Visible Retail Box on
For Sale
Contact for pricing
4014 Martin Way E, Olympia, WA
28,020 SF retail space with high traffic visibility.
Property Size27,144 SF
Lot Size1.98 Acres
Price / SF$228.41
Days on Market312
Property Features for 4014 Martin Way E
General Information
Standard status
Active
Size
27,144 SF
Lot size
1.98 Acres
Property subtype
RETAIL
Listing Agency:
Kidder Mathews
(360) 480-6680
Listed By:
Ryan Haddock · License #23080
(360) 480-6680
Source:
Moodyscre
Added: Oct 2, 2025
Changed: Jul 6
Last Checked: Aug 8 at 3:47AM
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 Kidder Mathews
Investment Insights
Based on property information with market context.
This highly visible 28,020 square foot retail space is located on Martin Way in Olympia, Washington. The location benefits from high traffic volume, with over 45,000 vehicles per day, and offers easy access to I-5. Previously occupied by a furniture store and a Goodwill Outlet, the property is situated near new retailers on Sleater Kinney and Martin Way. The space features a clear height of 14 feet 6 inches throughout, with 18 feet in the showroom.
Key Highlights
- High visibility location on heavily traveled Martin Way with over 45,000 vehicles per day.
- Easy access to I‑5.
- Large 28,020 SF box suitable for various retail purposes.
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
$327,650
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
5.28%
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%
$6,553,000
$6.6M
Cap Rate 7%
$4,680,714
$4.7M
Cap Rate 9%
$3,640,556
$3.6M
Market Conditions
NOI Build-Up for 27,144 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
$488.6K $18.00/SF
− Vacancy
−$20.5K −$0.76/SF
EGI
$468.1K $17.24/SF
− OpEx
−$140.4K −$5.17/SF
NOI
$327.6K $12.07/SF
Area
Thurston County, WA
Vacancy
4.20%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
30.00%
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%
$6,553,000
Cap Rate 7%
$4,680,714
Cap Rate 9%
$3,640,556
Alternative Uses
Best Use
Retail
$4.68M
$4.10M – $5.46M
NOI $327,650 @ 7.0% cap · market cap 5.28%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$7.95M
$6.95M – $9.27M
NOI $556,343 @ 7.0% cap · market cap 8.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,663
Businesses Nearby
Explore this area
Business Placement
Market
Vacancy Rate% for Retail in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - 28,020 SF retail space with high traffic visibility.
Where is this retail space located?
The property is located at 4014 Martin Way E Olympia, WA.
What is the asking price?
The asking price for this property is $6,200,000.
What are key features of this property?
This property features: High visibility location on heavily traveled Martin Way with over 45,000 vehicles per day.; Easy access to I‑5.; Large 28,020 SF box suitable for various retail purposes.
