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    2423 4th E Ave Olympia, WA 98506-4820
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    Property profile & analytics

    2423 4th E Ave, Olympia, WA 98506-4820

    View on Map
    • Turn key restaurants
    • 2,044 SF
    • 0.94 lot acres
    Off-Market
    Property ID
    US90-1627086
    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.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Martin Way Diner / Restaurant

    Property Details for 2423 4th E Ave

    Year built
    1941
    Construction
    WOOD FRAME
    Lot size
    0.94 lot acres
    Property type
    Turn key restaurants
    APN
    6890-32-00400
    APU
    68903200400

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Feb 5, 2026 — Jerry W Locke Kay Family Trust Deed · related —
    Mar 5, 2008 — Kay-locke LLC Kay Living Trust Quit Claim Deed · related —

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Olympia
    County
    Thurston
    State
    Washington
    Longitude
    -122.867
    Latitude
    47.0455
    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
    2024
    $9,177
    $791,900
    $86,100
    $878,000
    -
    $791,900
    $86,100
    $878,000

    Comparable in this City

    • Value Estimation by Request
      1,274 SF

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      3,548 SF

      1615 State NE Ave

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      1615 State NE Ave, Olympia, WA 98506-4554
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      800 SF

      704 4th E Ave

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      704 4th E Ave, Olympia, WA 98506-3920
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    • Value Estimation by Request
      1.05 Acres

      3525 Shincke NE Rd

      RESTAURANT
      3525 Shincke NE Rd, Olympia, WA 98506-2928
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      946 SF

      1400 Bethel NE St

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      1400 Bethel NE St, Olympia, WA 98506-4309
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      256 SF

      728 4th E Ave

      TAKE-OUT RESTAURANT
      728 4th E Ave, Olympia, WA 98506-3920
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    Similar Nearby for Sale

    • Contact for pricing
      16,712 SF

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      4,718 SF

      Olympia Automotive Facility with Living

      Turn-key automotive facility on 1.75+ acres with expansion potential.
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      Olympia Commercial Building For Sale

      Commercial building with office space and basement in Olympia, WA.
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    • $6,200,000
      28,020 SF

      High-Visibility Retail Space Available

      Retail space on Martin Way with high traffic volume.
      4014 Martin Way E, Olympia, WA 98506
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    • Contact for pricing
      7,572 SF

      Olympia Retail, Office, Warehouse Buildings

      Retail, office, and industrial warehouse buildings with long-term tenants.
      3456 Martin Way E, Olympia, WA 98506
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    Similar Nearby for Lease

    • Contact for pricing

      Mixed-Use Building on Martin Way

      Mixed-use building with ample parking and easy access.
      2600 Martin Way E, Olympia, WA 98506
      View Details
    • $3,600 /Mo
      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
    • $6,875 /Mo
      5,500 SF

      Olympia Retail Space For Rent

      Retail space with open areas, restrooms, and kitchen.
      3700 Martin Way E, Olympia, WA 98506
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    • Contact for pricing
      5,500 SF

      Retail Space on Martin Way

      East endcap retail space with open layout and parking.
      3700 Martin Way E, Olympia, WA 98506
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    • $33,930
      27,144 SF

      High-Visibility Retail Box in Olympia

      28,020 SF retail space with high traffic and accessibility.
      4014 Martin Way E, Olympia, WA 98506
      View Details
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    2423 4th E Ave
    Olympia, WA 98506-4820
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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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