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Property profile & analytics
OFF-MARKET
Retail properties & Spaces

118 Cherry NE St Olympia, WA 98501-6937

6,502 SF 0.15 ac lot Built 1923
Individually Owned 9-yr Hold Free & Clear
Property ID
US90-2733209
Property summary
AI-generated overview

Discover the Spoon Building, a meticulously renovated 6,502 square foot mixed-use property located at 118 Cherry St NE, Olympia, WA 98501. This single-story, 1923 building underwent a complete renovation in 2024, presenting a blank canvas for a variety of commercial ventures. The property boasts a prime location in Olympia's Downtown Business District (DB zoning), benefiting from high visibility and traffic counts on 4th Ave and State Ave. With separate entrances and a warehouse/garage door bay, the space is highly versatile, suitable for single or multi-tenant occupancy. Imagine a restaurant, brewery, or a combination of retail, office, and dining spaces. The 0.15-acre lot offers ample space, and the building features one dock-high door. The asking price is $995,000. Currently vacant, the property is ready for immediate occupancy starting July 8, 2024. This redevelopment opportunity presents a unique blend of location, flexibility, and potential for significant return on investment. The property's Class B designation reflects its recent renovation and modern appeal. This is an exceptional chance to establish a thriving business in a vibrant downtown setting. The property's APN is 78200400100.

Property profile
Verified
Property type Retail properties & Spaces
Use group SERVICE SHOP (TV, ELECTRIC, PLUMBING)
Year built 1923
Construction MASONRY/CONCRETE MASONRY UNITS (CMUS)
Total area 6,502 SF
Lot 0.15 ac (6,534 SF)
APN 7820-04-00100
UPID US90-2733209
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
  • Rocket Restorations Auto Repair Shop
Value estimations
Realmo proprietary · 4 methods
AI Approach AI
by Request
CAP Approach CAP
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Comparable Approach Comparable
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Blend (final) Blend
by Request
Owner & transaction history
Brandon Willie · 9 yrs held
Brandon Willie
since 2017
5 recorded transactions
2017
Price N/A
2017
Price N/A
2017
$480,000
2005
Price N/A
2005
$349,000
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
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