Office Condominium with Inlet
For Sale
Contact for pricing
1801 West Bay Dr NW, Olympia, WA 98502
Private offices, reception, open work area, storage, and kitchenette support a flexible professional layout.
Property Size1,555 SF
Price / SF$324.76
Days on Market9
Property Features for 1801 West Bay Dr NW
General Information
Standard status
Active
Size
1,555 SF
Property subtype
OFFICE
Listing Agency:
The Rants Group
(360) 763-4995
Listed By:
Zeke Rehn · License #23295
(360) 915-5678
Source:
Moodyscre
Added: Aug 3
Changed: Aug 10
Last Checked: Aug 11 at 12:21PM
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
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 = 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
$20,254
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
4.01%
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%
$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
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
$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 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%
$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.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
177
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
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Private offices, reception, open work area, storage, and kitchenette support a flexible professional layout.
Where is this office units located?
The property is located at 1801 West 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
