321 Cleveland Ave Tumwater, WA 98501
- Office buildings
- 16,748 SF
- 0.78 lot acres
Current Use by Public Records
- Office buildings
Property Details for 321 Cleveland Ave
- Year built
- 1984
- Construction
- WOOD FRAME
- Lot size
- 0.78 lot acres
- Property size
- 16,748 SF
- Property type
- Office buildings
- APN
- 8490-02-00600
- APU
- 84900200600
Description
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.
Value Estimation
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Tumwater
- County
- Thurston
- State
- Washington
- Longitude
- -122.899
- Latitude
- 47.0172
- CBSA code
- 36500
- CBSA name
- OLYMPIA, WA METROPOLITAN STATISTICAL AREA
