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Property profile & analytics
FOR LEASE
Office buildings
2600 Martin Way E Olympia, WA 98506
Individually Owned
1-yr Hold
Absentee Owner
Free & Clear
Property ID
US90-1101276
No photos on file
For Lease
$2,427/Mo
2600 Martin Way E, Olympia, WA 98506
View Listing →
Property summary
AI-generated overview
The Arc Plaza, located in Olympia's thriving Submarket, presents a unique investment opportunity. This two-building complex, totaling 10,135 square feet, offers a blend of retail and office space in a multi-tenant configuration. Constructed in 1989, the single-story buildings sit on a 0.67-acre lot (29,185 square feet), providing convenient on-site parking for 25 vehicles. The property's prime location on a high-traffic street ensures excellent visibility and accessibility for businesses. The zoning designation is HDC-3, within Thurston County. The property features no elevators. The convenient location is further enhanced by its proximity to Phoenix Street. This versatile property is ideal for a variety of uses, making it an attractive option for investors seeking a strong return in a desirable market. The property's APN is 11818320500. This is a chance to acquire a well-situated commercial property with significant potential for growth and income generation. The property's size and configuration offer flexibility for various business needs.
Property profile
Verified
Property type
Office buildings
Use group
PROFESSIONAL BUILDING
Year built
1987
Construction
WOOD FRAME
Total area
4,073 SF
Lot
0.67 ac (29,185 SF)
APN
1181-83-20500
UPID
US90-1101276
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
-
Skies Beauty Design Hair Salon Nail Salon
-
Lost and Found Crafts (Bike/Boat/Book/etc) Store
-
Birch & Bliss Beauty Bar Nail Salon
-
Washington State Developmental State Government Office
-
Moore Eyecare - Michael D. Moore O.D. Eye Care Center
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$870k
Comparable Approach
Comparable
$1.00M
Blend (final)
Blend
$845k
Owner & transaction history
State Of Washington · 1 yrs held
State Of Washington
since 2025
7 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Commercial (general)
$1.0M
+26.3%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Olympia submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Olympia submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
$945,000
6.5%
$870,000
7%
$810,000
Alternative Use
Use
Estimation
OFFICE BUILDING
$815,000
Current use
COMMERCIAL (GENERAL)
$1,030,000
Change: +26% · Conversion: Easy
Blend value · Realmo final
$845k
Range $761k – $930k · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$207 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$19,656
Tax year 2023
Assessed value
$1,973,000
Assessed 2022
Previous assessed
$1,390,400
+41.9% YoY
Effective rate
1.00%
On assessed value
Assessed land
$305,600
Assessed improvement
$1,667,400
Land market value
$305,600
Improvement market value
$1,667,400
Total market value
$1,973,000
Applied tax rate
110.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Office buildings
Use group
PROFESSIONAL BUILDING
Status
For Lease
Year built
1987
Construction
WOOD FRAME
Heating
PACKAGE
Cooling
YES
Buildings
2
Stories
1
Total area
4,073 SF
Lot
0.67 ac (29,185 SF)
APN
1181-83-20500
UPID
US90-1101276
Jurisdiction
THURSTON
Zoning & alternative use
Zoning · permitted uses
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Alternative use value scenarios
Repositioning upside vs current use
OFFICE BUILDING Current
Est. value
$815,000
COMMERCIAL (GENERAL)
Est. value
$1.0M
OFFICE BUILDING Current
COMMERCIAL (GENERAL)
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1987
Construction
WOOD FRAME
Heating
PACKAGE
Cooling
Yes
Stories
1
Buildings
2
Lot
0.67 ac
Current owner
From public records · entity-resolved
State Of Washington
Individual
Free & Clear · 1 yrs held
Mailing address
1703 SE STATE AVE NE, OLYMPIA, WA 98506-4556
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2025
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
7 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jul 1, 2025
—
State Of Washington
Xi Homes LLC
Deed
—
Jul 31, 2024
$950,000
Xi Home LLC
The Arc Of Washington State
Warranty Deed
$712,500 · Olympia Fsla
Jul 31, 2024
—
The Arc Of Washington State
Mark Lovrien
Release/satis. Of Agrem. Of Sale (fee Property)
related
—
Jan 19, 2023
$1,100,000
The Arc Of Washington State
Mark Lovrien
Re-recorded Document
related
—
May 14, 2021
—
Department Of Commerce
Arc Of Washington
Lease
—
Sep 28, 2001
$1,100,000
Arc Of Washington State
Lovrien,mark
—
$1,100,000 · Mark
—
—
Mark Lovrien
—
Deed Of Trust
related
$410,000 · Key Bank NA
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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