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

    2896 29th SW Ave Tumwater, WA 98512-6155

    • Office Properties & Spaces
    • 43,115 SF
    • 2.97 lot acres
    OFF-MARKET
    Value Estimations
    $4,425,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US90-1388963
    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

    • Isalis / (Bike/Boat/Book/etc) Store
    • Party City / Party Supply Store / (Bike/Boat/Book/etc) Store
    • Skunk Funk / Big Box & Wholesale Store
    • Carl's Trading Co / Hat Shop
    • Bushka's Kitchen LLC / (Bike/Boat/Book/etc) Store

    Property Details for 2896 29th SW Ave

    Year built
    1994
    Construction
    STEEL FRAME
    Lot size
    2.97 lot acres
    Property size
    43,115 SF
    Property type
    Office Properties & Spaces
    APN
    6305-00-01000
    APU
    63050001000

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $5,890,000
      6.5%
      $5,435,000
      7%
      $5,045,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Tumwater
    County
    Thurston
    State
    Washington
    Longitude
    -122.943
    Latitude
    47.0224
    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
    $40,607
    $741,900
    $3,426,500
    $4,168,400
    -
    $741,900
    $3,426,500
    $4,168,400

    Comparable in this City

    • Value Estimation
      $2,315,000
      10,614 SF

      2310 Mottman SW Rd

      CONDOMINIUM OFFICES • 10,614 SF
      2310 Mottman SW Rd, Tumwater, WA 98512-6232
      View Details
    • Value Estimation
      $765,000
      4,200 SF

      2360 Mottman SW Rd

      CONDOMINIUM OFFICES • 4,200 SF
      2360 Mottman SW Rd, Olympia, WA 98512
      View Details
    • Value Estimation
      $1,235,000
      6,928 SF

      2330 Mottman SW Rd, Unit 106

      CONDOMINIUM OFFICES • 6,928 SF
      2330 Mottman SW Rd, Tumwater, WA 98512-6232
      View Details
    • Value Estimation by Request
      2,500 SF

      9600 Lathrop Industrial SW Dr

      OFFICE (GENERAL) • 2,500 SF
      9600 Lathrop Industrial SW Dr, Olympia, WA 98512-9188
      View Details
    • Value Estimation
      $1,335,000
      8,712 SF

      2780 29th SW Ave

      OFFICE (GENERAL) • 8,712 SF
      2780 29th SW Ave, Tumwater, WA 98512-6105
      View Details
    • Value Estimation
      $650,000
      4,608 SF

      9148 Blue Mtn SW Ln

      OFFICE (GENERAL) • 4,608 SF
      9148 Blue Mtn SW Ln, Olympia, WA 98512-7662
      View Details

    Similar Nearby for Sale

    • $4,995,000
      31,675 SF

      Remodeled Warehouse Near Highway 101

      Remodeled warehouse with office space, close to Highway 101.
      2500 Mottman Rd SW Tumwater, Tumwater, WA 98512
      View Details
    • $4,995,000
      31,675 SF

      Remodeled Warehouse Near Highway 101

      Remodeled warehouse with office space, close to Highway 101.
      2500 Mottman Rd SW, Tumwater, WA 98512
      View Details
    • $999,000
      13,858 SF

      Olympia Office Building with Garage

      Well-maintained office building with underground parking in Olympia, Washington.
      234 8Th Ave SE, Olympia, WA 98512
      View Details
    • $5,995,000
      31,675 SF

      Tumwater Flex Space: Prime Location

      Modern Flex Space, I-5 Access, 31,675 SF
      2500 Mottman Rd, Tumwater, WA 98512
      View Details
    • $1,825,000
      4.98 Acres

      Olympia Industrial Land Investment

      Prime I-5 location, 4.98 acres.
      3215 93Rd Ave, Olympia, WA 98512
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    • $280,000

      Lakeview Hilltop Lot Opportunity

      Private east-facing lot with panoramic water views and mature trees.
      4937 Black Lake Blvd, Olympia, WA 98512
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    Similar Nearby for Lease

    • $18 SF/Yr
      10,000 SF

      Kimmie Street Office & Land

      Prime Thurston County Office Space, 2.4 Acres
      9300 Kimmie St, Olympia, WA 98512
      View Details
    • $20 SF/Yr
      3,200 SF

      Renovated Office Space Near I-5

      Recently renovated office space with flexible layout, minutes from I-5.
      1770 Barnes Blvd, Tumwater, WA 98512
      View Details
    • $3,200 /Mo
      3,193 SF

      Office Space with Warehouse

      Office space with warehouse and showroom potential in Tumwater.
      2840 Crites St SW, Tumwater, WA 98512
      View Details
    • $20 SF/Yr
      3,200 SF

      Turn-Key Office Space Available

      Renovated office space near I-5 with flexible layout.
      1760 Barnes Blvd SW, Tumwater, WA 98512
      View Details
    • $22 SF/Yr
      28,491 SF

      High-End Office Space Available

      Three-floor office space near Hwy 101 and I-5.
      1570 Irving St SW, Tumwater, WA 98512
      View Details
    • $0.85 SF/Yr
      4,359 SF

      Tumwater Warehouse Space Available

      Versatile warehouse space for storage, distribution, or light industrial use.
      5017 Joppa St SW, Tumwater, WA 98512
      View Details
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    2896 29th SW Ave
    Tumwater, WA 98512-6155
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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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