Downtown Office Redevelopment
416 State Ave NE Olympia, WA 98501
For Sale
Contact for pricing
Office building on two parcels with a total of 15 parking stalls, offered for owner-use, investment, or redevelopment.
Property Size2,287 SF
Lot Size0.29 Acres
Price / SF$218.19
Days on Market311
Property Features for 416 State Ave NE
General Information
Standard status
Active
Size
2,287 SF
Lot size
0.29 Acres
Property subtype
OFFICE
Listing Agency:
The Rants Group
(360) 352-7822
Listed By:
Danielle Rants, CCIM · License #23029550
(360) 352-7822
Source:
Moodyscre
Added: Sep 23, 2025
Changed: Jul 28
Last Checked: Jul 29 at 2:50PM
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 The Rants Group
Investment Insights
Based on property information with market context.
This downtown Olympia office property includes a 2,278-square-foot office building situated on a 0.16-acre parcel with five parking stalls. A second 0.13-acre parcel is included with 10 additional stalls, bringing the total to 15 parking spaces.
The property is located in an Opportunity Zone. It may be considered as an owner-use or investment asset, or as a redevelopment candidate.
The offering presents an office building configuration supported by on-site parking across the included parcels, providing a practical foundation for a range of end uses or redevelopment plans.
The property is located in an Opportunity Zone. It may be considered as an owner-use or investment asset, or as a redevelopment candidate.
The offering presents an office building configuration supported by on-site parking across the included parcels, providing a practical foundation for a range of end uses or redevelopment plans.
Key Highlights
- 2,278 SF office building in downtown Olympia on a .16‑acre parcel
- Two parcels included: .16‑acre plus .13‑acre, with 15 total parking stalls
- On‑site parking: 5 stalls on the .16‑acre parcel and 10 additional stalls on the .13‑acre parcel
Financial Insights For Office B
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $49.4k | $21.60 |
| − Vacancy | −$9.7k | −$4.23 |
| EGI | $39.7k | $17.37 |
| − OpEx | −$9.9k | −$4.34 |
| NOI | $29.8k | $13.02 |
2,287 SF · lease $21.60/SF/yr · vacancy 19.60% · expense 25.00%
Alternative Uses
Best Use
Office B
$425.5K
$372.4K – $496.5K
NOI $29,788 @ 7.0% cap · market cap 5.97%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$669.6K
$585.9K – $781.2K
NOI $46,874 @ 7.0% cap · market cap 9.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Office building - Office building on two parcels with a total of 15 parking stalls, offered for owner-use, investment, or redevelopment.
Where is this office building located?
The property is located at 416 State Ave NE Olympia, WA.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: 2,278 SF office building in downtown Olympia on a .16‑acre parcel; Two parcels included: .16‑acre plus .13‑acre, with 15 total parking stalls; On‑site parking: 5 stalls on the .16‑acre parcel and 10 additional stalls on the .13‑acre parcel
