Remodeled Office/Wellness
For Sale
$578,500
1017 4th Ave E, Olympia, WA 98506
Fully remodeled professional office and wellness center building with abundant natural light, upscale finishes, and strong on-site parking.
Property Size1,700 SF
Price / SF$340.29
Days on Market88
Property Features for 1017 4th Ave E
General Information
Standard status
Active
Size
1,700 SF
Property subtype
Commercial
Building Details
Year Built
1929
Listing Agency:
BHGRE COMMERCIAL PREMIER NW
Listed By:
JONI BAKER · License #77946
Source:
Corcoran
Added: May 29
Changed: Aug 24
Last Checked: Aug 23 at 9:26PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of BHGRE COMMERCIAL PREMIER NW
Investment Insights
Based on property information with market context.
This fully remodeled professional office/wellness center building is being offered for sale and is designed to support a boutique professional practice. The property features abundant natural light and upscale finishes throughout, with layout and improvements tailored for office and wellness uses.
The building is described as having excellent frontage and parking available both in front and in a lot to the rear of the building.
The offering includes the remodeled building improvements and on-site parking configuration suitable for an owner-user or established practice seeking a turn-key space.
The building is described as having excellent frontage and parking available both in front and in a lot to the rear of the building.
The offering includes the remodeled building improvements and on-site parking configuration suitable for an owner-user or established practice seeking a turn-key space.
Key Highlights
- Fully remodeled professional office and wellness center building (year built: 1929)
- Abundant natural light throughout the building
- Upscaled/upscale finishes and renovated interior
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$22,142
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.83%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$442,840
$442.8K
Cap Rate 7%
$316,314
$316.3K
Cap Rate 9%
$246,022
$246.0K
Market Conditions
NOI Build-Up for 1,700 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$36.7K $21.60/SF
− Vacancy
−$7.2K −$4.23/SF
EGI
$29.5K $17.37/SF
− OpEx
−$7.4K −$4.34/SF
NOI
$22.1K $13.02/SF
Area
Thurston County, WA
Vacancy
19.60%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$442,840
Cap Rate 7%
$316,314
Cap Rate 9%
$246,022
Alternative Uses
Best Use
Office B
$316.3K
$276.8K – $369.0K
NOI $22,142 @ 7.0% cap · market cap 3.83%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$497.8K
$435.5K – $580.7K
NOI $34,843 @ 7.0% cap · market cap 6.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
741
Businesses Nearby
Explore this area
Business Placement
Demographics for 98506, WA
19,198
Population
9,041
Households
2.1
Avg Household Size
44
Median Age
51%
College-Educated
96%
High-School Grad
22.4 sq mi
ZIP Area
857
Density / Sq Mi
$93,968
Median Household Income
$50,388
Median Earnings
$1,431
Median Rent
$469,700
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Fully remodeled professional office and wellness center building with abundant natural light, upscale finishes, and strong on-site parking.
Where is this office building located?
The property is located at 1017 4th Ave E Olympia, WA.
What is the asking price?
The asking price for this property is $578,500.
What are key features of this property?
This property features: Fully remodeled professional office and wellness center building (year built: 1929); Abundant natural light throughout the building; Upscaled/upscale finishes and renovated interior
