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    321 Cleveland Ave Tumwater, WA 98501

    Sponsored
    For Sale
    $4,250,000

    Mixed-use storefront, 7.36% cap rate.

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    392
    This exceptional mixed-use storefront property, known as Cleveland Plaza, presents a compelling investment opportunity. Located at 321 Cleveland Ave SE in Tumwater, Washington, 98501, this fully renovated (2019-2023) building boasts 15,765 net rentable square feet across three stories. The property sits on a 0.78-acre lot within Thurston County's Brewery District, benefiting from excellent visibility and accessibility. Currently operating at 100% occupancy with a strong tenant mix and several long-term leases, Cleveland Plaza generates a substantial net operating income (NOI) of $312,610, yielding a 7.36% capitalization rate. The building, constructed in 1984, features a northwest contemporary design with abundant natural light. Its prime location across from Tumwater Safeway, near I-5 and downtown Olympia, and on a bus line ensures high traffic and convenient access. The property's APN is 84900200600, and it is classified as a Class B, stabilized investment with a multi-tenancy NNN lease structure. The asking price is $4,250,000. This is a rare opportunity to acquire a fully renovated, high-performing asset in a thriving commercial district.

    Property Features for 321 Cleveland Ave

    General Information

    Property type
    Individual retail properties
    Class
    B
    Lot Size
    33,977 SF

    Building Details

    Year Built/Renovated
    1984/2019
    Buildings
    1
    Stories
    3

    HighLights

    • Fully renovated building in Tumwater's Brewery District.
    • Revitalized commercial district with strong growth potential.
    • High visibility and accessibility with ample parking.
    • Convenient I‑5 and downtown Olympia access.
    • Located on a bus route.
    • 100% occupied with a diverse tenant mix.
    Property Profile Location Intelligence

    Current Use by Public Records

    Retail space

    Suggested Use

    Realty agency Restaurant Law Firm Spa & Massage Dental Office 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
    Tumwater
    County
    Thurston
    State
    Washington
    Longitude
    -122.8991444
    Latitude
    47.0173518

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    FAQs

    What type of property is this?
    Individual retail property - Mixed-use storefront, 7.36% cap rate.
    Where is this individual retail property located?
    The property is located at 321 Cleveland Ave Tumwater, WA.
    What is the asking price?
    The asking price for this property is $4,250,000.
    What are key features of this property?
    This property features: Fully renovated building in Tumwater's Brewery District.; Revitalized commercial district with strong growth potential.; High visibility and accessibility with ample parking.
    Request Owner's contact information
    321 Cleveland Ave Tumwater, WA 98501
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    Tumwater, 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
    321 Cleveland Ave Tumwater, WA 98501
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