The Security Building Mixed-Use
For Sale
Contact for pricing
201-205 4th Ave E, Olympia, WA 98501
A 1908 downtown building combines ground-level retail with office suites across multiple floors.
Property Size31,459 SF
Price / SF$102.23
Days on Market139
Property Features for 201-205 4th Ave E
General Information
Standard status
Active
Size
31,459 SF
Class
B
Property subtype
Office, Retail
Zoning
DB
Occupancy
94%
Investment Type
Stabilized
Additional Details
Office Units
69
Building Details
Year Built
1908
Buildings
1
Stories
5
Units
74
Tenancy
Multi
Listing Agency:
The Rants Group
(360) 943-8060
Listed By:
Zeke Rehn · License #23295
Source:
Crexi
Added: Apr 14
Changed: Aug 30
Last Checked: Aug 30 at 12:05AM
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 The Rants Group
Investment Insights
Based on property information with market context.
The Security Building is a 31,459-square-foot mixed-use property constructed in 1908. Its configuration includes retail space at ground level and office suites on floors 2 through 5, providing a combination of commercial uses within one building. The property is zoned DB and is currently more than 94% occupied.
Located at 201-205 4th Ave E in Olympia, Washington, the building is offered as a standalone property for purchase. The existing retail and office layout supports a varied tenant roster within a single asset, while the current occupancy provides an established operating profile.
Located at 201-205 4th Ave E in Olympia, Washington, the building is offered as a standalone property for purchase. The existing retail and office layout supports a varied tenant roster within a single asset, while the current occupancy provides an established operating profile.
Key Highlights
- 31,459‑square‑foot mixed‑use building
- Constructed in 1908
- More than 94% occupied
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
$257,767
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
8.02%
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%
$5,155,340
$5.2M
Cap Rate 7%
$3,682,386
$3.7M
Cap Rate 9%
$2,864,078
$2.9M
Market Conditions
NOI Build-Up for 31,459 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
$434.1K $13.80/SF
− Vacancy
−$21.7K −$0.69/SF
EGI
$412.4K $13.11/SF
− OpEx
−$154.7K −$4.92/SF
NOI
$257.8K $8.19/SF
Area
Thurston County, WA
Vacancy
5.00%
Lease Rate
$13.80 /SF/Yr
Expense Ratio
37.50%
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%
$5,155,340
Cap Rate 7%
$3,682,386
Cap Rate 9%
$2,864,078
Alternative Uses
Best Use
Office B
$5.85M
$5.12M – $6.83M
NOI $409,747 @ 7.0% cap · market cap 12.74%
Second Best
Retail
$5.42M
$4.75M – $6.33M
NOI $379,735 @ 7.0% cap · market cap 11.81%
Theoretical Best
Office A
$9.21M
$8.06M – $10.75M
NOI $644,784 @ 7.0% cap · market cap 20.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
69
Office units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,415
Businesses Nearby
Explore this area
Business Placement
Demographics for 98501, WA
45,274
Population
19,969
Households
2.3
Avg Household Size
40
Median Age
48%
College-Educated
97%
High-School Grad
34.9 sq mi
ZIP Area
1,297
Density / Sq Mi
$95,695
Median Household Income
$55,909
Median Earnings
$1,600
Median Rent
$485,200
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?
Mixed-use property - A 1908 downtown building combines ground-level retail with office suites across multiple floors.
Where is this mixed-use property located?
The property is located at 201-205 4th Ave E Olympia, WA.
What is the asking price?
The asking price for this property is $3,216,000.
What are key features of this property?
This property features: 31,459‑square‑foot mixed‑use building; Constructed in 1908; More than 94% occupied
