NNN-Leased Grocery
New
For Sale
$19,305,000
1313 Cooper Point Rd, Olympia, WA 98502
Haggen has operated at the Olympia site for 32 years under an absolute NNN lease.
Property Size74,607 SF
Price / SF$258.76
Days on Market2
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Property Features for 1313 Cooper Point Rd
General Information
Standard status
Active
Size
74,607 SF
Property subtype
Retail
Zoning
HDC-4
Site & Location
Traffic Count
120,000 vehicles/day
Highway Access
Yes
Building Details
Year Built
1987
Tenancy
Single
Listing Agency:
R.H. Cooke & Associates
Listed By:
Bob Cooke · License #12404
(509) 327-2282
Source:
Rhcooke.idxbroker
Added: Oct 14
Changed: Oct 15
Last Checked: Oct 15 at 2:27AM
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 R.H. Cooke & Associates
Investment Insights
Based on property information with market context.
The 74,607 SF property was built in 1987 and is leased to Haggen on an absolute NNN basis. Albertsons backs the tenant credit. The lease includes five 5-year renewal options, with 10% rent escalations; the stated cap rate reaches 6.05% in 2030. The property is zoned HDC-4.
At 1313 Cooper Point Rd in Olympia, the site is at the US 101 interchange in the city’s primary retail corridor. The intersection draws more than 5 million annual visits and includes Trader Joe’s, HomeGoods, and Nordstrom Rack. Capital Mall is two blocks north and attracts 7 million annual visits. Combined traffic on US 101 exceeds 120,000 vehicles per day. Within five miles, the trade area has an average household income above $120,000 and a daytime population exceeding 130,000.
At 1313 Cooper Point Rd in Olympia, the site is at the US 101 interchange in the city’s primary retail corridor. The intersection draws more than 5 million annual visits and includes Trader Joe’s, HomeGoods, and Nordstrom Rack. Capital Mall is two blocks north and attracts 7 million annual visits. Combined traffic on US 101 exceeds 120,000 vehicles per day. Within five miles, the trade area has an average household income above $120,000 and a daytime population exceeding 130,000.
Key Highlights
- 74,607 SF grocery property, built in 1987
- Absolute NNN lease with Albertsons‑backed tenant credit
- Five 5‑year options; each includes a 10% rent escalation
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$900,566
Cap Rate
4.66%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$18,011,320
$18.0M
Cap Rate 7%
$12,865,229
$12.9M
Cap Rate 9%
$10,006,289
$10.0M
Market Conditions
NOI Build-Up for 74,607 SF
Gross rent
$1.34M $18.00/SF
− Vacancy
−$56.4K −$0.76/SF
EGI
$1.29M $17.24/SF
− OpEx
−$386.0K −$5.17/SF
NOI
$900.6K $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 Rate 5%
$18,011,320
Cap Rate 7%
$12,865,229
Cap Rate 9%
$10,006,289
Alternative Uses
Best Use
Retail
$12.87M
$11.26M – $15.01M
NOI $900,566 @ 7.0% cap · market cap 4.66%
Second Best
Specialty Retail
$11.58M
$10.13M – $13.51M
NOI $810,510 @ 7.0% cap · market cap 4.20%
Theoretical Best
Office A
$21.84M
$19.11M – $25.49M
NOI $1,529,145 @ 7.0% cap · market cap 7.92%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Current Use
Lease Details
120,000 VPD
Traffic count
Single-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,281
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in West region
Frequently Asked Questions
What type of property is this?
NNN property - Haggen has operated at the Olympia site for 32 years under an absolute NNN lease.
Where is this nnn property located?
The property is located at 1313 Cooper Point Rd Olympia, WA.
What is the asking price?
The asking price for this property is $19,305,000.
What are key features of this property?
This property features: 74,607 SF grocery property, built in 1987; Absolute NNN lease with Albertsons‑backed tenant credit; Five 5‑year options; each includes a 10% rent escalation
