Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    West Olympia Retail/Office Space Title is generated by Realmo AI

    1115 Black Lake Boulevard SW, Olympia, WA 98502

    View on Map
    Claim this Listing
    For Lease
    $1,917/Mo $19 SF/Yr (calc)

    Versatile retail or office space in West Olympia.

    Type:Commercial
    Property size:
    1,211 SF
    Added:
    Mar 21, 2026
    Days on Market:
    72
    Last Refresh:
    Apr 1 at 8:57 pm

    Property Features for 1115 Black Lake Boulevard SW

    General Information

    Standard status
    Active
    Size
    1,211 SF
    Property subtype
    Commercial

    Building Details

    Year Built
    1968

    We can help!

    Listing Contact
    QUINT NEWELL
    QUINT NEWELL

    Listing agent QUINT NEWELL License #113575

    Listing office GREENE COMMERCIAL

    Listing date Mar 21, 2026

    Source Corcoran

    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 GREENE COMMERCIAL

    HighLights

    • Highly visible location on Black Lake Boulevard SW.
    • Flexible space suitable for retail or office use (1091‑1211 sq ft).
    • Convenient parking for clients and employees.
    • Thoughtfully designed interior with reception area, open office space, and private windowed office.
    • Professional environment with established owner and user tenants.
    • Pride of ownership evident in building maintenance and tenant selection.

    Overview

    Located on Black Lake Boulevard SW in West Olympia, this property offers a leasing opportunity with spaces ranging from 1091 to 1211 square feet. The space is suitable for either retail or office use. The property benefits from a visible location and includes parking for clients and employees. The interior features a reception area, an open office concept, and a private interior office with a window that allows natural light. The building is shared with established owner and user tenants, reflecting pride of ownership and a professional environment.
    Location Intelligence

    Current Use by Public Records

    Darlene Morales: Allstate ... Insurance Agency The Mac Expert Marketing & Advertising Supreme Insurance Agency ... Insurance Agency Delight Nails and Spa Nail Salon Olympia Debt Consolidation Financial Advisor

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Dental Office Big Box & Wholesale Store Spa & Massage Center Auto Repair Shop Hair Salon Hotel & Motel

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Olympia
    County
    Thurston
    State
    Washington
    Longitude
    -122.9346988
    Latitude
    47.0378606

    Nearby Similar for Lease

    • Sponsored
      $129-$4,644/Mo
      11-1,292 SF

      Union 400

      400 Union Ave, Unit 200, Olympia, WA 98501
      View Details
    • $6,702/Mo
      3,093 SF

      Westside Olympia Office Space Available

      Distinctive office building near Olympia Auto Mall with flexible suites.
      2114 Caton Way SW, Olympia, WA 98502
      View Details
    • $3,000/Mo
      3,000 SF

      Olympia Office Space For Rent

      3000 SF office space with convenient access.
      2120 State Ave NE, Olympia, WA 98506
      View Details
    • $10,370/Mo
      6,222 SF

      Medical Office Near Providence Hospital

      6,222 SF medical office building across from Providence St. Peter Hospital.
      3610 Ensign Rd NE, Olympia, WA 98506
      View Details
    • $8,841/Mo
      2,526 SF

      Medical Office Near St. Peter Hospital

      Move-in ready medical office space adjacent to Providence St. Peter.
      615 Lilly Road NE, Olympia, WA 98506
      View Details
    • $2,250/Mo
      1,350 SF

      Olympia Medical Office Space Available

      Medical office space for lease with ample parking.
      3641 Ensign Rd NE, Olympia, WA 98506
      View Details
    • $1,082/Mo
      481 SF

      Sound Wellness Office Space

      Private office space in a collaborative wellness environment.
      1801 Bay Dr NW, Olympia, WA 98502
      View Details
    • $11,000/Mo
      6,600 SF

      Olympia Medical/Office Space Available

      Medical/office space with ample plumbing and parking in West Olympia.
      3000 Limited Ln NW, Olympia, WA 98502
      View Details
    • $797/Mo
      354 SF

      Sound Wellness Private Office Space

      Private office in a collaborative wellness environment with shared amenities.
      1801 Bay Dr NW, Olympia, WA 98502
      View Details
    • $17 SF/Yr
      2,494 SF

      Corner Office or Retail Space

      Office or retail space with on-site parking available for rent.
      2600 Martin Way E, Olympia, WA
      View Details
    • $5,949/Mo
      7,344 SF

      Lacey Office and Warehouse Space

      Functional office and warehouse space with flexible loading options.
      8910 Martin Way E, Olympia, WA 98516
      View Details
    • $3,000/Mo
      1,185 SF

      Olympia Commercial Space For Lease

      Versatile commercial space suitable for office, wellness, or creative uses.
      1211 4th Ave E, Olympia, WA 98506
      View Details

    FAQs

    What type of property is this?
    Office units - Versatile retail or office space in West Olympia.
    Where is this office units located?
    The property is located at 1115 Black Lake Boulevard SW Olympia, WA.
    What is the lease rate?
    The lease rate is $1,917 /Mo.
    What are key features of this property?
    This property features: Highly visible location on Black Lake Boulevard SW.; Flexible space suitable for retail or office use (1091‑1211 sq ft).; Convenient parking for clients and employees.
    (360) 688-8333
    We can help!
    Listing Contact
    QUINT NEWELL
    QUINT NEWELL
    Real Estate License ID: 113575
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    1115 Black Lake Boulevard SW, Olympia, WA 98502
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!