Retail Property with High
For Sale
Contact for pricing
Pending
5103 Capitol Boulevard South, Tumwater, WA 98501
High-visibility retail property with value-add opportunities in Tumwater, WA.
Property Size17,208 SF
Days on Market161
Property Features for 5103 Capitol Boulevard South
General Information
Standard status
Pending
Size
17,208 SF
Property subtype
Retail
Zoning
CBC
Lease Type
NNN
Investment Type
Value Add
Net Operating Income
$277,162
Building Details
Year Built
1972
Stories
1
Units
1
Listed By:
Patrick Kane · License #25030374
Source:
Crexi
Added: May 12
Changed: Oct 5
Last Checked: Oct 19 at 3:25AM
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 Patrick Kane
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Investment Insights
Based on property information with market context.
This retail property offers excellent visibility along a high-traffic corridor. The property features loyal, well-followed tenants and multiple value-add opportunities. The HVAC systems have been recently replaced. A new roof is scheduled for installation in 2025. The property includes 81 parking stalls and four curb cuts on Capitol Boulevard South. The property size is 17208 square feet.
Key Highlights
- Excellent visibility along a high‑traffic corridor
- New Roof Installed 2025
- HVAC Systems recently replaced
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$207,714
Cap Rate
5.19%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$4,154,280
$4.2M
Cap Rate 7%
$2,967,343
$3.0M
Cap Rate 9%
$2,307,933
$2.3M
Market Conditions
NOI Build-Up for 17,208 SF
Gross rent
$309.7K $18.00/SF
− Vacancy
−$13.0K −$0.76/SF
EGI
$296.7K $17.24/SF
− OpEx
−$89.0K −$5.17/SF
NOI
$207.7K $12.07/SF
Area
Thurston County, WA
Vacancy
4.20%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$4,154,280
Cap Rate 7%
$2,967,343
Cap Rate 9%
$2,307,933
Alternative Uses
Best Use
Retail
$2.97M
$2.60M – $3.46M
NOI $207,714 @ 7.0% cap · market cap 5.19%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.04M
$4.41M – $5.88M
NOI $352,695 @ 7.0% cap · market cap 8.82%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
721
Businesses Nearby
Well-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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in West region
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Frequently Asked Questions
What type of property is this?
Shopping center - High-visibility retail property with value-add opportunities in Tumwater, WA.
Where is this shopping center located?
The property is located at 5103 Capitol Boulevard South Tumwater, WA.
What is the asking price?
The asking price for this property is $4,000,000.
What are key features of this property?
This property features: Excellent visibility along a high‑traffic corridor; New Roof Installed 2025; HVAC Systems recently replaced
