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    101 Capitol Way Olympia, WA 98501

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    For Lease
    Contact for pricing

    Downtown Olympia Office Suites, 2,948 SF Available

    Lot size:
    19,200 SF

    Property Features for 101 Capitol Way

    General Information

    Property type
    Office space
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    19,200 SF
    Class
    B
    Total Rate
    28560

    Building Details

    Year Built/Renovated
    1889/2002
    Buildings
    1
    Stories
    3

    Spaces For Lease

    at 101 Capitol Way, Olympia, WA 98501 Contact us
    Unit 202

    $17 /Mo

    Size
    893 SF
    Contact us

    We can help!

    Listing Contact
    Zeke Rehn
    Zeke Rehn

    Listing Agency: The Rants Group Listing Agent: Zeke Rehn

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    The Mottman Building, a beautifully maintained historic landmark, offers flexible office space in the heart of downtown Olympia. Located at the corner of Capitol Way and 4th Avenue, this Class B building boasts 19,200 square feet across three stories, with a variety of options available for lease. Spaces range from a minimum of 440 square feet to a maximum contiguous space of 1,615 square feet, with 2,948 square feet currently vacant. Built in 1889 and renovated in 2002, the building features one elevator and common area restrooms. The building is ideal for coworking spaces or creative office tenants seeking a unique and historic setting. Convenient parking is available for a fee in a nearby 31-stall lot across Capitol Way. All leases include full-service amenities, including janitorial services. The property sits on a 0.36-acre lot and is identified by APN numbers 78501300700 and 78500400602. This is a rare opportunity to secure office space in a highly desirable downtown location within a building rich in history and character. The building's multiple tenancy allows for a diverse and vibrant community of businesses.
    Property Profile Location Intelligence

    Current Use by Public Records

    Belleza Ropa Clothing ... Clothing & Fashion Store The Athena Group Business Management Consultant Healthy Youth Survey, ... Public Health Department Washington Association for Community ... Charitable Organization Anchor QEA Environmental Consultant

    Suggested Use

    Real Estate Agency Restaurant Law Firm Dental Office Spa & Massage Center Hair Salon Nail Salon Building Supply Auto Repair Shop Pharmacy

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

    Location Insight

    • Map
    • Local Demand
    City
    Olympia
    County
    Thurston
    State
    Washington
    Longitude
    -122.90163038054
    Latitude
    47.044891849176

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    FAQs

    What type of property is this?
    Office space - Downtown Olympia Office Suites, 2,948 SF Available
    Where is this office space located?
    The property is located at 101 Capitol Way Olympia, WA.
    What is the lease rate?
    The lease rate is $17 SF/Yr.
    What are key features of this property?
    This property features: 19,200 SF Class B office building with coworking and creative office space available.; Multiple tenancies available, ranging from 440 SF to a maximum contiguous 1,615 SF.; 2,948 SF of vacant space currently available.
    (360) 943-8060 Call to check price and availability
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    101 Capitol Way 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
    101 Capitol Way Olympia, WA 98501
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    Contact for Pricing
    Please call us for current price
    and status of this listing Zeke Rehn
    Zeke Rehn
    Real Estate License ID: 23295
    (360) 943-8060 (360) 915-5678
    Learn more
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