Building Details

Buildings 1

Tenancy Multi

Listing Agency: Coldwell Banker/Evergreen Show Phone

Listed By: Deborah Draper-Aikins Show Phone

Source: Moodyscre

Added: Aug 4, 2025 Changed: Oct 25 Last Checked: Oct 26 at 8:02PM

Report an Issue

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 Coldwell Banker/Evergreen

Ask AI about this property

Review the available facts, identify missing information and prepare questions for the agent.

What should I ask the agent before proceeding? What information is missing from this listing?

Investment Insights

Based on property information with market context.

This storefront property includes a 13,657 sq ft building with multiple configured areas. The front showroom has 4,900 sq ft and includes two 1,200 sq ft storage areas, one of which has a garage door providing alley access. The 4,900 sq ft showroom space is currently vacant and is available for lease on NNN terms.

In addition, there is approximately 6,000 sq ft of space that fronts on Jefferson and is home to Ballet NW under an in-place lease that runs until 5/27. The property also has new renderings for live-work lofts for the 4,900 sq ft showroom portion.

Located at 509 E 4th Ave, the building offers a mix of front retail/showroom use and a second street-facing area, with practical service access via the alley-connected storage.

Key Highlights

• 13,657 sq ft storefront property on E 4th Ave
• Front showroom: 4,900 sq ft vacant and available for lease on NNN terms
• Two 1,200 sq ft storage areas; one has a garage door to the alley

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$111,902

Cap Rate

8.00%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,238,040 $2.2M

Cap Rate 7%

$1,598,600 $1.6M

Cap Rate 9%

$1,243,356 $1.2M

Is this asking price fair?

Market Conditions

NOI Build-Up for 13,657 SF

Gross rent

$188.5K $13.80/SF

− Vacancy

−$9.4K −$0.69/SF

EGI

$179.0K $13.11/SF

− OpEx

−$67.1K −$4.92/SF

NOI

$111.9K $8.19/SF

Area

Thurston County, WA

Vacancy

5.00%

Lease Rate

$13.80 /SF/Yr

Expense Ratio

37.50%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,238,040

Cap Rate 7%

$1,598,600

Cap Rate 9%

$1,243,356

Alternative Uses

Best Use

Office B

$2.54M

$2.22M – $2.96M (±1% cap)

NOI $177,880 @ 7.0% cap · market cap 12.71%

Second Best

Retail

$2.36M

$2.06M – $2.75M (±1% cap)

NOI $164,851 @ 7.0% cap · market cap 11.78%

Theoretical Best

Office A

$4.00M

$3.50M – $4.67M (±1% cap)

NOI $279,914 @ 7.0% cap · market cap 20.01%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

Storefront properties

Suggested Use

Top Pick Auto Repair Shop Auto Parts Store Big Box & Wholesale Store Parking Lot & Garage Building Supply Electrical Service

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Multi-tenant

Tenancy

Location Intelligence

Trade Area within ½ mile

544

Businesses Nearby

Under-served

Demand for This Use

Explore this area Business Placement

Demographics for 98501, WA

45,274

Population

19,969

Households

2.3

Avg Household Size

40

Median Age

48%

College-Educated

97%

High-School Grad

34.9 sq mi

ZIP Area

1,297

Density / Sq Mi

$95,695

Median Household Income

$55,909

Median Earnings

$1,600

Median Rent

$485,200

Median Home Value

Market

Vacancy Rate% for Office in West region

11% 2019

14.1% 2020

15.5% 2021

17.2% 2022

19.9% 2023

21% 2024

20.8% 2025

Similar For Sale Nearby

See more

Storefront with New HVAC

501 S Capitol Way, Olympia, WA 98501

$995,000

8,672 SF

View details

Four-Suite Office Building

3912 Martin, Olympia, WA 98506

$1,695,000

8,447 SF

View details

Classic Office Building Near Courthouse

917 Lakeridge Way SW, Olympia, WA 98502

$2,675,000

17,836 SF

View details

Olympia Office Building For Sale

3912 Martin Way E, Olympia, WA 98506

$1,695,000

8,203 SF

View details

Olympia Office Building For Sale

3910 Martin Way E, Olympia, WA 98506

$1,875,000

8,203 SF

View details

Newly Built Duplex Portfolio

1620 Decatur, Olympia, WA 98502

$1,625,000

5,928 SF

View details

Medical Office Property

405 Black Hills Lane SW, Olympia, WA 98502

Contact for pricing

12,730 SF

View details

Medical Office Building Near Hospital

3610 Ensign Rd NE, Olympia, WA 98506

$2,000,000

6,222 SF

View details

Olympia Mixed-Use Investment Opportunity

1015 4th Ave, Olympia, WA 98502

$895,000

6,505 SF

View details

Downtown Waterfront Retail Property

301-303 Capitol Way N, Olympia, WA 98501

Contact for pricing

12,120 SF

View details

Multifamily Property with Leased Parking

906 908 Adams Street SE, Olympia, WA 98501

$998,000

4,776 SF

View details

Classic Brick Office Buildings

919-921 Lakeridge Way SW, Olympia, WA 98502

$3,200,000

27,990 SF

View details

Similar Off Market Nearby

• Elle's Artistry in Flowers — 300 Cleveland Ave SE, Olympia, WA 98501

Frequently Asked Questions

What type of property is this?

Storefront property - Front showroom with storage and alley-access garage door, plus additional Jefferson-facing space leased through 5/27.

Where is this storefront property located?

The property is located at 509 E 4th Ave Olympia, WA.

What is the asking price?

The asking price for this property is $1,399,000.

What are key features of this property?

This property features: 13,657 sq ft storefront property on E 4th Ave; Front showroom: 4,900 sq ft vacant and available for lease on NNN terms; Two 1,200 sq ft storage areas; one has a garage door to the alley