Well-Maintained Office Building For
For Sale
$999,000
234 8th Avenue SE, Olympia, WA 98501
Corner lot office building with parking garage and storage.
Property Size6,914 SF
Lot Size0.23 Acres
Price / SF$144.49
Days on Market168
Property Features for 234 8th Avenue SE
General Information
Standard status
Active
Size
6,914 SF
Lot size
0.23 Acres
Property subtype
Office
Building Details
Year Built
1967
Listing Agency:
(360) 791-3869
Listed By:
Debbie Draper-Aikins
(360) 791-3869
Source:
Cbcworldwide
Added: Mar 5
Changed: Jul 6
Last Checked: Apr 9 at 9:00PM
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 Debbie Draper-Aikins
Investment Insights
Based on property information with market context.
This well-maintained office building is located on the corner of 8th and Franklin. The main floor encompasses approximately 6914 square feet and features a number of private offices, a large conference room, a kitchen, and a breakroom. It also includes two sets of restrooms, a large open area suitable for cubicles, and a large work room. The property includes an underground secured parking garage with space for about 10 cars, plus two large storage rooms that could potentially be converted into additional parking spaces. The property is situated on a 0.23-acre lot.
Key Highlights
- Prime corner location at 8th and Franklin.
- Large 6914 SF main floor office space.
- Secured underground parking garage (approx. 1
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
$90,053
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
9.01%
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%
$1,801,060
$1.8M
Cap Rate 7%
$1,286,471
$1.3M
Cap Rate 9%
$1,000,589
$1.0M
Market Conditions
NOI Build-Up for 6,914 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
$149.3K $21.60/SF
− Vacancy
−$29.3K −$4.23/SF
EGI
$120.1K $17.37/SF
− OpEx
−$30.0K −$4.34/SF
NOI
$90.1K $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%
$1,801,060
Cap Rate 7%
$1,286,471
Cap Rate 9%
$1,000,589
Alternative Uses
Best Use
Office B
$1.29M
$1.13M – $1.50M
NOI $90,053 @ 7.0% cap · market cap 9.01%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.02M
$1.77M – $2.36M
NOI $141,709 @ 7.0% cap · market cap 14.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,850
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Corner lot office building with parking garage and storage.
Where is this office building located?
The property is located at 234 8th Avenue SE Olympia, WA.
What is the asking price?
The asking price for this property is $999,000.
What are key features of this property?
This property features: Prime corner location at 8th and Franklin.; Large 6914 SF main floor office space.; Secured underground parking garage (approx. 1
