Flexible Retail and Office
For Sale
$950,000
510 Custer Way, Tumwater, WA 98501
Modern building with high-visibility frontage and flexible suite layout for retail or professional office use.
Property Size5,244 SF
Lot Size0.28 Acres
Price / SF$181.16
Days on Market141
Property Features for 510 Custer Way
General Information
Standard status
Active
Size
5,244 SF
Total Parking Spaces
23
Lot size
0.28 Acres
Building Details
Year Built
2004
Tenancy
Multi
Listing Agency:
Greene Commercial
Listed By:
Quint Newell · License #113575
(360) 688-8333
Source:
Livnserverealestate
Added: Jun 3
Changed: Oct 16
Last Checked: Oct 7 at 2:32PM
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
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Investment Insights
Based on property information with market context.
This 5,244-square-foot commercial building sits on a 0.28-acre parcel and is designed with a flexible interior layout that can accommodate multiple units or suites. The property is described as modern in construction and built to support both retail and professional office use.
The site features high-visibility frontage on Custer Way and curb appeal. Vehicle access is available, with 9,710 square feet of asphalt paving and 23 surface parking stalls located at the rear of the building. The parcel is stated to be entirely outside flood zones.
For an owner-user or investor, the primary value is the building’s adaptable configuration for mixed or changing tenant needs. The combination of modern construction, storefront-style street presence, and on-site parking supports day-to-day operations for service-oriented businesses and professional offices, as well as retail concepts that benefit from visibility from the roadway.
The site features high-visibility frontage on Custer Way and curb appeal. Vehicle access is available, with 9,710 square feet of asphalt paving and 23 surface parking stalls located at the rear of the building. The parcel is stated to be entirely outside flood zones.
For an owner-user or investor, the primary value is the building’s adaptable configuration for mixed or changing tenant needs. The combination of modern construction, storefront-style street presence, and on-site parking supports day-to-day operations for service-oriented businesses and professional offices, as well as retail concepts that benefit from visibility from the roadway.
Key Highlights
- 5,244 SF commercial building built in 2004 on a 0.28‑acre parcel in Tumwater’s Special Brewery District
- Entire parcel is outside flood zones
- High‑visibility frontage on Custer Way
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$68,302
Cap Rate
7.19%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,366,040
$1.4M
Cap Rate 7%
$975,743
$975.7K
Cap Rate 9%
$758,911
$758.9K
Market Conditions
NOI Build-Up for 5,244 SF
Gross rent
$113.3K $21.60/SF
− Vacancy
−$22.2K −$4.23/SF
EGI
$91.1K $17.37/SF
− OpEx
−$22.8K −$4.34/SF
NOI
$68.3K $13.02/SF
Area
Thurston County, WA
Vacancy
19.60%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,366,040
Cap Rate 7%
$975,743
Cap Rate 9%
$758,911
Alternative Uses
Best Use
Office B
$975.7K
$853.8K – $1.14M
NOI $68,302 @ 7.0% cap · market cap 7.19%
Second Best
Retail
$904.3K
$791.2K – $1.05M
NOI $63,299 @ 7.0% cap · market cap 6.66%
Theoretical Best
Office A
$1.54M
$1.34M – $1.79M
NOI $107,481 @ 7.0% cap · market cap 11.31%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
509
Businesses Nearby
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in West region
Frequently Asked Questions
What type of property is this?
Office unit - Modern building with high-visibility frontage and flexible suite layout for retail or professional office use.
Where is this office unit located?
The property is located at 510 Custer Way Tumwater, WA.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: 5,244 SF commercial building built in 2004 on a 0.28‑acre parcel in Tumwater’s Special Brewery District; Entire parcel is outside flood zones; High‑visibility frontage on Custer Way
