Two-Building Mixed-Use
203-209 4th Ave E, Olympia, WA 98501
For Sale
New
Contact for pricing
Professional offices occupy upper floors, with eight storefronts at street level and 21 suites in the White Building.
Property Size37,113 SF
Price / SF$107.64
Days on Market4
Property Features for 203-209 4th Ave E
General Information
Standard status
Size
Net Rentable
Property subtype
Occupancy
Net Operating Income
Site & Location
Corner Location
Mixed-Use Components
Additional Details
Cap Rate
Tenant in Place
Property Use
Building Details
Buildings
Tenancy
Listing Agency:
Northmarq Commercial, LLC
(206) 693-2239
Listed By:
Raymond Vara
(206) 584-6195
Source:
Moodyscre
Added: Nov 10
Changed: Nov 12
Last Checked: Nov 12 at 2:37PM
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 Northmarq Commercial, LLC
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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
The Security and White buildings form a two-property mixed-use offering with 37,113 RSF combined. The five-story Security Building has terra cotta detailing and mahogany woodwork; the neighboring White Building contributes 21 suites. Eight storefronts occupy the ground floors, while upper-level space includes offices. The properties are 94.8% leased, with tenants in retail, legal, health-practitioner, and other professional-service uses. No tenant occupies more than 14% of the rentable area, and the in-place cap rate is 7.76%.
At 203–209 4th Ave E, the buildings occupy the corner of 4th Avenue E and Washington Street in downtown Olympia, less than a mile from the Capitol Campus. They are within downtown’s Historic District, where federal and state tax incentives may be available.
At 203–209 4th Ave E, the buildings occupy the corner of 4th Avenue E and Washington Street in downtown Olympia, less than a mile from the Capitol Campus. They are within downtown’s Historic District, where federal and state tax incentives may be available.
Key Highlights
- 37,113 RSF across two adjacent mixed‑use buildings
- Combined occupancy of 94.8%; no tenant accounts for more than 14% of rentable area
- 8 ground‑floor storefronts and 21 suites in the White Building
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$304,095
Cap Rate
7.61%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$6,081,900
$6.1M
Cap Rate 7%
$4,344,214
$4.3M
Cap Rate 9%
$3,378,833
$3.4M
Market Conditions
NOI Build-Up for 37,113 SF
Gross rent
$512.2K $13.80/SF
− Vacancy
−$25.6K −$0.69/SF
EGI
$486.6K $13.11/SF
− OpEx
−$182.5K −$4.92/SF
NOI
$304.1K $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 Rate 5%
$6,081,900
Cap Rate 7%
$4,344,214
Cap Rate 9%
$3,378,833
Alternative Uses
Best Use
Office B
$6.91M
$6.04M – $8.06M
NOI $483,389 @ 7.0% cap · market cap 12.10%
Second Best
Retail
$6.40M
$5.60M – $7.47M
NOI $447,984 @ 7.0% cap · market cap 11.21%
Theoretical Best
Office A
$10.87M
$9.51M – $12.68M
NOI $760,668 @ 7.0% cap · market cap 19.04%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Current Use
Lease Details
94.8%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,648
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
Frequently Asked Questions
What type of property is this?
Mixed-use property - Professional offices occupy upper floors, with eight storefronts at street level and 21 suites in the White Building.
Where is this mixed-use property located?
The property is located at 203-209 4th Ave E Olympia, WA.
What is the asking price?
The asking price for this property is $3,995,000.
What are key features of this property?
This property features: 37,113 RSF across two adjacent mixed‑use buildings; Combined occupancy of 94.8%; no tenant accounts for more than 14% of rentable area; 8 ground‑floor storefronts and 21 suites in the White Building
