410 Franklin St SE, Olympia, WA 98501 For Sale

The Rex stands at the intersection of history and new opportunities in Downtown Olympia; a city experiencing a unique and defining moment of growth and transformation.

As Washington's state capital, Olympia benefits from economic stability anchored by 30,000 government employees working across the Capitol Campus and state agency headquarters. Today, however, Olympia is evolving far beyond its historic roots. The city sits at the southern gateway to Puget Sound with a metro area of over 303,000 residents that continues to outpace Washington's overall growth rate.

The Rex benefits from its proximity to multiple economic sectors. Providence St. Peter Hospital employs over 2,000 people, while Evergreen State College brings nearly 3,300 students and staff to the area. Joint Base Lewis-McChord, which supports 55,000 military and civilian personnel, is just twenty minutes away.

The most transformative catalyst, however, lies directly adjacent to The Rex: The Port of Olympia's Vision 2050 Action Plan. This community-driven initiative is reimagining the waterfront through strategic infrastructure investment, terminal improvements, and public activation—a long-term commitment that will reshape Downtown Olympia for decades to come.

Anchoring a prime downtown block, The Rex offers 18 residential units across a thoughtful mix of studio, one-bedroom, and two-bedroom floor plans. This variety attracts a diverse tenant base, from young professionals and state employees to small families, while six ground-floor retail spaces generate over $154,000 in annual commercial income. Ground-floor retail generates over $154,000 annually through long-term leases with 3% annual escalations, anchored by established tenants including a popular Thai restaurant and pizza spot.

The Rex's historic facade and period details offer something increasingly scarce in today's market: authentic character that can't be replicated. Modern tenants actively seek this combination of historic charm and urban convenience, and the numbers prove it works. At 100% occupancy, The Rex outperforms the submarket average of 95.5%. Rent prices have surged 93.2% since 2016 and 30.3% since 2021; growth that reflects both the property's appeal and the broader strength of the Olympia rental market.

Investing in The Rex is an investment in a city where stable government employment meets dynamic private sector growth, and a building where immediate cash flow meets proven long-term stability in one of Washington's most promising markets.