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Versatile Office Building with Access

4500 3rd Ave Se, Lacey, WA 98503

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For Sale

$5,700,000

32,000 SF office building with exceptional access and visibility.

Property size:

32,000 SF

Lot size:

1.86 Acres

Price / SF:

$178/SF

HighLights

Exceptional access to Interstate 5.
32,000 SF versatile office building suitable for various commercial uses.
Strategically located near city center and new City Hall, offering a high‑profile presence.
Equipped with advanced security systems and specialized clean agent fire suppression.
Easily converted to residential apartments or hotel space.
Additional room on site for additional 32 units.

We can help!

Listing Contact

Paul T. McLain

For Sale

$5,700,000

32,000 SF office building with exceptional access and visibility.

Property size:

32,000 SF

Lot size:

1.86 Acres

Price / SF:

$178/SF

Added:: Apr 15, 2025
Days on Market:: 425
Last Refresh:: Jan 20 at 10:21 am

Property Features for 4500 3rd Ave Se

General Information

Standard status: Active
Size: 32,000 SF
Lot size: 1.86 Acres

We can help!

Listing Contact

Paul T. McLain

Listing agent Paul T. McLain License #19412

Listing office RE/MAX Parkside Affiliates

Listing date Apr 15, 2025

Source Exprealty

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 RE/MAX Parkside Affiliates

HighLights

Exceptional access to Interstate 5.
32,000 SF versatile office building suitable for various commercial uses.
Strategically located near city center and new City Hall, offering a high‑profile presence.
Equipped with advanced security systems and specialized clean agent fire suppression.
Easily converted to residential apartments or hotel space.
Additional room on site for additional 32 units.

Overview

This 32,000 SF office building offers visibility, parking, and immediate access to Interstate 5. The property is located near the city center and the new City Hall. Previously utilized as a call center, the building is equipped with advanced security systems and specialized clean agent fire suppression. It may be suitable for data centers, telecom operations, or network infrastructure hubs. The property could be converted to residential apartments or hotel space. There is additional room on site for an additional 32 units, according to provided plans.

Local Financial Insights For Office B

Simulate Cap Rate and NOI

NOI Build-Up

Component	$	$/SF
Gross rent	$691.2k	$21.60
− Vacancy	−$135.5k	−$4.23
EGI	$555.7k	$17.37
− OpEx	−$138.9k	−$4.34
NOI	$416.8k	$13.02

32,000 SF · lease $21.60/SF/yr · vacancy 19.60% · expense 25.00%

Alternative Uses

Best Use

Office B

$5.95M

$5.21M – $6.95M (±1% cap)

NOI $416,794 @ 7.0% cap · market cap 7.31%

Second Best

Apartment 5plus

$5.73M

$5.02M – $6.69M (±1% cap)

NOI $401,280 @ 7.0% cap · market cap 7.04%

Theoretical Best

Office A

$9.37M

$8.20M – $10.93M (±1% cap)

NOI $655,872 @ 7.0% cap · market cap 11.51%

Zoning and permitted uses should be independently verified with local authorities.

Property Profile Location Intelligence

Current Use by Public Records

Office buildings

Suggested Use

Location Insight

Map
Local Demand

City: Lacey
County: Thurston
State: Washington
Longitude: -122.825
Latitude: 47.0461

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For sale
Office buildings
WA
Lacey
98503
4500 3rd Ave Se

What type of property is this?

Office building - 32,000 SF office building with exceptional access and visibility.

Where is this office building located?

The property is located at 4500 3rd Ave Se Lacey, WA.

What is the asking price?

The asking price for this property is $5,700,000.

What are key features of this property?

This property features: Exceptional access to Interstate 5.; 32,000 SF versatile office building suitable for various commercial uses.; Strategically located near city center and new City Hall, offering a high‑profile presence.