Restaurant Building with Commercial
For Sale
$425,000
110-9323 Martin Way E, Olympia, WA 98516
Equipped for dine-in, takeout, and delivery operations with on-site parking.
Property Size1,200 SF
Price / SF$354.17
Days on Market22
Property Features for 110-9323 Martin Way E
General Information
Standard status
Active
Size
1,200 SF
Restaurant
Hood Type
Type I
Commercial Hood
Yes
Equipment Included
Yes
Additional Details
Business Included
Yes
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$2,542
Building Details
Buildings
1
Listing Agency:
Keller Williams South Sound
(360) 786-6900
Listed By:
Hyun Rim · License #140974
(360) 786-6900
Source:
Exprealty
Added: Jul 22
Changed: Aug 11
Last Checked: Aug 11 at 7:16AM
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 Keller Williams South Sound
Investment Insights
Based on property information with market context.
The offering combines a restaurant building with the established operating business. The 1,200 SF facility includes a commercial kitchen, Type I hood system, walk-in refrigerator, and related restaurant equipment. The existing operation has served the community for more than 20 years, while the space can also accommodate a different restaurant concept.
The property provides on-site parking and convenient access to I-5, JBLM, and the Martin Way corridor. Its configuration supports dine-in service as well as takeout and delivery operations. The building and equipment package provide a ready physical setting for continued restaurant use.
The property provides on-site parking and convenient access to I-5, JBLM, and the Martin Way corridor. Its configuration supports dine-in service as well as takeout and delivery operations. The building and equipment package provide a ready physical setting for continued restaurant use.
Key Highlights
- 1,200 SF restaurant building with established business included
- Commercial kitchen with Type I hood system
- Walk‑in refrigerator and restaurant equipment included
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
$13,036
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
3.07%
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%
$260,720
$260.7K
Cap Rate 7%
$186,229
$186.2K
Cap Rate 9%
$144,844
$144.8K
Market Conditions
NOI Build-Up for 1,200 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
$18.1K $15.12/SF
− Vacancy
−$762 −$0.64/SF
EGI
$17.4K $14.48/SF
− OpEx
−$4.3K −$3.62/SF
NOI
$13.0K $10.86/SF
Area
Thurston County, WA
Vacancy
4.20%
Lease Rate
$15.12 /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%
$260,720
Cap Rate 7%
$186,229
Cap Rate 9%
$144,844
Alternative Uses
Best Use
Specialty Retail
$186.2K
$163.0K – $217.3K
NOI $13,036 @ 7.0% cap · market cap 3.07%
Second Best
Industrial
$139.1K
$121.7K – $162.3K
NOI $9,737 @ 7.0% cap · market cap 2.29%
Theoretical Best
Office A
$351.4K
$307.4K – $409.9K
NOI $24,595 @ 7.0% cap · market cap 5.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Turnkey business
Opportunity
Yes
Highway access
Yes
Commercial hood
Location Intelligence
Trade Area within ½ mile
233
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 98516, WA
29,443
Population
11,600
Households
2.5
Avg Household Size
38
Median Age
37%
College-Educated
94%
High-School Grad
28.8 sq mi
ZIP Area
1,022
Density / Sq Mi
$92,191
Median Household Income
$52,188
Median Earnings
$1,948
Median Rent
$528,000
Median Home Value
Market
Vacancy Rate% for Retail in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Conventional restaurant - Equipped for dine-in, takeout, and delivery operations with on-site parking.
Where is this conventional restaurant located?
The property is located at 110-9323 Martin Way E Olympia, WA.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: 1,200 SF restaurant building with established business included; Commercial kitchen with Type I hood system; Walk‑in refrigerator and restaurant equipment included
