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    Property profile & analytics

    2703 Capital Mall Dr Olympia, WA 98502

    • Retail properties
    • 19,600 SF
    • 0.73 lot acres
    For Lease
    View listing
    $15 SF/Yr
    Last Sale
    Nov 16, 2023
    $1,876,000
    Value Estimations
    $2,055,000
    Cap Rate Potential
    Location Intelligence
    Property ID
    US90-1485168
    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

    • CU Dealer Direct / Bank / Credit Union
    • Evergreen Beauty College Olympia / Vocational School / Training Center
    • Prew Cutz / Barber Shop
    • Primp lash & beauty boutique / Hair Salon / Nail Salon
    • primp and refinery / Hair Salon / Nail Salon

    Property Details for 2703 Capital Mall Dr

    Year built
    1986
    Construction
    WOOD FRAME
    Lot size
    0.73 lot acres
    Property size
    19,600 SF
    Property type
    Retail properties
    APN
    3861-00-00200
    APU
    38610000200

    Description

    This two-story, 19,600 square foot office building at 2703 Capital Mall Dr SW, Olympia, WA 98502, offers a unique leasing opportunity. Built in 1986, the property sits on 0.6 acres and features nine total suites, with 4,415 square feet currently vacant. Spaces range from a minimum of 2,015 square feet to a maximum contiguous space of 4,415 square feet, making it suitable for a variety of business needs. The building offers a traditional office layout, executive office options, and coworking potential. The property boasts ample natural light thanks to expansive windows, creating a bright and inviting atmosphere. With 37 parking spaces available, accessibility for employees and clients is ensured. The building does not have elevators. This versatile space is ideal for businesses seeking a modern and functional workspace in a convenient Olympia location. The property's flexible layout allows for customization to meet diverse business requirements. This is a prime opportunity to secure office space in a desirable area.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $2,220,000
      ML approach
      $2,245,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $1,288,000
      Market price range: $1.16M - $4.02M

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

    Location Insight

    • Map
    • Local Demand
    City
    Olympia
    County
    Thurston
    State
    Washington
    Longitude
    -122.935
    Latitude
    47.0394
    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
    $27,443
    $232,900
    $2,522,100
    $2,755,000
    -
    $232,900
    $2,522,100
    $2,755,000

    Comparable in this City

    • Value Estimation
      $1,005,000
      14,000 SF

      2825 Capital Mall SW Dr

      SERVICE SHOP (TV, ELECTRIC, PLUMBING) • 14,000 SF
      2825 Capital Mall SW Dr, Olympia, WA 98502-8633
      View Details
    • Value Estimation
      $3,490,000
      11,580 SF

      2125 Carriage SW Dr

      SERVICE SHOP (TV, ELECTRIC, PLUMBING) • 11,580 SF
      2125 Carriage SW Dr, Olympia, WA 98502-5700
      View Details
    • Value Estimation
      $1,170,000
      5,600 SF

      2021 Harrison NW Ave

      SERVICE SHOP (TV, ELECTRIC, PLUMBING) • 5,600 SF
      2021 Harrison NW Ave, Olympia, WA 98502-4528
      View Details
    • Value Estimation
      $670,000
      11,414 SF

      2111 Carriage SW Dr

      SERVICE SHOP (TV, ELECTRIC, PLUMBING) • 11,414 SF
      2111 Carriage SW Dr, Olympia, WA 98502
      View Details
    • Value Estimation by Request
      6,125 SF

      405 Mcphee SW Rd

      SERVICE SHOP (TV, ELECTRIC, PLUMBING) • 6,125 SF
      405 Mcphee SW Rd, Olympia, WA 98502-5078
      View Details
    • Value Estimation by Request
      1,568 SF

      2424 Harrison NW Ave

      SERVICE SHOP (TV, ELECTRIC, PLUMBING) • 1,568 SF
      2424 Harrison NW Ave, Olympia, WA 98502-4545
      View Details

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    Similar Nearby for Lease

    • Contact for pricing
      4,140 SF

      Retail Space in Olympia, WA

      Retail space available for lease in Olympia, Washington.
      2615 Capital Mall Dr SW, Olympia, WA 98502
      View Details
    • Contact for pricing
      177,644 SF

      1200 Cooper Point Rd

      Retail properties • 177,644 SF
      1200 Cooper Point Rd, Olympia, WA 98502
      View Details
    • Contact for pricing
      10,000 SF

      Retail Space at Cooper Point

      Retail space available February 1, 2026 at Cooper Point.
      1001 Cooper Point Rd, Olympia, WA 98502
      View Details
    • $13 SF/Yr
      1,346 SF

      Retail Space in Strip Mall

      Corner retail space available for lease in Olympia, Washington.
      2101-2103 Harrison Ave NW, Olympia, WA 98502
      View Details
    • $6,750,000
      18,000 SF

      Retail Space Near Highway 101

      Retail space with highway visibility and tenant improvement packages.
      2404-2411 Chandler Ct SW, Olympia, WA 98502
      View Details
    • Contact for pricing
      46,793 SF

      Black Lake Village Retail Center

      Olympia Retail Space Available Now
      2615 Capital Mall Dr, Olympia, WA 98502
      View Details
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    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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