PROPERTY ASSESSMENT
Presented By:
Fulcrum Real Estate Services, Inc.
8Hundred West Apartments
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OVERVIEW OF THIS REPORT
Fulcrum Real Estate Services, Inc. has performed a detailed analysis of 8Hundred West.
Why did we do this?
Fulcrum provides a unique, hands-on and proactive approach to property management.
This report is an attempt to demonstrate these traits and our excellent standards of property
management.
While it is our hope that you will want to discuss engaging Fulcrum as your property
management company, this report is our gift to you.
What did we analyze?
We analyzed the external presence of your property for curb-appeal and management best
practices. Specifically we reviewed the following physical components:
In addition, we conducted an online review of your property reviewing the following:
We hope you find the information contained in this report to be valuable. Please reach out if
you would like to discuss any of the specifics of this report or anything else about the
market.
Fulcrum Real Estate Services, Inc. |
www.fulcrumre.com
Stairwells
Resident Compliance
Mail, Garbage or Other Out Buildings
Property Website Quality
Comparable Property Pricing
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8Hundred West
800 Alta Street SW, Olympia, WA, 98502
Property Unit Count: 101
Date Property Inspected: October 1, 2020
Executive Summary
8Hundred West is a 101-unit class A apartment community in Olympia, WA close to
shopping, dining, Capital Mall, and outdoor activities. The property is well-managed and
positioned in the market and only requires regular preventive maintenance rather than
any level of rehab.
Curb Appeal
Overall, curb appeal is excellent at 8Hundred West. Landscaping is lush and well
manicured. It appears the on-site maintenance team is walking the property daily and
cleaning up debris and making repairs. By addressing the few minor items such as
restriping and removing moss from the parking lot, and pruning some slightly overgrown
hedges the property should continue to perform well in the market.
Marketing Notes
8Hundred West has an excellent online presence represented on ILS listings as well as at
its property website at www.8hundredwest.com.
Marketing is consistent in pricing across paid online advertising sources and the property
website. Photos are of high quality and accurately depict the community.
The property would benefit from better-implementation of Craigslist advertising.
Pricing Notes
8Hundred West is competitively priced in its market but can see some increase in shelf
rents for its 2 and 3-bedroom units.
REPORT SUMMARY
Fulcrum Real Estate Services, Inc. |
www.fulcrumre.com
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Street Marketing
Criteria: Balloons, A-Boards, property signage, bandit signs, flags, etc.
Street Marketing Grade: Excellent
Notes:
A-boards, custom-branded flags, and banners are utilized for street marketing. Leasing
banner is fading and should be replaced.
Proposed Action:
Replace faded leasing banner. Consider use of balloons or similar eye-grabbing devices to
attach to A-boards.
CURB APPEAL DETAIL
Fence and Perimeter
Criteria: Review of the perimeter of the property including fencing, man gates, vehicle
gates, etc.
Fence and Perimeter Grade: Good
Notes:
Fencing and perimeter landscaping are in good condition with the exception of one fence
section and one overgrown plant reaching over the fence.
Proposed Action:
Repair or replace damaged fence section. Trim overgrown foliage.
Fulcrum Real Estate Services, Inc. |
www.fulcrumre.com
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CURB APPEAL DETAIL
Landscaping
Criteria: Grass areas, beds free of weeds, bark and hardscape quality, trees and shrubs
pruned
Landscaping Grade: Excellent
Notes:
The landcaping is meticulous and well-done at 8Hundred West. Property is weeded and
mulch has recently been spread.
Proposed Action:
Trim the hedges along the fence of Alta St and Capital Mall Dr as they are beginning to
grow through the fence and onto the sidewalk.
Parking Lot and Flatwork
Criteria: Asphalt not cracking and in good repair, striping, sidewalks, curbs
Parking and Flatwork Grade: Good
Notes:
Overall, parking and flatwork is in excellent condition. Two areas that need attention –
Parking stall in front of building A has accumulated moss at the base of curb and the
parking lot is due for re-striping.
Proposed Action:
Pressure-wash parking stall in front of building A. Restripe parking lot in the spring.
Fulcrum Real Estate Services, Inc. |
www.fulcrumre.com
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Resident Compliance
Criteria: Visual inspection of window blinds, decks, patios, inoperable/improperly parked
vehicles.
Resident Compliance Grade: Excellent
Notes:
Bikes are stored in the correct areas, residents are not using stairwells as storage. Trash is
not left in hallways. Several balconies have dead plants that are visible from Capital Mall
Dr & Alta St.
Proposed Action:
Remove and replace dead plants in balconies.
CURB APPEAL DETAIL
Stairwells
Criteria: Visual inspection of handrails, stairs, lighting, entry doors, etc. Please note that
this is not a safety inspection and no claims are made to the safety of stairwells.
Stairwell Grade: Good
Notes:
Stairwells appear to be in good condition. Some stair stringers are fading and could use
touchup paint.
Proposed Action:
Consider touch up painting stair stringers as needed.
Fulcrum Real Estate Services, Inc. |
www.fulcrumre.com
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CURB APPEAL DETAIL
ONLINE PRESENCE
Mail, Garbage and Other Out Buildings
Criteria: Visual inspection of mail and garbage facilities and any other out buildings which
may be on the property.
Mail and Garbage Grade: Good
Notes:
The garbage facility was clean of debris on the outside of the building.
Mailbox room had a small amount of debris on the floor.
Proposed Action:
Sweep the floor of the community mailbox area daily.
This is a review of the property’s online presence through paid and free internet listing
services as well as the property’s website.
Property Found on the Following Sources:
Zillow/Syndicates, Apartments.com/Syndicates, Craigslist, Property Website
Photo Quality: Excellent
Pricing Consistency Across Sources: Excellent
Property Website Quality: Excellent
Notes
Marketing is consistent in pricing across several ILS services and property website. Photos
are of high quality and accurately depict the community.
Proposed Action:
Utilize Craigslist for online marketing.
Fulcrum Real Estate Services, Inc. |
www.fulcrumre.com
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RENTAL COMP DETAIL
Property
Name
8Hundred West
Tribeca Apartments
Little Tuscany
Apartments
Hearthstone
Apartment Homes
Address
800 Alta Street SW,
Olympia, WA,
98502
1700 Kempton Street SE,
Olympia, WA, 98501
1000 Fern Street SW,
Olympia, WA, 98502
215 Pinehurst Drive
SW, Tumwater, WA,
98501
Website
www.8hundredwe
st.com
Not Available
www.littletuscanyapart
ments.com
www.hearthstonelife
.com
Phone
(360) 761-1190
(360) 878-8810
(360) 878-9194
(360) 753-2285
Year Built
2014
2011
2016
2008
Units
101
55
94
56
Studio Rent
$1275
$1100
1x1 Rent
$1400
$1315
$1400
$1300
2x1 Rent
$1550
$1500
2x2 Rent
$1600
$1550
$1625
$1600
3x2 Rent
$1700
$1850
$1750
Security
Deposit
$250
$400
$500
$250
Non-
Refundable
Fees
$250
$200
$325
$250
Pet Deposit
$250
$500
$300
$225
Pet Fees
$250
$0
$300
$450
Pet Rent
$0
$25
$25
$25
Notes
Smaller Property with
fewer amenities. Both
have in-unit W/D. Rent is
significantly higher at
Tribeca Apartments
compared to 8Hundred
West and is a good target
for 8Hundred West rent
potential.
Little Tuscany is similar
in size with more
amenities. 8Hundred
West is able to match
rent because of larger
square footage.
Hearthstone has
fewer apartments
and similar
amenities. 8Hundred
West outperforms in
pricing for 1
bedrooms and may
consider raising rents
for 2 and 3
bedrooms.
Notes:
8Hundred West is competitively priced with some opportunity for improvement per below:
Proposed Action:
Increase the rents of 3 bedrooms to $1750. Increase the rents of 2 bedrooms, 2 bath to
$1625.
Fulcrum Real Estate Services, Inc. |
www.fulcrumre.com
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About Us
Fulcrum Real Estate Services was founded to provide an owner-oriented, transparent,
and holistic approach to property management. More than a service—at Fulcrum we
take our agency relationship with our clients seriously and advocate for our clients’ best
interests for the long-term.
Fulcrum provides a holistic approach to property management. Not only do we maximize
your property’s potential today through diligent operations, but we are focused on
preserving its value for tomorrow with our comprehensive maintenance solutions.
Vision
Fulcrum exists to maximize the potential of our clients’ investments and to enrich and
add value to the lives of those who call our communities home while growing and
nurturing our staff through encouragement, training, and a high level of expectation.
Values
ABOUT FULCRUM
Fulcrum Real Estate Services, Inc. |
www.fulcrumre.com
Transparency
All systems and procedures are built to provide complete visibility by all
stakeholders to whatever the desired level of visibility may be.
Innovation
Fulcrum holds innovation as a core value and is always willing to
challenge the status quo for the betterment of our clients’ success.
Focus
Fulcrum’s management practices are intensely focused on the results
through strategic action. We have built a culture of focus that delivers
results for our clients.
Stewardship
We take seriously the charge to care for our clients’ investments as if
they were our own. It is this value that drives us to constantly assess
and improve every aspect of property management from site office
operations to building maintenance.
Communication
As with every relationship, communication is key. Our reporting and ad-
hoc communication is tailored to the level desired by our clients.
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