Olympia Mixed-Use Investment
For Sale
$850,000
Pending
1015 4th Ave, Olympia, WA 98502
Mid-century modern building suitable for owner/user or investment.
Property Size6,505 SF
Days on Market517
Property Features for 1015 4th Ave
General Information
Standard status
Pending
Size
6,505 SF
Property subtype
Commercial
Building Details
Year Built
1965
Listing Agency:
THE RANTS GROUP
(360) 763-4994
Listed By:
CAROLYN GRADEN, CCIM · License #26216
Source:
Corcoran
Added: Mar 11, 2025
Changed: Aug 8
Last Checked: Aug 8 at 12:09PM
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 THE RANTS GROUP
Investment Insights
Based on property information with market context.
This mid-century modern building in Olympia, Washington, is currently 100% occupied by a mix of tenants, including medical, dental, office, and hair salon businesses. The property offers a potential opportunity for an owner/user in the future. The property is attractively landscaped and includes on-site parking. The location is situated in a neighborhood setting, making it suitable for personal services. The property consists of two parcels. The building has a size of 6,505 square feet.
Key Highlights
- 100% Occupied: Provides immediate income stream.
- Mid‑Century Modern Building: Appeals to those who appreciate architectural style.
- On‑Site Parking: Convenient for tenants and customers.
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
$52,393
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
6.16%
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%
$1,047,860
$1.0M
Cap Rate 7%
$748,471
$748.5K
Cap Rate 9%
$582,144
$582.1K
Market Conditions
NOI Build-Up for 6,505 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
$92.1K $14.16/SF
− Vacancy
−$4.8K −$0.74/SF
EGI
$87.3K $13.42/SF
− OpEx
−$34.9K −$5.37/SF
NOI
$52.4K $8.05/SF
Area
Thurston County, WA
Vacancy
5.20%
Lease Rate
$14.16 /SF/Yr
Expense Ratio
40.00%
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%
$1,047,860
Cap Rate 7%
$748,471
Cap Rate 9%
$582,144
Alternative Uses
Best Use
Office B
$1.21M
$1.06M – $1.41M
NOI $84,726 @ 7.0% cap · market cap 9.97%
Second Best
Retail
$1.12M
$981.5K – $1.31M
NOI $78,521 @ 7.0% cap · market cap 9.24%
Theoretical Best
Office A
$1.90M
$1.67M – $2.22M
NOI $133,326 @ 7.0% cap · market cap 15.69%
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 98502, WA
35,698
Population
15,550
Households
2.3
Avg Household Size
41
Median Age
52%
College-Educated
97%
High-School Grad
63.4 sq mi
ZIP Area
563
Density / Sq Mi
$87,154
Median Household Income
$46,404
Median Earnings
$1,569
Median Rent
$496,500
Median Home Value
Market
Vacancy Rate% for Office 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?
Office building - Mid-century modern building suitable for owner/user or investment.
Where is this office building located?
The property is located at 1015 4th Ave Olympia, WA.
What is the asking price?
The asking price for this property is $850,000.
What are key features of this property?
This property features: 100% Occupied: Provides immediate income stream.; Mid‑Century Modern Building: Appeals to those who appreciate architectural style.; On‑Site Parking: Convenient for tenants and customers.
