Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    208 State Ave Olympia, WA 98501

    Property Lookup

    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    208 State Ave Olympia, WA 98501

    View on Map
    • Retail properties & Spaces
    • 39,584 SF
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Row / Restaurant
    • Clínica de St Peter / Medical Clinic

    Property Details for 208 State Ave

    Property size
    39,584 SF
    Property type
    Retail properties & Spaces
    Property subtype
    Land

    Description

    This exceptional commercial property located at 208 State Avenue in Olympia, Thurston County, Washington presents a unique investment opportunity. The property encompasses a substantial 39,584 square feet of retail space, currently configured as a single-tenant building. The building's previous occupant was a candy production facility, offering a versatile layout adaptable to a variety of retail uses. The space is ideally suited for businesses such as coffee shops, juice bars, or wine retailers, given its existing infrastructure and prime location. Situated on the corner of State and Columbia, this property benefits from high visibility and excellent foot traffic. The lease rate is $3,650 per month, plus utilities. The property is classified as both Retail and Land, offering significant potential for future development or expansion. The single-suite configuration provides a streamlined operational environment for a single tenant. This is a rare opportunity to acquire a substantial retail space in a desirable location within Olympia's thriving commercial district. The property's size and location make it an attractive proposition for businesses seeking a prominent presence in the heart of the city. The existing build-out offers a significant advantage for prospective tenants, reducing initial setup costs and allowing for a quicker start to operations. Serious inquiries are encouraged to explore this exceptional commercial real estate offering.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Olympia
    County
    Thurston
    State
    Washington
    Longitude
    -122.904
    Latitude
    47.0458

    Comparable in this City

    • Value Estimation by Request
      13,657 SF

      509 4Th Ave

      Restaurants • 13,657 SF
      509 4Th Ave, Olympia, WA 98501
      View Details
    • Value Estimation by Request

      400 State Ave

      Land
      400 State Ave, Olympia, WA 98501
      View Details
    • Value Estimation by Request
      1.36 Acres

      1525 Palomino Dr

      Land • 1.36 Acres
      1525 Palomino Dr, Olympia, WA 98501
      View Details
    • Value Estimation by Request

      511 7Th Ave

      Land
      511 7Th Ave, Olympia, WA 98501
      View Details
    • Value Estimation by Request
      0.33 Acres

      317 State Ave

      Land • 0.33 Acres
      317 State Ave, Olympia, WA 98501
      View Details
    • Value Estimation by Request
      58.66 Acres

      Wiggins Rd

      Land • 58.66 Acres
      0 Wiggins Rd, Olympia, WA 98501
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      7,800 SF

      Prime Retail Redevelopment Assemblage

      1.80 acres of land zoned for General Commercial use.
      5301 Capitol Blvd SE, Tumwater, WA 98501
      View Details
    • Contact for pricing

      Tumwater Mixed-Use Building For Sale

      Remodeled mixed-use building with strong tenant mix in Tumwater.
      321 Cleveland Ave SE, Tumwater, WA 98501
      View Details
    • Contact for pricing
      5,964 SF

      Mixed-Use Retail and Apartments

      Downtown Olympia mixed-use property with retail space and apartments.
      213 4Th Ave E, Olympia, WA 98501
      View Details
    • Contact for pricing
      10,800 SF

      Iconic Tavern with Apartments Above

      Tavern with commercial kitchen and 12 apartments above.
      210 4Th Ave E, Olympia, WA 98501
      View Details
    • Contact for pricing

      Olympia Land Investment Opportunity

      Land near Briggs development with potential for apartments or homes.
      1525 Palomino Dr SE, Tumwater, WA 98501
      View Details
    • $2,950,000
      9 SF

      9.54 Acres Land For Sale

      9.54 acres of land available for sale.
      808 73Rd Ave Southeast, Olympia, WA 98501
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Historic Office and Retail Building

      Well-maintained office and retail building in downtown Olympia.
      101 Capitol Way N, Olympia, WA 98501
      View Details
    • Contact for pricing
      6,256 SF

      High-Visibility Building in Commercial District

      High-traffic location with drive-thru and ample parking.
      556 Lilly Rd SE, Olympia, WA 98501
      View Details
    • $17 SF/Yr
      1,400 SF

      Restaurant Space on Pacific Avenue

      Restaurant-ready space in Pacific Center with high visibility and foot traffic.
      2747 Pacific Ave SE, Olympia, WA 98501
      View Details
    • Contact for pricing

      7.56 Acres of Land Available

      Land available for lease with offices and warehouses.
      8444-8500 Old Highway 99 SE, Olympia, WA 98501
      View Details
    • Contact for pricing
      2,355 SF

      Retail Space Near Shopping Centers

      Retail space for lease near South Sound Shopping Center.
      3726 Pacific Ave SE, Olympia, WA 98501
      View Details
    • Contact for pricing
      5,000 SF

      Olympia Retail Spaces For Lease

      Three commercial spaces available in Olympia's premier apartment mid-rise.
      123 4Th Ave W, Olympia, WA 98501
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    208 State Ave
    Olympia, WA 98501
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!