Cold Storage Warehouse
For Sale
Contact for pricing
545 Ronlee Ln NW, Olympia, WA 98502
Two cold-storage capable warehouse buildings on a fenced, gated site with grade-level roll-up doors and 3-phase power.
Property Size8,000 SF
Lot Size1.19 Acres
Price / SF$175
Days on Market144
Property Features for 545 Ronlee Ln NW
General Information
Standard status
Active
Size
8,000 SF
Lot size
1.19 Acres
Property subtype
Industrial
Zoning
RCC
Site & Location
Highway Access
Yes
Fenced Yard
Yes
Warehouse & Industrial
Clear Height
21 ft
Drive-In Doors
4
Heavy Power
Yes
Amenities
office
kitchenette
restroom
storage area
Building Details
Year Built
2002
Buildings
2
Listing Agency:
The Rants Group
Listed By:
Danielle Rants · License #WA 23029550
(360) 352-7822
Source:
Crexi
Added: Apr 17
Changed: Sep 6
Last Checked: Sep 7 at 3:05AM
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 The Rants Group
Investment Insights
Based on property information with market context.
Industrial warehouse complex built for cold storage and temperature-controlled operations, comprising two warehouse buildings totaling approximately 8,000 SF on a fenced 1.19-acre site. Building A includes two separate warehouse bays with three 12' x 12' grade-level roll-up doors and a restroom. Building B provides warehouse space with office, kitchenette, restroom, and storage area, along with one 12' x 12' grade-level roll-up door. Clear height ranges from 17' to 21'.
The property is equipped with 480Y/277V 3-phase power, with panels up to approximately 400 amps and step-down transformers to 208/120V to support heavy refrigeration loads and mechanical systems. It also offers a secure private yard with fenced perimeter and rolling gate access, plus ample on-site parking.
Access is described as convenient to Highway 101, and the site is zoned RCC (Rural Commercial Center). A shipping container is included. Previously occupied by agriculture distribution through March 2026.
The property is equipped with 480Y/277V 3-phase power, with panels up to approximately 400 amps and step-down transformers to 208/120V to support heavy refrigeration loads and mechanical systems. It also offers a secure private yard with fenced perimeter and rolling gate access, plus ample on-site parking.
Access is described as convenient to Highway 101, and the site is zoned RCC (Rural Commercial Center). A shipping container is included. Previously occupied by agriculture distribution through March 2026.
Key Highlights
- Two warehouse buildings totaling approx. 8,000 SF on a fenced, gated 1.19‑acre site
- Cold storage and temperature‑controlled capability; suitable for refrigeration/mechanical load operations
- 480Y/277V 3‑phase power with panels up to approx. 400 amps and step‑down transformers to 208/120V
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$104,198
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.44%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,083,960
$2.1M
Cap Rate 7%
$1,488,543
$1.5M
Cap Rate 9%
$1,157,756
$1.2M
Market Conditions
NOI Build-Up for 8,000 SF
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.
Gross rent
$172.8K $21.60/SF
− Vacancy
−$33.9K −$4.23/SF
EGI
$138.9K $17.37/SF
− OpEx
−$34.7K −$4.34/SF
NOI
$104.2K $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 rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,083,960
Cap Rate 7%
$1,488,543
Cap Rate 9%
$1,157,756
Alternative Uses
Best Use
Office B
$1.49M
$1.30M – $1.74M
NOI $104,198 @ 7.0% cap · market cap 7.44%
Second Best
Warehouse
$1.12M
$984.2K – $1.31M
NOI $78,737 @ 7.0% cap · market cap 5.62%
Theoretical Best
Office A
$2.34M
$2.05M – $2.73M
NOI $163,968 @ 7.0% cap · market cap 11.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
21 ft
Clear height
4
Drive-in doors
Yes
Heavy power
Yes
Fenced yard
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
54
Businesses Nearby
Explore this area
Business Placement
Demographics for 98502, WA
35,698
Population
15,550
Households
2.3
Avg Household Size
41
Median Age
52%
College-Educated
97%
High-School Grad
63.4 sq mi
ZIP Area
563
Density / Sq Mi
$87,154
Median Household Income
$46,404
Median Earnings
$1,569
Median Rent
$496,500
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Refrigerated & cold storage - Two cold-storage capable warehouse buildings on a fenced, gated site with grade-level roll-up doors and 3-phase power.
Where is this refrigerated & cold storage located?
The property is located at 545 Ronlee Ln NW Olympia, WA.
What is the asking price?
The asking price for this property is $1,400,000.
What are key features of this property?
This property features: Two warehouse buildings totaling approx. 8,000 SF on a fenced, gated 1.19‑acre site; Cold storage and temperature‑controlled capability; suitable for refrigeration/mechanical load operations; 480Y/277V 3‑phase power with panels up to approx. 400 amps and step‑down transformers to 208/120V
