Renovated Standalone Office
For Sale
Contact for pricing
2404-2404 Chandler Ct SW, Olympia, WA 98502
Completely renovated office building with excellent parking and quick access to Hwy 101 and Interstate 5.
Property Size29,866 SF
Price / SF$226.01
Days on Market331
Property Features for 2404-2404 Chandler Ct SW
General Information
Standard status
Active
Size
29,866 SF
Property subtype
OFFICE
Additional Details
Highway Access
Yes
Building Details
Buildings
1
Listing Agency:
Greene Commercial
(360) 789-5060
Listed By:
Terry Wilson · License #81700
(360) 789-5060
Source:
Moodyscre
Added: Sep 16, 2025
Changed: Jul 30
Last Checked: Aug 12 at 11:12AM
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 Greene Commercial
Investment Insights
Based on property information with market context.
This completely renovated standalone office building offers an updated option on Olympia’s West side. The property includes approximately 29,866 square feet of space and features excellent parking for day-to-day operations.
Located minutes from Hwy 101 and Interstate 5, the building is positioned for convenient regional access. It is also described as a part of “The 101 at Olympia” office complex.
The layout and interior improvements are centered on accommodating office use within a single, freestanding building setting.
Located minutes from Hwy 101 and Interstate 5, the building is positioned for convenient regional access. It is also described as a part of “The 101 at Olympia” office complex.
The layout and interior improvements are centered on accommodating office use within a single, freestanding building setting.
Key Highlights
- Completely renovated standalone office building
- Approximately 29,866 SF office building
- Minutes from Hwy 101 and Interstate 5
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
$388,999
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
5.76%
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%
$7,779,980
$7.8M
Cap Rate 7%
$5,557,129
$5.6M
Cap Rate 9%
$4,322,211
$4.3M
Market Conditions
NOI Build-Up for 29,866 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
$645.1K $21.60/SF
− Vacancy
−$126.4K −$4.23/SF
EGI
$518.7K $17.37/SF
− OpEx
−$129.7K −$4.34/SF
NOI
$389.0K $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%
$7,779,980
Cap Rate 7%
$5,557,129
Cap Rate 9%
$4,322,211
Alternative Uses
Best Use
Office B
$5.56M
$4.86M – $6.48M
NOI $388,999 @ 7.0% cap · market cap 5.76%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$8.74M
$7.65M – $10.20M
NOI $612,134 @ 7.0% cap · market cap 9.07%
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
570
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 - Completely renovated office building with excellent parking and quick access to Hwy 101 and Interstate 5.
Where is this office building located?
The property is located at 2404-2404 Chandler Ct SW Olympia, WA.
What is the asking price?
The asking price for this property is $6,750,000.
What are key features of this property?
This property features: Completely renovated standalone office building; Approximately 29,866 SF office building; Minutes from Hwy 101 and Interstate 5
