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    625 Union Ave SE Olympia, WA 98501

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    For Sale
    $599,950

    Development opportunity near Capitol Building suitable for residential or shelter.

    Lot size:
    0.31 Acres

    Property Features for 625 Union Ave SE

    General Information

    Lot size
    0.31 Acres

    Source: Century 21 North Homes Realty, Inc. Agent Nit Niranjan

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    Olympia Land Development Opportunity

    This 120 ft x 111 ft lot is located three blocks from the Capitol Building, featuring 120 ft of frontage on Union Avenue SE. The property's "Urban Residential" zoning (UR) allows for various developments, including apartment buildings, senior housing, and homeless shelters. The zoning permits up to a 5-story building with a 42 ft height and 85% lot coverage, requiring a 10 ft front setback and a 5 ft rear setback, with no side setbacks. This configuration can provide 11,000 SF lot coverage, potentially supporting a 4-story building with 44,000 SF for 45-60 apartment units, senior housing, or 70 homeless housing units. No parking is required for residential apartments, senior housing, or homeless shelters. The lot was previously used as a parking lot for an office building.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Commercial land

    Suggested Use

    Realty agency Law Firm Restaurant Dental Office Spa & Massage Hair Salon Nail Salon Clothing Store Building Supply Pharmacy

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

    Location Insight

    • Map
    • Local Demand
    City
    Olympia
    County
    Thurston
    State
    Washington
    Longitude
    -122.8937552
    Latitude
    47.0391769

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    FAQs

    What type of property is this?
    Land - Development opportunity near Capitol Building suitable for residential or shelter.
    Where is this land located?
    The property is located at 625 Union Ave SE Olympia, WA.
    What is the asking price?
    The asking price for this property is $599,950.
    What are key features of this property?
    This property features: - Prime location: Just three blocks from the Capitol Building.; - High-density development potential: "Urban Residential" zoning allows for a 5-story building with 85% lot coverage.; - Significant building size potential: Possible 44,000 SF building.
    (206) 618-6858
    Request Owner's contact information
    625 Union Ave SE Olympia, WA 98501
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    Olympia, WA 98501
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    Realmo Value Estimation

    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.

    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.

    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
    625 Union Ave SE Olympia, WA 98501
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