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    724 Columbia St Olympia, WA 98501

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    For Lease
    Contact for pricing

    Class A Office Space, Downtown Olympia

    Lot size:
    48,000 SF

    Property Features for 724 Columbia St

    General Information

    Property type
    Office properties & Spaces
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    48,000 SF
    Class
    A
    Total Rate
    120000

    Building Details

    Year Built
    1998
    Stories
    4

    Spaces For Lease

    at 724 Columbia St, Olympia, WA 98501 Contact us
    Unit 300

    $30 /Mo

    Size
    2,309 SF
    Contact us
    Unit 320

    $33 /Mo

    Size
    4,069 SF
    Contact us
    Unit 203

    $36 /Mo

    Size
    282 SF
    Contact us
    Unit Fourth Floor

    $32 /Mo

    Size
    5,014 SF
    Contact us
    Unit 300/320

    $31 /Mo

    Size
    6,378 SF
    Contact us
    Show more

    We can help!

    Listing Contact
    Carolyn Graden, Ccim
    Carolyn Graden, Ccim

    Listing Agency: The Rants Group Listing Agent: Carolyn Graden, Ccim

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

    Learn more

    Property Insight Report

    Overview

    This premier, four-story Class A office building, totaling 48,000 square feet, offers executive and traditional office spaces in Olympia's vibrant Market District. Built in 1998, the property boasts a coveted urban waterfront location, placing it adjacent to Anthony's Homeport, the Olympia Farmer's Market, and the Port of Olympia. The building features two elevators and ample parking, including open spaces, visitor parking, and convenient access to additional free parking in the Market District and the capitol campus' free Dash transit line. Utilities and janitorial services are included in the base rent, minimizing operational costs for tenants. A large, shared conference room on the second floor is available for use by appointment, providing a valuable amenity for businesses. Professional on-site building management ensures smooth operations and tenant satisfaction. The property is zoned for Urban Waterfront use and has APN 99700413700 in Thurston County, WA. Please note a non-compete clause exists, prohibiting securities broker/dealer or investment banking firms from occupying the space. This exceptional location and comprehensive amenities make this an unparalleled opportunity for businesses seeking a prestigious and convenient office space in downtown Olympia.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    The Rants Group Real Estate Agency Federal Motor Carrier ... Government Office Pacific Education Institute Charitable Organization Washington Forest Protection Charitable Organization Olympia Capitol Group ... Financial Advisor

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Olympia
    County
    Thurston
    State
    Washington
    Longitude
    -122.9040319
    Latitude
    47.0507825

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    FAQs

    What type of property is this?
    Office property - Class A Office Space, Downtown Olympia
    Where is this office property located?
    The property is located at 724 Columbia St Olympia, WA.
    What is the lease rate?
    The lease rate is $30-$36 SF/Yr.
    What are key features of this property?
    This property features: Prime waterfront location in Olympia, near the Farmer's Market.; Excellent public transportation access.; Convenient proximity to essential amenities.
    (360) 763-4994 Call to check price and availability
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    724 Columbia St 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
    724 Columbia St Olympia, WA 98501
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    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Carolyn Graden, Ccim
    Carolyn Graden, Ccim
    Real Estate License ID: 26216
    (360) 763-4994 (360) 943-8060
    Learn more
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