Office Condominium with Inlet
For Sale
$505,000
1801 W Bay Dr NW, Olympia, WA 98502
Private offices, reception, open work area, storage, and kitchenette support a flexible professional layout.
Property Size1,555 SF
Days on Market81
Property Features for 1801 W Bay Dr NW
General Information
Standard status
Active
Size
1,555 SF
Property subtype
Office
Building Details
Building Size
1,555 SF
Year Built
2007
Listing Agency:
The Rants Group
Listed By:
Jami Topping · License #96971
(360) 763-4995
Source:
Commercialcafe
Added: Aug 9
Changed: Oct 26
Last Checked: Oct 26 at 1:17PM
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 The Rants Group
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Investment Insights
Based on property information with market context.
This 1,555-square-foot office condominium at Smyth Landing is arranged with three private offices, a reception area, an open meeting and work area, ample storage, and a kitchenette/breakroom. The space is maintained in polished condition and offers views of Budd Inlet.
Located at 1801 West Bay Dr NW in Olympia, the property combines a waterfront setting with proximity to the city’s restaurants, services, and amenities. The layout provides distinct offices alongside shared areas for meetings, work, and daily staff use.
Located at 1801 West Bay Dr NW in Olympia, the property combines a waterfront setting with proximity to the city’s restaurants, services, and amenities. The layout provides distinct offices alongside shared areas for meetings, work, and daily staff use.
Key Highlights
- 1,555‑square‑foot office condominium at Smyth Landing
- Three private offices with reception area
- Open meeting and work area
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$20,254
Cap Rate
4.01%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$405,080
$405.1K
Cap Rate 7%
$289,343
$289.3K
Cap Rate 9%
$225,044
$225.0K
Market Conditions
NOI Build-Up for 1,555 SF
Gross rent
$33.6K $21.60/SF
− Vacancy
−$6.6K −$4.23/SF
EGI
$27.0K $17.37/SF
− OpEx
−$6.8K −$4.34/SF
NOI
$20.3K $13.02/SF
Area
Thurston County, WA
Vacancy
19.60%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$405,080
Cap Rate 7%
$289,343
Cap Rate 9%
$225,044
Alternative Uses
Best Use
Office B
$289.3K
$253.2K – $337.6K
NOI $20,254 @ 7.0% cap · market cap 4.01%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$455.3K
$398.4K – $531.2K
NOI $31,871 @ 7.0% cap · market cap 6.31%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
104
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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Market
Vacancy Rate% for Office in West region
Frequently Asked Questions
What type of property is this?
Office unit - Private offices, reception, open work area, storage, and kitchenette support a flexible professional layout.
Where is this office unit located?
The property is located at 1801 W Bay Dr NW Olympia, WA.
What is the asking price?
The asking price for this property is $505,000.
What are key features of this property?
This property features: 1,555‑square‑foot office condominium at Smyth Landing; Three private offices with reception area; Open meeting and work area
