Mixed-Use Retail and
For Sale
Contact for pricing
213 4th Ave E, Olympia, WA
Downtown Olympia mixed-use property with retail space and apartments.
Property Size5,964 SF
Lot Size0.08 Acres
Price / SF$201.04
Days on Market353
Property Features for 213 4th Ave E
General Information
Standard status
Active
Size
5,964 SF
Lot size
0.08 Acres
Property subtype
RETAIL
Listing Agency:
RE/MAX Parkside Affiliates
(360) 480-9387
Listed By:
Thomas Schrader · License #118109
(360) 480-9387
Source:
Moodyscre
Added: Aug 25, 2025
Changed: Aug 8
Last Checked: Aug 11 at 9:57AM
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 RE/MAX Parkside Affiliates
Investment Insights
Based on property information with market context.
This mixed-use property is located in Downtown Olympia and features a 6,000-square-foot retail space on the street level, complete with a full kitchen, bar, and bathrooms. Additionally, the property includes seven apartments, each with one bedroom and one bathroom, as well as laundry facilities. The total property size is 5,964 square feet.
Key Highlights
- Downtown Olympia location.
- Mixed‑use property with retail and apartments.
- Large 6,000sf street‑level retail space featuring a full kitchen, bar, and bathrooms.
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
$74,789
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
6.24%
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%
$1,495,780
$1.5M
Cap Rate 7%
$1,068,414
$1.1M
Cap Rate 9%
$830,989
$831.0K
Market Conditions
NOI Build-Up for 5,964 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
$143.1K $24.00/SF
− Vacancy
−$7.2K −$1.20/SF
EGI
$136.0K $22.80/SF
− OpEx
−$61.2K −$10.26/SF
NOI
$74.8K $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%
$1,495,780
Cap Rate 7%
$1,068,414
Cap Rate 9%
$830,989
Alternative Uses
Best Use
Apartment 5plus
$1.07M
$934.9K – $1.25M
NOI $74,789 @ 7.0% cap · market cap 6.24%
Second Best
Retail
$1.03M
$899.9K – $1.20M
NOI $71,990 @ 7.0% cap · market cap 6.00%
Theoretical Best
Office A
$1.75M
$1.53M – $2.04M
NOI $122,238 @ 7.0% cap · market cap 10.19%
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
Explore this area
Business Placement
Market
Vacancy Rate% for Retail in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Mixed-use property - Downtown Olympia mixed-use property with retail space and apartments.
Where is this mixed-use property located?
The property is located at 213 4th Ave E Olympia, WA.
What is the asking price?
The asking price for this property is $1,199,000.
What are key features of this property?
This property features: Downtown Olympia location.; Mixed‑use property with retail and apartments.; Large 6,000sf street‑level retail space featuring a full kitchen, bar, and bathrooms.
