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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    2615 Capital Mall Dr Olympia, WA 98502

    • Retail space
    • 20,608 SF
    • 3.38 lot acres
    For Lease
    View listing
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US90-2793558
    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

    • Happy Lemon Olympia / Cafe & Coffee Shop
    • Pho Hoa Noodle Soup - Olympia (Capital Mall Dr.) / Restaurant
    • CosmoProf / (Bike/Boat/Book/etc) Store / Cosmetic Store
    • Outback Steakhouse / Restaurant
    • 4th & Brooklyn Studio / Hair Salon / Nail Salon

    Property Details for 2615 Capital Mall Dr

    Year built
    1980
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    3.38 lot acres
    Property size
    20,608 SF
    Property type
    Retail space
    APN
    7840-04-00205
    APU
    78400400205

    Description

    Black Lake Village, a single-story, 46,793 square foot retail strip center located at 2615 Capital Mall Dr SW in Olympia, WA 98502 (Thurston County), offers exceptional leasing opportunities. Built in 1979, this established center currently has 10,597 square feet of vacant space available, divisible into units ranging from 1,201 to 4,752 contiguous square feet. Ideal for a variety of retail businesses, the property boasts high visibility and convenient access from Capital Mall Drive. The property's single-building design provides ease of access and management for tenants. The location within Olympia, Washington offers a strong demographic base and significant foot traffic. This is a prime opportunity for businesses seeking established retail space in a thriving community. The property is situated in Thurston County and offers a well-maintained environment for tenants. With its convenient location and flexible space options, Black Lake Village presents a compelling investment opportunity for businesses looking to establish or expand their presence in the Olympia market. The available space is ready for immediate occupancy, providing a seamless transition for new tenants. Contact us today to learn more about this exceptional retail space and secure your ideal location.

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $4,145,000
      6.5%
      $3,825,000
      7%
      $3,555,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $3,090,000
      Market price range: $1.22M - $4.23M

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $6,995,000
      Current use

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

    Location Insight

    • Map
    • Local Demand
    City
    Olympia
    County
    Thurston
    State
    Washington
    Longitude
    -122.934
    Latitude
    47.0393
    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
    $65,804
    $2,241,400
    $4,365,800
    $6,607,200
    -
    $2,241,400
    $4,365,800
    $6,607,200

    Comparable in this City

    • Value Estimation
      $1,185,000
      6,580 SF

      2315 Harrison NW Ave

      RETAIL STORES (PERSONAL SERVICES) • 6,580 SF
      2315 Harrison NW Ave, Olympia, WA 98502-4542
      View Details
    • Value Estimation
      $5,695,000
      40,178 SF

      2915 Harrison NW Ave

      RETAIL STORES (PERSONAL SERVICES) • 40,178 SF
      2915 Harrison NW Ave, Olympia, WA 98502-2635
      View Details
    • Value Estimation
      $2,030,000
      11,222 SF

      2010 Harrison NW Ave

      RETAIL STORES (PERSONAL SERVICES) • 11,222 SF
      2010 Harrison NW Ave, Olympia, WA 98502-4529
      View Details
    • Value Estimation by Request
      2,850 SF

      4950 Harrison NW Ave

      RETAIL STORES (PERSONAL SERVICES) • 2,850 SF
      4950 Harrison NW Ave, Olympia, WA 98502-5082
      View Details
    • Value Estimation by Request
      2,700 SF

      2905 Capital Mall SW Dr

      RETAIL STORES (PERSONAL SERVICES) • 2,700 SF
      2905 Capital Mall SW Dr, Olympia, WA 98502-8635
      View Details
    • Value Estimation by Request
      517 SF

      210 Kaiser NW Rd

      RETAIL STORES (PERSONAL SERVICES) • 517 SF
      210 Kaiser NW Rd, Olympia, WA 98502
      View Details

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    Similar Nearby for Lease

    • Contact for pricing
      10,000 SF

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      View Details
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      Corner retail space available for lease in Olympia, Washington.
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      View Details
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      Retail Space Near Highway 101

      Retail space with highway visibility and tenant improvement packages.
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      Exceptional retail opportunity with high visibility and ample space.
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      Olympia Retail or Office Space

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    • Contact for pricing
      3,000 SF

      New Retail Space with Drive-Thru

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      View Details
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    2615 Capital Mall Dr
    Olympia, WA 98502
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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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