Mixed-Use Property with Commercial
1615 State Avenue Northeast, Olympia, WA 98506
For Sale
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Separate office and apartment spaces accompany a commercial food-preparation and production facility.
Property Size3,516 SF
Lot Size0.12 Acres
Price / SF$213.03
Days on Market22
Property Features for 1615 State Avenue Northeast
General Information
Standard status
Size
Lot size
Property subtype
Zoning
Additional Details
Asking Price
Cold Storage
Property Use
Building Details
Buildings
Listing Agency:
Premier Commercial NW
Listed By:
April Kelley · License WA #22033797
(360) 508-2502
Source:
Crexi
Added: Oct 20
Changed: Nov 8
Last Checked: Nov 10 at 7:23AM
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 Premier Commercial NW
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Investment Insights
Based on property information with market context.
The approximately 3,516-square-foot property combines three private offices, a two-bedroom, one-bath apartment, and commercial food-production space. The offices have a separate entrance and restroom; the apartment includes a living room, kitchen, and its own entrance. Kitchen equipment includes a commercial stove, ovens, dishwasher, three-compartment sink, walk-in coolers, and a freezer, with additional storage and dedicated production areas. Furniture, fixtures, and equipment used in the catering operation are included; the business, its name, and goodwill are excluded.
The site contains approximately 0.12 acres, or 5,227 square feet, and is zoned HDC-1.
The site contains approximately 0.12 acres, or 5,227 square feet, and is zoned HDC-1.
Key Highlights
- Approximately 3,516 square feet with office, residential, kitchen, production, and storage areas
- Commercial kitchen includes a stove, ovens, dishwasher, three‑compartment sink, walk‑in coolers, and freezer
- Three private offices with separate entrance and restroom
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$38,197
Cap Rate
5.10%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$763,940
$763.9K
Cap Rate 7%
$545,671
$545.7K
Cap Rate 9%
$424,411
$424.4K
Market Conditions
NOI Build-Up for 3,516 SF
Gross rent
$53.2K $15.12/SF
− Vacancy
−$2.2K −$0.64/SF
EGI
$50.9K $14.48/SF
− OpEx
−$12.7K −$3.62/SF
NOI
$38.2K $10.86/SF
Area
Thurston County, WA
Vacancy
4.20%
Lease Rate
$15.12 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$763,940
Cap Rate 7%
$545,671
Cap Rate 9%
$424,411
Alternative Uses
Best Use
Specialty Retail
$545.7K
$477.5K – $636.6K
NOI $38,197 @ 7.0% cap · market cap 5.10%
Second Best
Mixed Use
$411.6K
$360.1K – $480.2K
NOI $28,809 @ 7.0% cap · market cap 3.85%
Theoretical Best
Office A
$1.03M
$900.8K – $1.20M
NOI $72,064 @ 7.0% cap · market cap 9.62%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
1,015
Businesses Nearby
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Business Placement
Demographics for 98506, WA
19,198
Population
9,041
Households
2.1
Avg Household Size
44
Median Age
51%
College-Educated
96%
High-School Grad
22.4 sq mi
ZIP Area
857
Density / Sq Mi
$93,968
Median Household Income
$50,388
Median Earnings
$1,431
Median Rent
$469,700
Median Home Value
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Market
Vacancy Rate% for Industrial in West region
Frequently Asked Questions
What type of property is this?
Mixed-use property - Separate office and apartment spaces accompany a commercial food-preparation and production facility.
Where is this mixed-use property located?
The property is located at 1615 State Avenue Northeast Olympia, WA.
What is the asking price?
The asking price for this property is $749,000.
What are key features of this property?
This property features: Approximately 3,516 square feet with office, residential, kitchen, production, and storage areas; Commercial kitchen includes a stove, ovens, dishwasher, three‑compartment sink, walk‑in coolers, and freezer; Three private offices with separate entrance and restroom
