Mixed-Use Office and Warehouse
For Sale
$575,000
1806 4th Avenue E, Olympia, WA 98506
Two separate buildings with individual addresses include an updated craftsman office and a rear garage/warehouse with 12-foot ceilings.
Property Size2,300 SF
Lot Size0.16 Acres
Price / SF$250
Days on Market37
Property Features for 1806 4th Avenue E
General Information
Standard status
Active
Size
2,300 SF
Lot size
0.16 Acres
Property subtype
Commercial
Zoning
Commercial
Warehouse & Industrial
Clear Height
12 ft
Drive-In Doors
1
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$5,783
Building Details
Year Built
1917
Year Renovated
1995
Listing Agency:
Hayden Outdoors LLC
(866) 741-8323
Listed By:
Paul W Valentine · License #16858
(866) 741-8323
Source:
Multifamilyspecialist
Added: Jul 18
Changed: Aug 23
Last Checked: Aug 22 at 10:05AM
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 Hayden Outdoors LLC
Investment Insights
Based on property information with market context.
This mixed-use property includes two separate buildings with individual addresses on a 7,000-square-foot lot, offering flexible configurations for owner-users or investors. The front building is an approximately 900-square-foot craftsman-style office that was extensively updated around 1995, including new electrical, plumbing, and HVAC, and it includes a full basement for storage or additional workspace.
The rear building was built in 2001 and combines living space with a shop/garage-warehouse area featuring 12-foot ceilings and a large overhead door measuring about 11 feet high by 12 feet wide. With a spacious 22-by-25-foot garage/warehouse layout, the back building is well suited for uses requiring secure storage and functional work space.
Located just minutes from downtown Olympia, the Capitol Campus, I-5, shopping, dining, and waterfront amenities, the dual-building setup creates options for live/work, office with warehouse space, and income-producing rental scenarios.
The rear building was built in 2001 and combines living space with a shop/garage-warehouse area featuring 12-foot ceilings and a large overhead door measuring about 11 feet high by 12 feet wide. With a spacious 22-by-25-foot garage/warehouse layout, the back building is well suited for uses requiring secure storage and functional work space.
Located just minutes from downtown Olympia, the Capitol Campus, I-5, shopping, dining, and waterfront amenities, the dual-building setup creates options for live/work, office with warehouse space, and income-producing rental scenarios.
Key Highlights
- Mixed‑use property on a 7,000 SF lot with two separate buildings and two addresses for flexible use
- Front building: approx. 900 SF Craftsman‑style office, extensively updated around 1995 with new electrical, plumbing, and HVAC
- Front building includes a full basement for storage or additional workspace
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
$29,957
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
5.21%
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%
$599,140
$599.1K
Cap Rate 7%
$427,957
$428.0K
Cap Rate 9%
$332,856
$332.9K
Market Conditions
NOI Build-Up for 2,300 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
$49.7K $21.60/SF
− Vacancy
−$9.7K −$4.23/SF
EGI
$39.9K $17.37/SF
− OpEx
−$10.0K −$4.34/SF
NOI
$30.0K $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%
$599,140
Cap Rate 7%
$427,957
Cap Rate 9%
$332,856
Alternative Uses
Best Use
Office B
$428.0K
$374.5K – $499.3K
NOI $29,957 @ 7.0% cap · market cap 5.21%
Second Best
Warehouse
$323.4K
$283.0K – $377.3K
NOI $22,637 @ 7.0% cap · market cap 3.94%
Theoretical Best
Office A
$673.4K
$589.3K – $785.7K
NOI $47,141 @ 7.0% cap · market cap 8.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
12 ft
Clear height
1
Drive-in doors
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
789
Businesses Nearby
Under-served
Demand for This Use
Explore this area
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
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Two separate buildings with individual addresses include an updated craftsman office and a rear garage/warehouse with 12-foot ceilings.
Where is this flex space located?
The property is located at 1806 4th Avenue E Olympia, WA.
What is the asking price?
The asking price for this property is $575,000.
What are key features of this property?
This property features: Mixed‑use property on a 7,000 SF lot with two separate buildings and two addresses for flexible use; Front building: approx. 900 SF Craftsman‑style office, extensively updated around 1995 with new electrical, plumbing, and HVAC; Front building includes a full basement for storage or additional workspace
