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    118 Cherry St Olympia, WA 98501

    Sponsored
    For Sale
    $995,000

    Downtown Olympia mixed-use space.

    Property size:
    6,502 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    392
    Discover the Spoon Building, a meticulously renovated 6,502 square foot mixed-use property located at 118 Cherry St NE, Olympia, WA 98501. This single-story, 1923 building underwent a complete renovation in 2024, presenting a blank canvas for a variety of commercial ventures. The property boasts a prime location in Olympia's Downtown Business District (DB zoning), benefiting from high visibility and traffic counts on 4th Ave and State Ave. With separate entrances and a warehouse/garage door bay, the space is highly versatile, suitable for single or multi-tenant occupancy. Imagine a restaurant, brewery, or a combination of retail, office, and dining spaces. The 0.15-acre lot offers ample space, and the building features one dock-high door. The asking price is $995,000. Currently vacant, the property is ready for immediate occupancy starting July 8, 2024. This redevelopment opportunity presents a unique blend of location, flexibility, and potential for significant return on investment. The property's Class B designation reflects its recent renovation and modern appeal. This is an exceptional chance to establish a thriving business in a vibrant downtown setting. The property's APN is 78200400100.

    Property Features for 118 Cherry St

    General Information

    Property type
    Individual retail properties
    Square Feet
    6,502 SF
    Class
    B
    Lot Size
    6,534 SF

    Building Details

    Year Built/Renovated
    1923/2024
    Buildings
    1
    Stories
    1

    HighLights

    • Excellent location with high visibility and traffic counts.
    • Highly flexible space suitable for owner‑occupancy, investment, or a combination of both.
    Property Profile Location Intelligence

    Current Use by Public Records

    Rocket Restorations Auto Restoration Service

    Suggested Use

    Realty agency Restaurant Law Firm Dental Office Spa & Massage Hair Salon Nail Salon Building Supply Clothing Store Auto Repair Shop

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Olympia
    County
    Thurston
    State
    Washington
    Longitude
    -122.895244
    Latitude
    47.0460201

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    FAQs

    What type of property is this?
    Individual retail property - Downtown Olympia mixed-use space.
    Where is this individual retail property located?
    The property is located at 118 Cherry St Olympia, WA.
    What is the asking price?
    The asking price for this property is $995,000.
    What are key features of this property?
    This property features: Excellent location with high visibility and traffic counts.; Highly flexible space suitable for owner-occupancy, investment, or a combination of both.;
    Request Owner's contact information
    118 Cherry St Olympia, WA 98501
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    118 Cherry St Olympia, WA 98501
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