Freestanding Retail Building with Double
For Sale
$3,800,000
909 E Yelm Ave, Yelm, WA 98597
Freestanding retail building offering a large-format layout, abundant parking, and a rare double drive-thru.
Property Size13,685 SF
Lot Size1.00 Acre
Price / SF$277.68
Days on Market140
Property Features for 909 E Yelm Ave
General Information
Standard status
Active
Size
13,685 SF
Lot size
1.00 Acre
Property subtype
Single-Tenant Vacant-User
Zoning
C-1
Site & Location
Traffic Count
18,000 vehicles/day
Road Access
Yes
Amenities
Freestanding 13,685 SF Building on 1.00 Acre
Grocery Shadow Anchored by Nationally Top 4% Ranked Safeway
Directly Across From Yelm's Dominant Shopping Center (1M+ Annual Visits)
Drive-Thru Permitted With Rare Double Drive-Thru
Reinforced Concrete Construction and Flexible C-1 Zoning
Surrounded by National and Regional Retailers
Excellent Retail Location with Visibility to Over 18,000 VPD
High-Growth, Affluent Demographics and Low Cost of Living
Building Details
Building Size
13,685 SF
Construction
reinforced concrete
Listing Agency:
Seattle Office
(206) 826-5728
Listed By:
Dylan Wolf · License #WA: 20107350
(206) 826-5728
Source:
Marcusmillichap
Added: Apr 3
Changed: Aug 14
Last Checked: Aug 14 at 8:05AM
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 Seattle Office
Investment Insights
Based on property information with market context.
Marcus & Millichap is exclusively marketing for sale a freestanding retail building totaling 13,738 SF on 1.00 acre. The property features a large-format layout, abundant parking, and a rare double drive-thru arrangement. Reinforced concrete construction supports a durable, institutional-quality building with multiple points of ingress and egress.
Located adjacent to a Safeway grocery store and directly across from Nisqually Plaza, the property sits on Yelm Avenue (State Route 507/510) at a signalized intersection with visibility to over 18,000 VPD. Nearby and surrounding retailers referenced in the remarks include Grocery Outlet, Harbor Freight, O’Reilly Auto Parts, Goodwill, Dollar Tree, Jiffy Lube, Les Schwab, Tractor Supply, and Walmart.
The property is described as having flexible C-1 zoning, allowing retail, mixed-use, education, public safety, and senior living uses. The transaction is for sale at the listed price in the provided information.
Located adjacent to a Safeway grocery store and directly across from Nisqually Plaza, the property sits on Yelm Avenue (State Route 507/510) at a signalized intersection with visibility to over 18,000 VPD. Nearby and surrounding retailers referenced in the remarks include Grocery Outlet, Harbor Freight, O’Reilly Auto Parts, Goodwill, Dollar Tree, Jiffy Lube, Les Schwab, Tractor Supply, and Walmart.
The property is described as having flexible C-1 zoning, allowing retail, mixed-use, education, public safety, and senior living uses. The transaction is for sale at the listed price in the provided information.
Key Highlights
- Freestanding 13,738 SF retail building on 1.00 acre in Yelm, WA
- Large‑format layout with abundant parking and a rare double drive‑thru
- C‑1 zoning with flexibility for retail, mixed‑use, education, public safety, and senior living uses
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
$165,189
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
4.35%
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%
$3,303,780
$3.3M
Cap Rate 7%
$2,359,843
$2.4M
Cap Rate 9%
$1,835,433
$1.8M
Market Conditions
NOI Build-Up for 13,685 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
$246.3K $18.00/SF
− Vacancy
−$10.3K −$0.76/SF
EGI
$236.0K $17.24/SF
− OpEx
−$70.8K −$5.17/SF
NOI
$165.2K $12.07/SF
Area
Thurston County, WA
Vacancy
4.20%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
30.00%
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%
$3,303,780
Cap Rate 7%
$2,359,843
Cap Rate 9%
$1,835,433
Alternative Uses
Best Use
Retail
$2.36M
$2.06M – $2.75M
NOI $165,189 @ 7.0% cap · market cap 4.35%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.01M
$3.51M – $4.67M
NOI $280,488 @ 7.0% cap · market cap 7.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
18,000 VPD
Traffic count
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
554
Businesses Nearby
53k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 37%
Shops & Services 31%
Home Improvements & Furnishings 28%
Electronics 4%
Tractor Supply Co.
Home Improvements & Furnishings
14,948 visits/mo
0.4 miles
ARCO
Shops & Services
10,205 visits/mo
0.4 miles
Starbucks
Dining
10,099 visits/mo
0.3 miles
Chevron
Shops & Services
6,415 visits/mo
0.4 miles
Pizza Hut
Dining
3,916 visits/mo
0.3 miles
Demographics for 98597, WA
27,233
Population
10,108
Households
2.7
Avg Household Size
35
Median Age
23%
College-Educated
91%
High-School Grad
111.0 sq mi
ZIP Area
245
Density / Sq Mi
$92,120
Median Household Income
$50,829
Median Earnings
$1,441
Median Rent
$423,200
Median Home Value
Market
Vacancy Rate% for Retail 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?
Retail space - Freestanding retail building offering a large-format layout, abundant parking, and a rare double drive-thru.
Where is this retail space located?
The property is located at 909 E Yelm Ave Yelm, WA.
What is the asking price?
The asking price for this property is $3,800,000.
What are key features of this property?
This property features: Freestanding 13,738 SF retail building on 1.00 acre in Yelm, WA; Large‑format layout with abundant parking and a rare double drive‑thru; C‑1 zoning with flexibility for retail, mixed‑use, education, public safety, and senior living uses
