Retail and Live-Work
509 4th Avenue E Olympia, WA 98501
509 4th Avenue E, Olympia, WA, 98501
$1,475,000
For Sale
$1,475,000
Building includes a 4,900 SF showroom with rear storage, plus space leased through 5/27.
Property Size13,657 SF
Price / SF$108
Days on Market529
Property Features for 509 4th Avenue E
General Information
- Standard status
- Active
- Size
- 13,657 SF
- Property subtype
- Commercial
Building Details
- Year Built
- 1925
Listing Agency
Coldwell Banker Evergreen
(360) 352-7651
Listed by
Debbie Draper
(360) 352-7651
Source
Multifamilyspecialist
Added: Feb 3, 2025 Checked: Jul 17 at 2:04 am
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 Coldwell Banker Evergreen
Investment Insights
Based on property information with market context.
This 13,657 SF building includes a 4,900 SF showroom with one restroom, along with two rear storage areas totaling 2,400 SF. The seller also has renderings for a new live-work plan for five units that would front on 4th Ave.
Ballet NW currently leases 6,000 SF that fronts on Jefferson through 5/27 for $76K per year, plus property tax and utilities. The building is across the street from Well 80.
In addition to the leased portion, 4,900 SF of retail space is available for lease for $12.00 NNN. See attachment for drawings related to the proposed live-work plan.
Ballet NW currently leases 6,000 SF that fronts on Jefferson through 5/27 for $76K per year, plus property tax and utilities. The building is across the street from Well 80.
In addition to the leased portion, 4,900 SF of retail space is available for lease for $12.00 NNN. See attachment for drawings related to the proposed live-work plan.
Key Highlights
- 13,657 SF building; year built 1925
- Includes a 4,900 SF showroom with one restroom
- Rear includes two 1,200 SF storage areas
Local Financial Insights For Mixed Use
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 | $188.5k | $13.80 |
| − Vacancy | −$9.4k | −$0.69 |
| EGI | $179.0k | $13.11 |
| − OpEx | −$67.1k | −$4.92 |
| NOI | $111.9k | $8.19 |
13,657 SF · lease $13.80/SF/yr · vacancy 5.00% · expense 37.50%
Alternative Uses
Best Use
Office B
$2.54M
$2.22M – $2.96M
NOI $177,880 @ 7.0% cap · market cap 12.06%
Second Best
Retail
$2.36M
$2.06M – $2.75M
NOI $164,851 @ 7.0% cap · market cap 11.18%
Theoretical Best
Office A
$4.00M
$3.50M – $4.67M
NOI $279,914 @ 7.0% cap · market cap 18.98%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Showrooms
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Similar Off Market Nearby
- Tiles & Flooring Services Olympia — capitol way s, olympia, wa 98501
FAQs
What type of property is this?
Showroom - Building includes a 4,900 SF showroom with rear storage, plus space leased through 5/27.
Where is this showroom located?
The property is located at 509 4th Avenue E Olympia, WA.
What is the asking price?
The asking price for this property is $1,475,000.
What are key features of this property?
This property features: 13,657 SF building; year built 1925; Includes a 4,900 SF showroom with one restroom; Rear includes two 1,200 SF storage areas
