Historic Restaurant Building with Skylit
112 Cherry Street NE Olympia, WA 98501
For Sale
$1,300,000
Steel-reinforced concrete restaurant building with large street and alley-facing windows, skylit dining, kitchen vent hoods, and two HVAC systems.
Property Size5,867 SF
Lot Size0.14 Acres
Price / SF$221.58
Days on Market242
Property Features for 112 Cherry Street NE
General Information
- Standard status
- Active
- Size
- 5,867 SF
- Lot size
- 0.14 Acres
- Property subtype
- General Commercial
Building Details
- Year Built
- 1920
Listing Agency:
Van Dorm Realty, Inc.
(360) 943-3800
Listed By:
Michael Smith · License #85845
Source:
Xome
Added: Nov 24, 2025
Changed: Jul 23
Last Checked: Jul 23 at 3:17PM
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 Van Dorm Realty, Inc.
Investment Insights
Based on property information with market context.
This steel-reinforced concrete restaurant building was built in 1920 and offers 5,867 SF of interior space on a 0.14-acre lot. The layout includes a flexible 50/50 dining and bar arrangement, with a skylit dining area that features remote solar shades. In back, a private banquet/VIP room is supported by a separate alley-side entrance.
The property is equipped with a large kitchen that includes two vent hoods and a dishwasher area with room for a walk-in cooler, along with a spacious bar featuring alley-facing windows, a beverage center, and an ice bin room. Two HVAC systems and a security system are also included. Zoned Retail-Food Downtown Business, the building has large street- and alley-facing windows.
With both street and alley frontage and a dedicated back entrance for the private room, the configuration supports on-premise hospitality use with room for multiple service zones.
The property is equipped with a large kitchen that includes two vent hoods and a dishwasher area with room for a walk-in cooler, along with a spacious bar featuring alley-facing windows, a beverage center, and an ice bin room. Two HVAC systems and a security system are also included. Zoned Retail-Food Downtown Business, the building has large street- and alley-facing windows.
With both street and alley frontage and a dedicated back entrance for the private room, the configuration supports on-premise hospitality use with room for multiple service zones.
Key Highlights
- 5,867 SF steel‑reinforced concrete restaurant building built in 1920 on a 0.14‑acre lot
- Zoned Retail‑Food Downtown Business
- Large street- and alley‑facing windows with skylit dining area and remote solar shades
Financial Insights For Specialty Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $88.7k | $15.12 |
| − Vacancy | −$3.7k | −$0.64 |
| EGI | $85.0k | $14.48 |
| − OpEx | −$21.2k | −$3.62 |
| NOI | $63.7k | $10.86 |
5,867 SF · lease $15.12/SF/yr · vacancy 4.20% · expense 25.00%
Alternative Uses
Best Use
Specialty Retail
$910.5K
$796.7K – $1.06M
NOI $63,737 @ 7.0% cap · market cap 4.90%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.72M
$1.50M – $2.00M
NOI $120,250 @ 7.0% cap · market cap 9.25%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Conventional restaurants
FAQs
What type of property is this?
Conventional restaurant - Steel-reinforced concrete restaurant building with large street and alley-facing windows, skylit dining, kitchen vent hoods, and two HVAC systems.
Where is this conventional restaurant located?
The property is located at 112 Cherry Street NE Olympia, WA.
What is the asking price?
The asking price for this property is $1,300,000.
What are key features of this property?
This property features: 5,867 SF steel‑reinforced concrete restaurant building built in 1920 on a 0.14‑acre lot; Zoned Retail‑Food Downtown Business; Large street- and alley‑facing windows with skylit dining area and remote solar shades
