Historic Brick Storefront with
For Sale
$980,000
302 N Tower Ave, Centralia, WA 98531
Brick commercial building combines showroom space with an updated second-level office and en suite bath.
Property Size3,000 SF
Price / SF$326.67
Days on Market9
Property Features for 302 N Tower Ave
General Information
Standard status
Active
Size
3,000 SF
Additional Details
Corner Location
Yes
Building Details
Year Built
1943
Buildings
1
Construction
brick
Listing Agency:
COMPASS
(253) 752-7777
Listed By:
Chris Murphy · License #111144
Source:
Nfrrealty
Added: Aug 22
Changed: Aug 29
Last Checked: Aug 25 at 5:14AM
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 COMPASS
Investment Insights
Based on property information with market context.
This 4,500-square-foot storefront property occupies the corner of N Tower Avenue and E Magnolia Street in downtown Centralia. The brick building includes approximately 3,000 feet of open showroom floor, along with an updated second-level office and en suite bath. A slab-on-grade foundation and remaining bank-vault elements reflect the structure’s former civic and banking uses.
The property’s existing drop ceiling and metal-clad window coverings can be removed to create taller ceilings and increase natural light, subject to the owner’s plans and approvals. Its corner setting, open showroom area, and dedicated upper-level office provide a flexible commercial layout within a historic downtown building.
The property’s existing drop ceiling and metal-clad window coverings can be removed to create taller ceilings and increase natural light, subject to the owner’s plans and approvals. Its corner setting, open showroom area, and dedicated upper-level office provide a flexible commercial layout within a historic downtown building.
Key Highlights
- 4,500‑square‑foot storefront property
- Approximately 3,000 feet of open showroom floor
- Updated second‑level office with en suite bath
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
$48,227
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
4.92%
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%
$964,540
$964.5K
Cap Rate 7%
$688,957
$689.0K
Cap Rate 9%
$535,856
$535.9K
Market Conditions
NOI Build-Up for 3,000 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
$82.4K $27.48/SF
− Vacancy
−$18.1K −$6.05/SF
EGI
$64.3K $21.43/SF
− OpEx
−$16.1K −$5.36/SF
NOI
$48.2K $16.08/SF
Area
Lewis County, WA
Vacancy
22.00%
Lease Rate
$27.48 /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%
$964,540
Cap Rate 7%
$688,957
Cap Rate 9%
$535,856
Alternative Uses
Best Use
Office B
$689.0K
$602.8K – $803.8K
NOI $48,227 @ 7.0% cap · market cap 4.92%
Second Best
Retail
$554.0K
$484.8K – $646.4K
NOI $38,781 @ 7.0% cap · market cap 3.96%
Theoretical Best
Office A
$915.0K
$800.6K – $1.07M
NOI $64,051 @ 7.0% cap · market cap 6.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
826
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 98531, WA
26,669
Population
11,070
Households
2.4
Avg Household Size
38
Median Age
21%
College-Educated
88%
High-School Grad
129.2 sq mi
ZIP Area
206
Density / Sq Mi
$61,963
Median Household Income
$37,330
Median Earnings
$1,068
Median Rent
$285,700
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Similar Off Market Nearby
- Fern Ridge Floral & Design — 107 W Main St, Centralia, WA 98531
Frequently Asked Questions
What type of property is this?
Storefront property - Brick commercial building combines showroom space with an updated second-level office and en suite bath.
Where is this storefront property located?
The property is located at 302 N Tower Ave Centralia, WA.
What is the asking price?
The asking price for this property is $980,000.
What are key features of this property?
This property features: 4,500‑square‑foot storefront property; Approximately 3,000 feet of open showroom floor; Updated second‑level office with en suite bath
