Downtown Mixed-Use Retail and
For Sale
$1,199,000
213 4TH, Olympia, WA 98501
Street retail space with bar and commercial kitchen plus seven apartments, each with separate upper-floor entrances.
Property Size6,000 SF
Price / SF$199.83
Days on Market423
Property Features for 213 4TH
General Information
Standard status
Active
Size
6,000 SF
Property subtype
Commercial
Additional Details
Multifamily Units
7
Building Details
Year Built
1908
Listing Agency:
RE/MAX Parkside Affiliates
(360) 480-9387
Listed By:
Thomas Schrader · License #118109
(253) 564-6211
Source:
Century21northhomes
Added: Jun 30, 2025
Changed: Aug 25
Last Checked: Aug 25 at 9:33AM
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 downtown mixed-use property includes approximately 6,000 square feet of street retail with a bar and commercial kitchen. The building also has seven apartments with separate entrances for the upper floor. The street-level space features tall ceilings and streetside frontage with signage.
Located on a great downtown street with streetside frontage, the property is presented for both retail and residential use within the same structure.
The mix of street retail, bar and kitchen, and multiple separate apartment entrances creates a straightforward configuration for tenants seeking storefront presence alongside residential units.
Located on a great downtown street with streetside frontage, the property is presented for both retail and residential use within the same structure.
The mix of street retail, bar and kitchen, and multiple separate apartment entrances creates a straightforward configuration for tenants seeking storefront presence alongside residential units.
Key Highlights
- Mixed‑use building built in 1908 with street retail and 7 apartments
- Street retail space totals 6,000 SF with a bar and commercial kitchen
- Separate entrances for the upper‑floor apartments
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
$75,240
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
6.28%
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%
$1,504,800
$1.5M
Cap Rate 7%
$1,074,857
$1.1M
Cap Rate 9%
$836,000
$836.0K
Market Conditions
NOI Build-Up for 6,000 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
$144.0K $24.00/SF
− Vacancy
−$7.2K −$1.20/SF
EGI
$136.8K $22.80/SF
− OpEx
−$61.6K −$10.26/SF
NOI
$75.2K $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%
$1,504,800
Cap Rate 7%
$1,074,857
Cap Rate 9%
$836,000
Alternative Uses
Best Use
Apartment 5plus
$1.07M
$940.5K – $1.25M
NOI $75,240 @ 7.0% cap · market cap 6.28%
Second Best
Retail
$1.03M
$905.3K – $1.21M
NOI $72,425 @ 7.0% cap · market cap 6.04%
Theoretical Best
Office A
$1.76M
$1.54M – $2.05M
NOI $122,976 @ 7.0% cap · market cap 10.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
7
Residential units
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 Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Street retail space with bar and commercial kitchen plus seven apartments, each with separate upper-floor entrances.
Where is this mixed-use property located?
The property is located at 213 4TH 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: Mixed‑use building built in 1908 with street retail and 7 apartments; Street retail space totals 6,000 SF with a bar and commercial kitchen; Separate entrances for the upper‑floor apartments
