Financial
Distress signals
Property profile

2120 State Ave NE Olympia, WA 98506

FOR LEASE
Office buildings
Property ID
US90-1625527
6,808 SF 0.51 ac lot Built 1986
Last sale Apr 2003 · $1,075,000
Entity Owned Owner of record is a legal entity (LLC / corporation). Free & Clear No active or open recorded mortgage detected.
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Property summary

AI-generated overview

The property is a commercial building located on the corner of State Avenue NE and Sawyer Street in Olympia, Washington, positioned between Lacey and Downtown Olympia with convenient freeway access. It is situated directly across the street from Vic Pizza and within walking distance of shopping and restaurants. The site includes 33 parking spaces, 12 of which are covered. The building contains approximately 12,748 square feet and is equipped with an elevator providing ADA accessibility. The

Ownership intelligence

Who controls the opportunity?

Owner of record from public deeds, plus portfolio, hold profile and investor signals where the data supports them. In the full report.

Owner contacts

Can we reach the decision maker?

Skip-traced phones and e-mails of the owner. Included with the full report.

Mortgages

What is owed, to whom, and when it comes due

Recorded lenders, amounts and estimated maturities of the owner's loan book — in the full report.

Property tax · 2023

What does the county charge?
$21k
Tax billed · 2023
Assessed value · 2022$2.06M
Assessed land$173k
Assessed improvement$1.89M
Effective rate1.00%

Value estimate

· Sep 2026
$1.42M
$1.27M – $1.56M
CAP approach$1.46M
Submarket $/SF estimate$1.67M
NOI build-up
Gross scheduled income$275k
Vacancy & credit loss−$54k
Operating expenses−$55k
NOI · 1,036,937.50% cap applied$166k

Realmo valuation models over county records.

Recently sold

What actually traded nearby?
$200/SF
ZIP average, outlier-cleaned · 22 recorded sales of this use type
Observed band · Q1–Q3$147 – $246

Cap rate analysis

How does the asset earn?
1,036,937.50%
$166k estimated NOI · market benchmarks for this use type

Price anchors at 6 / 6.5 / 7% — in the full report.

Zoning insight

No data for this section
What can be built here?

No zoning code is on file for this parcel. Coverage grows with every catalog release.

JurisdictionTHURSTON

Location intelligence

Which uses thrive at this corner?
Best fit: Parking Facility
Demand heat for this use is drawn on the map · LocInt grid
Demand index
Parking Facility11.3
HVAC Service10.4
Tailor Shop9.6

Location

2120 State Ave NE Olympia, WA 98506
County assessor Recorded deeds · 4 transfers Qualifying comp sales · not on file Zoning catalog · not on file

Every figure names its source: public record, benchmark, or modeled. Coverage varies by property — thin data is stated as missing, never invented.

Comparables

6 recorded sales · 17 properties nearby
Recent sales nearby
6 recorded sales in this ZIP, last 8 years
Address Sale price Sold Size
204 Quince NE, Olympia, WA 98506-4009 $600,000 Dec 2024 4,800 SF
3443 Lilly NE, Olympia, WA 98506-3091 $945,000 Jul 2024 4,480 SF
2745 Martin Way E1a, Olympia, WA 98506-4973 $740,000 Jul 2023 6,024 SF
2630 Martin E, Olympia, WA 98506-4927 $1,326,460 Nov 2022 6,300 SF
1211 4th E, Olympia, WA 98506-4279 $990,000 Aug 2022 6,520 SF
1235 4th E, Olympia, WA 98506-4278 $1,137,500 May 2021 7,344 SF
Sale prices and dates as our records hold them, one row per building. A deed can cover more of a building than the size shown, so read the price against the size rather than dividing one by the other.
Comparable nearby
6 properties of the same type nearby
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Ask anything about this address in plain English.
“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
More about this property
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