across Thurston County — listed or off-market, stabilized or value-add. Get clear feedback on your deal, typically within 48 hours.
- Clear feedback on your deal, typically within 48 hours
- 5 to 100+ units, stabilized or distressed, listed or off-market
- Owners, agents, and brokers welcome — every conversation is confidential
We buy:Tired landlordsEstate & trust sales1031 exchangesDeferred maintenanceHigh vacancyPartnership splits
Olympia Submarkets: Downtown Olympia · Westside · Lacey · Tumwater — Thurston County, WA
Local Demand
Our View On Olympia
Olympia, Washington's state capital, held 55,951 residents in the Census Bureau's ACS 2020-2024 estimate, and half of Olympia's occupied homes are rented. Renters hold 50.2% of Olympia's 25,451 occupied units, well above Thurston County's 32.3% renter share. Median gross rent in Olympia is $1,599 a month. Investors who sell commercial property in Olympia, WA are working in a market shaped by state government payrolls, a regional hospital and a public college, with an apartment stock concentrated in buildings built before 1980.
State government employment
State government agencies make up about 23% of Thurston County's 128,824 covered jobs, per the state's Employment Security Department.Providence St. Peter Hospital
Providence St. Peter Hospital is a 394-bed hospital in Olympia that has operated since 1887, per its own site.The Evergreen State College
The Evergreen State College enrolled 2,332 students in its most recent reported fall headcount, per the college's own data.Our Buy Box
What We Buy In Olympia
Asset Type
Multifamily, 5+ Units
Apartment buildings and income-producing residential.
Size
5 – 100+ Units
Sweet spot: 15–25 units.
Condition
Stabilized To Distressed
Value-add, mismanaged, and high-vacancy properties welcome.
Deal Types
Listed Or Off-Market
Direct-to-owner, pocket listings, portfolios.
Local Market Data
Olympia Apartment Market
Figures gathered October 2026 from public market data.
Who rents in Olympia
Renters occupy 50.2% of Olympia's 25,451 occupied homes, or 12,766 units, against 32.3% countywide, per ACS 2020-2024 table B25003. Olympia's apartment stock is older than the state's: the median Olympia home dates to 1982, and 47.5% of Olympia housing predates 1980. Homes in buildings of five or more units total 8,438, or 31.5% of Olympia's 26,795 housing units.
Rents and affordability in Olympia
Median gross rent in Olympia is $1,599 a month, per ACS 2020-2024 table B25064. That is $347 below HUD's FY2027 two-bedroom fair market rent of $1,946 for the Olympia-Lacey-Tumwater MSA. An investor selling commercial property in Olympia can show that gap to a buyer.
| Unit size | HUD FY2027 FMR |
|---|---|
| Studio | $1,586 |
| One-bedroom | $1,656 |
| Two-bedroom | $1,946 |
| Three-bedroom | $2,541 |
Owners who sell commercial property in Olympia, WA should also note rent burden. Some 57.0% of Olympia renters pay 30% or more of income toward rent, and 28.5% pay half or more, per ACS 2020-2024 table B25070.
Property taxes in Thurston County
An Olympia parcel in school district #111 carries a 2026 levy of $9.33 per $1,000 of assessed value, per the Thurston County Treasurer. That figure combines two state school levies, the county's current expense levy, the city's rate and the school rate. On a $2,000,000 building, the levy produces $18,660 in annual property tax. Sellers who sell commercial real estate in Olympia, WA also owe Washington's real estate excise tax at closing. The state's graduated rate totals $31,637.50 on a $2,000,000 sale, and Olympia's 0.50% local REET adds $10,000, for $41,637.50 combined.
Landlord rules in Washington
Washington preempts local rent control under RCW 35.21.830, so Olympia cannot set its own rent caps. Statewide, 2026 rent increases are capped at 9.683%, and landlords must give 90 days' written notice under RCW 59.18.140. Security deposits need a signed move-in checklist under RCW 59.18.260, and landlords must return deposits or itemize deductions within 30 days under RCW 59.18.280. Owners who sell your apartment building in Olympia should confirm those records are current first.
What it means for an owner
Olympia's state government payrolls, Providence St. Peter Hospital and The Evergreen State College support steady renter demand even as nearly half of Olympia's apartment stock predates 1980. Owners who sell commercial property in Olympia, WA can point to a 31.5% share of homes in 5+ unit buildings. That stock sits $347 under the FY2027 fair market rent, which is upside for a buyer. For an owner ready to sell multifamily property in Olympia, the REET bill and the $9.33 levy are the two numbers a buyer checks first. Model both with the cap rate calculator, or start at sell my apartment building.
Seller Notes
What Shapes A Olympia Offer
More about selling in Washington →Investing in Olympia? See apartment syndications in Olympia →
- Olympia's combined 2026 property levy is $9.33 per $1,000, or $18,660 on a $2,000,000 building.
- Owners who sell commercial real estate in Olympia, WA face $41,637.50 in excise tax on a $2,000,000 sale.
- Olympia renters pay a median $1,599, which is $347 below HUD's FY2027 two-bedroom fair market rent.
Seller Guides
Selling In Olympia? Common Situations We Handle
Learn More
Taxes & Rules For Olympia Property
The Washington rules that shape any deal in Olympia: what a sale costs in tax, how buildings are taxed, what landlords must follow, and how to defer gains.
Olympia Seller FAQ
What should I know before I sell commercial property in Olympia, WA?
Renters hold 50.2% of Olympia's occupied homes and pay a median $1,599 a month, per ACS 2020-2024. Thurston County's combined 2026 levy for an Olympia parcel is $9.33 per $1,000, or $18,660 a year on a $2,000,000 building, per the County Treasurer.
What taxes apply when I sell commercial real estate in Olympia, WA?
Washington's real estate excise tax applies at closing. On a $2,000,000 sale, the state's graduated rate is $31,637.50 and Olympia's 0.50% local REET adds $10,000, for $41,637.50 combined, per the Department of Revenue's May 2026 local rate schedule.
Can Olympia pass its own rent control?
No. RCW 35.21.830 preempts rent control by Washington cities and towns, with narrow exceptions for public or low-income housing. Statewide, 2026 rent increases are capped at 9.683%, landlords must give 90 days' notice, and rent cannot rise in a tenancy's first 12 months.
How does Olympia rent compare with HUD's benchmark?
Olympia's median gross rent is $1,599 in ACS 2020-2024, which is $347 below HUD's FY2027 two-bedroom fair market rent of $1,946 for the Olympia-Lacey-Tumwater MSA. That gap can support rent growth assumptions for a buyer underwriting an Olympia apartment purchase.
What drives apartment demand in Olympia?
State government agencies account for about 23% of Thurston County jobs, and 87.6% of Olympia workers hold jobs within the county, per the Employment Security Department. Providence St. Peter Hospital and The Evergreen State College add further anchor employment near downtown Olympia.
Will you buy a Olympia property that needs work or has high vacancy?
Yes. We regularly evaluate value-add, mismanaged, and distressed multifamily properties and underwrite them as they are today — no repairs or lease-up required before selling.
How does a sale to you work in Thurston County?
Send the address, unit count, and any financials. We give feedback, then a written letter of intent if it fits, followed by diligence and a closing date that works for you.
Is it possible to sell rental property in Olympia without evicting tenants?
It is. We buy apartment buildings occupied, and tenants stay on their current leases. Skyline Capital Investments is a commercial real estate buyer of 5+ unit buildings, so occupied properties are the norm for us.
Do I need a broker to sell my apartment building in Olympia?
No. You can work with us directly, or your broker can bring the deal to us. Either way, conversations stay confidential.
Submit A Deal
Tell Us About Your Property In Olympia
A few details are enough to start. We respond to every Olympia submission, including off-market and pocket listings.
