Downtown Olympia Office
510 Plum St SE Olympia, WA 98501
For Sale
Contact for pricing
Two-story office building in downtown Olympia with on-site parking.
Property Size10,630 SF
Lot Size0.48 Acres
Price / SF$164.63
Days on Market380
Property Features for 510 Plum St SE
General Information
Standard status
Active
Size
10,630 SF
Lot size
0.48 Acres
Property subtype
OFFICE
Listing Agency:
Coldwell Banker Commercial Danforth
(253) 273-6474
Listed By:
Dominic Temmel · License #8077
(253) 273-6474
Source:
Moodyscre
Added: Jul 16, 2025
Changed: Jul 6
Last Checked: Jul 21 at 8:44AM
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 Commercial Danforth
Investment Insights
Based on property information with market context.
Located in the heart of Downtown Olympia, this two-story office building offers an owner-user opportunity. The well-maintained building features 10,630 square feet of space on a 0.49-acre lot. The property is fully fenced and includes 32 on-site parking spaces. Suited for professional or medical office use, the property is ideal for growing businesses or established practices seeking expansion. The location provides high visibility and accessibility with direct access to Interstate 5, offering convenience and exposure in a central urban setting.
Key Highlights
- Prime downtown Olympia location offering high visibility and accessibility.
- 10,630 SF two‑story office building suitable for owner‑user.
- Benefit from 32 on‑site parking spaces on a fully fenced 0.49‑acre lot.
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 | $229.6k | $21.60 |
| − Vacancy | −$45.0k | −$4.23 |
| EGI | $184.6k | $17.37 |
| − OpEx | −$46.2k | −$4.34 |
| NOI | $138.5k | $13.02 |
10,630 SF · lease $21.60/SF/yr · vacancy 19.60% · expense 25.00%
Alternative Uses
Best Use
Office B
$1.98M
$1.73M – $2.31M
NOI $138,454 @ 7.0% cap · market cap 7.91%
Second Best
Healthcare Medical
$1.22M
$1.07M – $1.43M
NOI $85,616 @ 7.0% cap · market cap 4.89%
Theoretical Best
Office A
$3.11M
$2.72M – $3.63M
NOI $217,872 @ 7.0% cap · market cap 12.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Office building - Two-story office building in downtown Olympia with on-site parking.
Where is this office building located?
The property is located at 510 Plum St SE Olympia, WA.
What is the asking price?
The asking price for this property is $1,750,000.
What are key features of this property?
This property features: Prime downtown Olympia location offering high visibility and accessibility.; 10,630 SF two‑story office building suitable for owner‑user.; Benefit from 32 on‑site parking spaces on a fully fenced 0.49‑acre lot.
