Well-Maintained Office
For Sale
Contact for pricing
2120 CATON WAY SW OLYMPIA WA 98502-1105, Olympia, WA 98502
Well-maintained office building with a flexible floor plan, bright interiors, and ample on-site parking in West Olympia.
Property Size4,684 SF
Price / SF$309.56
Days on Market21
Property Features for 2120 CATON WAY SW OLYMPIA WA 98502-1105
General Information
Standard status
Active
Size
4,684 SF
Class
B
Total Parking Spaces
14
Property subtype
Office
Zoning
AS
Additional Details
Highway Access
Yes
Building Details
Year Built
1993
Buildings
1
Stories
1
Listing Agency:
Premier Commercial NW
Listed By:
Joni Baker · License #77946
Source:
Crexi
Added: Jul 23
Changed: Aug 8
Last Checked: Aug 8 at 10:51AM
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 Premier Commercial NW
Investment Insights
Based on property information with market context.
Well-maintained office building with a flexible floor plan designed to accommodate a variety of professional office, medical, or service-oriented businesses. Interior spaces are described as bright and well-appointed, supporting a range of client-facing and back-office needs. The property also features ample on-site parking and excellent visibility.
Located in a well-established commercial corridor in West Olympia, the building is described as minutes from downtown Olympia, Highway 101, and Interstate 5, providing convenient access for clients, customers, and employees.
Built in 1993, this single building offers an established option for companies seeking a professional presence with practical on-site parking and adaptable space planning.
Located in a well-established commercial corridor in West Olympia, the building is described as minutes from downtown Olympia, Highway 101, and Interstate 5, providing convenient access for clients, customers, and employees.
Built in 1993, this single building offers an established option for companies seeking a professional presence with practical on-site parking and adaptable space planning.
Key Highlights
- Flexible floor plan for professional office, medical, or service‑oriented businesses
- Bright, well‑appointed interior spaces
- Ample on‑site parking
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
$61,008
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
4.21%
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%
$1,220,160
$1.2M
Cap Rate 7%
$871,543
$871.5K
Cap Rate 9%
$677,867
$677.9K
Market Conditions
NOI Build-Up for 4,684 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
$101.2K $21.60/SF
− Vacancy
−$19.8K −$4.23/SF
EGI
$81.3K $17.37/SF
− OpEx
−$20.3K −$4.34/SF
NOI
$61.0K $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%
$1,220,160
Cap Rate 7%
$871,543
Cap Rate 9%
$677,867
Alternative Uses
Best Use
Office B
$871.5K
$762.6K – $1.02M
NOI $61,008 @ 7.0% cap · market cap 4.21%
Second Best
Healthcare Medical
$538.9K
$471.6K – $628.8K
NOI $37,726 @ 7.0% cap · market cap 2.60%
Theoretical Best
Office A
$1.37M
$1.20M – $1.60M
NOI $96,003 @ 7.0% cap · market cap 6.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
998
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 building - Well-maintained office building with a flexible floor plan, bright interiors, and ample on-site parking in West Olympia.
Where is this office building located?
The property is located at 2120 CATON WAY SW OLYMPIA WA 98502-1105 Olympia, WA.
What is the asking price?
The asking price for this property is $1,450,000.
What are key features of this property?
This property features: Flexible floor plan for professional office, medical, or service‑oriented businesses; Bright, well‑appointed interior spaces; Ample on‑site parking
