Classic Office Building Near
For Sale
$2,675,000
917 Lakeridge Way SW, Olympia, WA 98502
Three-story office building with flexible floor plans and ample parking.
Property Size15,648 SF
Price / SF$149.98
Days on Market340
Property Features for 917 Lakeridge Way SW
General Information
Standard status
Active
Size
15,648 SF
Property subtype
Office
Building Details
Building Size
15,648 SF
Year Built
1988
Buildings
1
Listing Agency:
Kidder Mathews - Tacoma
Listed By:
Evan Parker · License #81700
(360) 705-0174
Source:
Kidder
Added: Nov 23, 2025
Changed: Oct 25
Last Checked: Sep 8 at 6:27AM
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 Kidder Mathews - Tacoma
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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This classic three-story office building is located near the Thurston County Courthouse, providing excellent access to I-5 and bus routes. The building features flexible floor plans and ample parking. The property is beautifully maintained and has a size of 17836 square feet.
Key Highlights
- Excellent access to I‑5 makes commuting a breeze.
- Located near the Thurston County Courthouse.
- Ample parking for tenants and visitors.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$232,310
Cap Rate
8.68%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$4,646,200
$4.6M
Cap Rate 7%
$3,318,714
$3.3M
Cap Rate 9%
$2,581,222
$2.6M
Market Conditions
NOI Build-Up for 17,836 SF
Gross rent
$385.3K $21.60/SF
− Vacancy
−$75.5K −$4.23/SF
EGI
$309.7K $17.37/SF
− OpEx
−$77.4K −$4.34/SF
NOI
$232.3K $13.02/SF
Area
Thurston County, WA
Vacancy
19.60%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$4,646,200
Cap Rate 7%
$3,318,714
Cap Rate 9%
$2,581,222
Alternative Uses
Best Use
Office B
$3.32M
$2.90M – $3.87M
NOI $232,310 @ 7.0% cap · market cap 8.68%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.22M
$4.57M – $6.09M
NOI $365,567 @ 7.0% cap · market cap 13.67%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
435
Businesses Nearby
Explore this area
Business Placement
Demographics for 98502, WA
35,698
Population
15,550
Households
2.3
Avg Household Size
41
Median Age
52%
College-Educated
97%
High-School Grad
63.4 sq mi
ZIP Area
563
Density / Sq Mi
$87,154
Median Household Income
$46,404
Median Earnings
$1,569
Median Rent
$496,500
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in West region
Frequently Asked Questions
What type of property is this?
Office building - Three-story office building with flexible floor plans and ample parking.
Where is this office building located?
The property is located at 917 Lakeridge Way SW Olympia, WA.
What is the asking price?
The asking price for this property is $2,675,000.
What are key features of this property?
This property features: Excellent access to I‑5 makes commuting a breeze.; Located near the Thurston County Courthouse.; Ample parking for tenants and visitors.
