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$187.34
Days on Market205
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
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: Oct 13
Last Checked: Oct 14 at 9:14PM
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
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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 / Yr
$656,690
Cap Rate
5.25%
Suggested Prices Based on Cap Rates
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
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 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 5.25%
Second Best
Flex RnD
$8.39M
$7.34M – $9.79M
NOI $587,109 @ 7.0% cap · market cap 4.70%
Theoretical Best
Office A
$19.54M
$17.09M – $22.79M
NOI $1,367,534 @ 7.0% cap · market cap 10.94%
Zoning and permitted uses should be independently verified with authorities.
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Open Analytics
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Industrial in West region
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 $12,500,000.
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
