Renovated Multi-Suite Flex
For Sale
Contact for pricing
6221 Rich Rd SE, Olympia, WA 98501
Industrial property with modernized suites, LI-C zoning, and strong current occupancy in Olympia.
Property Size66,722 SF
Price / SF$195.59
Days on Market159
Property Features for 6221 Rich Rd SE
General Information
Standard status
Active
Size
66,722 SF
Class
B
Property subtype
Industrial
Zoning
LI-C
Occupancy
96%
Lease Type
NNN
Investment Type
Stabilized
Net Operating Income
$884,772
Building Details
Year Built
1971
Year Renovated
2025
Buildings
10
Stories
1
Units
23
Tenancy
Multi
Listing Agency:
Northmarq - Seattle
Listed By:
RJ Vara · License #135292
Source:
Crexi
Added: Mar 26
Changed: Aug 30
Last Checked: Aug 30 at 10:00PM
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 Northmarq - Seattle
Investment Insights
Based on property information with market context.
Located at 6221 Rich Rd SE in Olympia, Rainier View Industrial Park is a flex-space property totaling 66,722 square feet across 23 suites. The 1971-built asset has undergone recent renovations, including updates to multiple suites and supporting infrastructure. Current occupancy is 96.4%, providing an established operating base for the property.
The site carries LI-C zoning and is described as the only light-industrial parcel with that designation in the immediate area. It is surrounded by thousands of residences, placing the industrial park within an established residential setting. Additional property initiatives identified for the asset include a cell tower transaction and yard-space optimization.
The site carries LI-C zoning and is described as the only light-industrial parcel with that designation in the immediate area. It is surrounded by thousands of residences, placing the industrial park within an established residential setting. Additional property initiatives identified for the asset include a cell tower transaction and yard-space optimization.
Key Highlights
- 66,722‑square‑foot flex‑space property across 23 suites
- 96.4% occupied rent roll
- Recent renovations to suites and supporting infrastructure
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
$656,690
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
5.03%
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%
$13,133,800
$13.1M
Cap Rate 7%
$9,381,286
$9.4M
Cap Rate 9%
$7,296,556
$7.3M
Market Conditions
NOI Build-Up for 66,722 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
$816.7K $12.24/SF
− Vacancy
−$44.1K −$0.66/SF
EGI
$772.6K $11.58/SF
− OpEx
−$115.9K −$1.74/SF
NOI
$656.7K $9.84/SF
Area
Thurston County, WA
Vacancy
5.40%
Lease Rate
$12.24 /SF/Yr
Expense Ratio
15.00%
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%
$13,133,800
Cap Rate 7%
$9,381,286
Cap Rate 9%
$7,296,556
Alternative Uses
Best Use
Warehouse
$9.38M
$8.21M – $10.94M
NOI $656,690 @ 7.0% cap · market cap 5.03%
Second Best
Flex RnD
$8.39M
$7.34M – $9.79M
NOI $587,109 @ 7.0% cap · market cap 4.50%
Theoretical Best
Office A
$19.54M
$17.09M – $22.79M
NOI $1,367,534 @ 7.0% cap · market cap 10.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
63
Businesses Nearby
Under-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
Market
Vacancy Rate% for Industrial in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - Industrial property with modernized suites, LI-C zoning, and strong current occupancy in Olympia.
Where is this flex space located?
The property is located at 6221 Rich Rd SE Olympia, WA.
What is the asking price?
The asking price for this property is $13,050,000.
What are key features of this property?
This property features: 66,722‑square‑foot flex‑space property across 23 suites; 96.4% occupied rent roll; Recent renovations to suites and supporting infrastructure
