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    High-Visibility Retail/Office Building Title is generated by Realmo AI

    510 Custer Way SE, Tumwater, WA 98501

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    Flexible multi-suite building with strong Custer Way frontage and on-site rear parking for owner-users or investors.

    Type:OFFICE
    Added:
    May 29, 2026
    Days on Market:
    8
    Last Refresh:
    Jun 5 at 1:54 am

    Property Features for 510 Custer Way SE

    General Information

    Standard status
    Active
    Property subtype
    OFFICE

    We can help!

    Listing Contact
    Quint Newell
    Quint Newell

    Listing agent Quint Newell License #113575

    Listing office Greene Commercial

    Listing date May 29, 2026

    Source Moodyscre

    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 Greene Commercial

    HighLights

    • High‑visibility retail/office building with strong frontage exposure on high‑traffic Custer Way
    • Flexible multi‑suite layout with multiple units/suites for owner‑users or investors
    • Abundant rear on‑site parking provides customer parking and rear access
    • Adjacent parcel is also listed for sale

    Overview

    This high-visibility retail and office building offers flexibility with multiple units or suites, allowing an owner-user or investor to tailor space to different needs. The property is described as modern in construction with strong curb appeal, supporting a presentable storefront and working environment.

    The building is positioned for exposure along high-traffic Custer Way in Tumwater’s evolving Brewing District. The rear of the building provides abundant parking, supporting customer and tenant access while keeping storefront activity focused on the main frontage.

    For prospective tenants or buyers, the mix of retail and office configuration can accommodate a range of storefront and professional uses, with multiple suites available within the same asset. The on-site parking and direct frontage exposure on Custer Way are practical features for attracting walk-in or drive-by traffic, while the multi-unit layout can support flexible occupancy planning for an owner-operator or a mixed tenant strategy. The adjacent parcel is also listed for sale, which may offer additional options for expansion or development, subject to buyer due diligence.
    Location Intelligence

    Current Use by Public Records

    Office Units

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Tumwater
    County
    Thurston
    State
    Washington
    Longitude
    -122.8996988
    Latitude
    47.0168501

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    FAQs

    What type of property is this?
    Office units - Flexible multi-suite building with strong Custer Way frontage and on-site rear parking for owner-users or investors.
    Where is this office units located?
    The property is located at 510 Custer Way SE Tumwater, WA.
    What is the asking price?
    The asking price for this property is $999,000.
    What are key features of this property?
    This property features: High‑visibility retail/office building with strong frontage exposure on high‑traffic Custer Way; Flexible multi‑suite layout with multiple units/suites for owner‑users or investors; Abundant rear on‑site parking provides customer parking and rear access
    (360) 688-8333 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Quint Newell
    Quint Newell
    Real Estate License ID: 113575
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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    510 Custer Way SE, Tumwater, WA 98501
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