Iconic Tavern with Apartments
For Sale
Contact for pricing
210 4th Ave E, Olympia, WA
Tavern with commercial kitchen and 12 apartments above.
Property Size10,800 SF
Lot Size0.12 Acres
Price / SF$168.98
Days on Market265
Property Features for 210 4th Ave E
General Information
Standard status
Active
Size
10,800 SF
Lot size
0.12 Acres
Property subtype
RETAIL
Listing Agency:
Coldwell Banker/Evergreen
(360) 791-3869
Listed By:
Deborah Draper-Aikins
(360) 791-3869
Source:
Moodyscre
Added: Nov 28, 2025
Changed: Aug 17
Last Checked: Aug 20 at 10:08AM
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 Coldwell Banker/Evergreen
Investment Insights
Based on property information with market context.
This property features a tavern with a commercial kitchen, a large bar, a covered alley space, and a large area suitable for live music and dancing. Above the tavern are 12 apartments with rents ranging from $650 to $1400. Two of the apartments have been recently remodeled. The property has a size of 10800 square feet. The property was a popular venue for live music and dancing and could potentially be again.
Key Highlights
- Established tavern with potential to revive as a live music and dancing venue.
- Includes a large bar and commercial kitchen.
- Features 12 apartments above the tavern, providing rental income.
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
$135,432
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
7.42%
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%
$2,708,640
$2.7M
Cap Rate 7%
$1,934,743
$1.9M
Cap Rate 9%
$1,504,800
$1.5M
Market Conditions
NOI Build-Up for 10,800 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
$259.2K $24.00/SF
− Vacancy
−$13.0K −$1.20/SF
EGI
$246.2K $22.80/SF
− OpEx
−$110.8K −$10.26/SF
NOI
$135.4K $12.54/SF
Area
Thurston County, WA
Vacancy
5.00%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
45.00%
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%
$2,708,640
Cap Rate 7%
$1,934,743
Cap Rate 9%
$1,504,800
Alternative Uses
Best Use
Apartment 5plus
$1.93M
$1.69M – $2.26M
NOI $135,432 @ 7.0% cap · market cap 7.42%
Second Best
Retail
$1.86M
$1.63M – $2.17M
NOI $130,365 @ 7.0% cap · market cap 7.14%
Theoretical Best
Office A
$3.16M
$2.77M – $3.69M
NOI $221,357 @ 7.0% cap · market cap 12.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,648
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Bar & Pub - Tavern with commercial kitchen and 12 apartments above.
Where is this bar & pub located?
The property is located at 210 4th Ave E Olympia, WA.
What is the asking price?
The asking price for this property is $1,825,000.
What are key features of this property?
This property features: Established tavern with potential to revive as a live music and dancing venue.; Includes a large bar and commercial kitchen.; Features 12 apartments above the tavern, providing rental income.
