Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    101 Capitol Way Olympia, WA 98501

    Property Lookup

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

    101 Capitol Way Olympia, WA 98501

    View on Map
    • Office properties & Spaces
    • 19,200 SF
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Belleza Ropa Clothing and Shoes / Clothing & Fashion Store / (Bike/Boat/Book/etc) Store
    • The Athena Group / Business Management Consultant
    • Healthy Youth Survey, Washington / Public Health Department
    • Washington Association for Community Health / Charitable Organization / Social Service Agency
    • Anchor QEA / Environmental Consultant

    Property Details for 101 Capitol Way

    Year built
    1889
    Property size
    19,200 SF
    Property type
    Office properties & Spaces
    Property subtype
    Office Units

    Description

    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.

    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
    -122.902
    Latitude
    47.0449

    Comparable in this City

    • Value Estimation by Request
      16,379 SF

      2600-2616 Yelm Hwy

      Coworking space • 16,379 SF
      2600-2616 Yelm Hwy, Olympia, WA 98501
      View Details
    • Value Estimation
      $575,000
      6,928 SF

      3025 10th SE Way

      OFFICE (GENERAL) • 6,928 SF
      3025 10th SE Way, Olympia, WA 98501-7400
      View Details
    • Value Estimation
      $4,510,000
      35,000 SF

      926 79th SE Ave

      OFFICE (GENERAL) • 35,000 SF
      926 79th SE Ave, Tumwater, WA 98501-5895
      View Details
    • Value Estimation
      $4,390,000
      57,000 SF

      7745 Arab SE Dr

      OFFICE (GENERAL) • 57,000 SF
      7745 Arab SE Dr, Tumwater, WA 98501-6916
      View Details
    • Value Estimation
      $20,150,000
      149,802 SF

      7171 Cleanwater SW Dr

      OFFICE (GENERAL) • 149,802 SF
      7171 Cleanwater SW Dr, Tumwater, WA 98501-6503
      View Details
    • Value Estimation
      $3,960,000
      38,000 SF

      3939 Cleveland SE Ave

      OFFICE (GENERAL) • 38,000 SF
      3939 Cleveland SE Ave, Tumwater, WA 98501-4079
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      840 SF

      Downtown Olympia Office Space

      Private office spaces in Olympia's Arts and Theater District.
      203 4Th Ave E, Olympia, WA 98501
      View Details
    • Contact for pricing

      Olympia Office Space Available

      Office property for sale at 902 Union Ave SE, Olympia, WA.
      902 Union Ave SE, Olympia, WA 98501
      View Details
    • $700,000
      3,740 SF

      Olympia Medical Office Building For Sale

      Well-maintained 3,740 SF medical office building on 0.29 acres.
      1100 Eastside St SE, Olympia, WA 98501
      View Details
    • Contact for pricing
      2,176 SF

      Tumwater Clinic with Treatment Rooms

      Well-cared for clinic with multiple treatment rooms available for sale.
      204 Erie St SE, Tumwater, WA 98501
      View Details
    • $1,750,000

      Downtown Olympia Office Building

      Two-story office building in downtown Olympia with on-site parking.
      510 Plum St SE, Olympia, WA 98501
      View Details
    • Contact for pricing
      2,287 SF

      Olympia Office Redevelopment Opportunity

      2,278 SF office building on .16-acre parcel for sale.
      416 State Ave NE, Olympia, WA 98501
      View Details

    Similar Nearby for Lease

    • Sponsored
      Contact for pricing

      Union 400

      Discover many ways to work your way in Union 400
      400 Union Ave, Olympia, WA 98501
      View Details
    • Contact for pricing

      Eastside St. Office Space Available

      Office space for lease with ample parking and easy access.
      1001 Eastside St SE, Olympia, WA 98501
      View Details
    • Contact for pricing
      2,203 SF

      Olympia Office Spaces For Rent

      Multiple office spaces available near waterfront and farmers market.
      606 Columbia St, Olympia, WA 98501
      View Details
    • $12 SF/Yr
      7,680 SF

      Downtown Olympia Retail/Office Building

      Well-maintained 7,680 SF retail/office building in downtown Olympia.
      119 Washington St NE, Olympia, WA 98501
      View Details
    • $27 SF/Yr
      868 SF

      Office Space with Private Restroom

      Office space featuring private offices, conference room, and waiting area.
      2600-2612 Yelm Hwy SE, Olympia, WA 98501
      View Details
    • Contact for pricing

      New Flex Warehouse in Tumwater

      36,000 SF flex warehouse with build-to-suit office.
      8991 Select Ct Southeast, Tumwater, 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.
    101 Capitol Way
    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!