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    234 8Th Ave Olympia, WA 98501

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    For Lease
    Contact for pricing

    Prime Olympia office space; fully vacant, divisible.

    Lot size:
    13,858 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    408
    This exceptional Olympia, Thurston County office building presents a unique investment opportunity. The property boasts a total of 13,858 square feet, currently entirely vacant and ready for immediate occupancy. The building is configured as a traditional office space, ideal for a single large tenant or multiple smaller tenants. The minimum divisible space is 6,914 square feet, offering flexibility for various business needs. A maximum of 6,944 contiguous square feet is available for a single tenant seeking a larger footprint. The main floor comprises 6,914 square feet of well-designed office space, featuring five private offices, a substantial conference room, ample open space perfect for cubicles or workstations, a fully equipped kitchen, and a dedicated workroom. Adding to the property's appeal is a sizable 6,944 square foot underground parking garage, providing convenient and secure parking for tenants and employees. Two additional storage rooms are also included, offering extra space for supplies or equipment. This property is perfectly situated for businesses seeking a prominent location in Olympia, offering easy access to major transportation routes and amenities. The building's layout and features make it an attractive option for a wide range of businesses. Don't miss this chance to secure a prime office space in a thriving market.

    Property Features for 234 8Th Ave

    General Information

    Property type
    Office Properties & Spaces
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    13,858 SF

    Unit(s) available at that property

    Space
    Available Space
    Size
    6,914 SF

    We can help!

    Listing Contact
    Deborah Draper-Aikins
    Deborah Draper-Aikins

    Learn more

    HighLights

    • 13,858 SF total building area.
    • Suite offers 5 private offices, a large conference room, open workspace, kitchen, and workroom.
    • Fully vacant 13,858 SF office building.
    • Minimum divisible space: 6,914 SF.
    • Maximum contiguous space: 6,944 SF.
    • Includes 6,944 SF of underground parking.
    Property Profile Location Intelligence

    Current Use by Public Records

    OSPI Annex Building State Office Of Education OSPI Child Nutrition ... Corporate Office

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Olympia
    County
    Thurston
    State
    Washington
    Longitude
    -122.8990804
    Latitude
    47.0418358

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    FAQs

    What type of property is this?
    Office Property Space - Prime Olympia office space; fully vacant, divisible.
    Where is this office property space located?
    The property is located at 234 8Th Ave Olympia, WA.
    What are key features of this property?
    This property features: 13,858 SF total building area.; Suite offers 5 private offices, a large conference room, open workspace, kitchen, and workroom.; Fully vacant 13,858 SF office building.
    Request Owner's contact information
    234 8Th Ave Olympia, WA 98501
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    Olympia, WA 98501
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    Realmo Value Estimations

    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.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    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.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    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
    234 8Th Ave Olympia, WA 98501
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    We can help!
    Listing Contact
    Deborah Draper-Aikins
    Deborah Draper-Aikins
    Real Estate License ID: WA
    Learn more
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