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    Property profile & analytics

    1851 State NE Ave Olympia, WA 98506-4601

    • Retail space
    • 4,780 SF
    • 0.37 lot acres
    OFF-MARKET
    Value Estimations
    $835,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US90-0601972
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • The Eastside Barber Company, LLC / Barber Shop
    • Farmers Insurance - Bill Yount / Insurance Agency
    • NW Remedies / Pharmacy
    • Zoe Juice Bar / Specialty Food Shop / (Bike/Boat/Book/etc) Store
    • Jaclyn Raen Salon / Hair Salon

    Property Details for 1851 State NE Ave

    Year built
    1962
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.37 lot acres
    Property size
    4,780 SF
    Property type
    Retail space
    APN
    8080-05-00102
    APU
    80800500102

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $960,000
      6.5%
      $890,000
      7%
      $825,000

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Olympia
    County
    Thurston
    State
    Washington
    Longitude
    -122.876
    Latitude
    47.0466
    CBSA code
    36500
    CBSA name
    OLYMPIA, WA METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $8,840
    $190,100
    $696,700
    $886,800
    -
    $190,100
    $696,700
    $886,800

    Comparable in this City

    • Value Estimation
      $5,000,000
      32,388 SF

      3530 Martin E Way

      RETAIL STORES (PERSONAL SERVICES) • 32,388 SF
      3530 Martin E Way, Olympia, WA 98506-5424
      View Details
    • Value Estimation by Request
      1,000 SF

      3456 Martin E Way

      RETAIL STORES (PERSONAL SERVICES) • 1,000 SF
      3456 Martin E Way, Olympia, WA 98506-5034
      View Details
    • Value Estimation
      $2,470,000
      17,503 SF

      705 4th E Ave

      RETAIL STORES (PERSONAL SERVICES) • 17,503 SF
      705 4th E Ave, Olympia, WA 98506-3929
      View Details
    • Value Estimation
      $685,000
      5,144 SF

      2521 4th E Ave

      RETAIL STORES (PERSONAL SERVICES) • 5,144 SF
      2521 4th E Ave, Olympia, WA 98506-4822
      View Details
    • Value Estimation by Request
      1,485 SF

      3319 33rd Ln Neb

      RETAIL STORES (PERSONAL SERVICES) • 1,485 SF
      3319 33rd Ln Neb, Olympia, WA 98506-5906
      View Details
    • Value Estimation
      $720,000
      3,808 SF

      708 4th E Ave

      RETAIL STORES (PERSONAL SERVICES) • 3,808 SF
      708 4th E Ave, Olympia, WA 98506-3920
      View Details

    Similar Nearby for Sale

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      Olympia Office/Retail Building For Sale

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      Prime Lacey Retail/Medical Duo

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    • $6,200,000
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      High-Visibility Retail Space Available

      Retail space on Martin Way with high traffic volume.
      4014 Martin Way E, Olympia, WA 98506
      View Details
    • $1,350,000
      7,572 SF

      Olympia Retail, Office, Warehouse Buildings

      Retail, office, and industrial warehouse buildings with long-term tenants.
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      Olympia Automotive Repair Facility For Sale

      Turn-key automotive facility with 10 bays and RV storage.
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      Turn-key automotive facility with expansion potential and income opportunities.
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    Similar Nearby for Lease

    • Contact for pricing
      27,144 SF

      Visible Retail Box on Martin

      28,020 SF retail space with high traffic visibility.
      4014 Martin Way E, Olympia, WA 98506
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    • $17 SF/Yr
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      High-traffic location, ample parking.
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      1,560 SF

      Remodeled Retail/Office Space on Martin

      Remodeled 1560 SF retail/office space available on Martin Way.
      3773 Martin Way E, Olympia, WA 98506
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    • $14 SF/Yr
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      Retail/Office Building Near Downtown

      Standalone retail/office building with high visibility and ample parking.
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      1,723 SF

      Retail Space on Martin Way

      East endcap retail space with open layout and parking.
      3700 Martin Way E, Olympia, WA 98506
      View Details
    • $17 SF/Yr
      2,494 SF

      Corner Office or Retail Space

      Office or retail space with on-site parking available for rent.
      2600 Martin Way E, Olympia, WA 98506
      View Details
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    1851 State NE Ave
    Olympia, WA 98506-4601
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    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
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