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Property profile & analytics
FOR LEASE
Office buildings
324 Bay Dr NW Olympia, WA 98502
Individually Owned
1-yr Hold
Free & Clear
Property ID
US90-1335351
No photos on file
For Lease
$560/Mo
324 Bay Dr NW, Olympia, WA 98502
View Listing →
Property profile
Verified
Property type
Office buildings
Use group
PROFESSIONAL BUILDING
Year built
2004
Construction
STEEL FRAME
Total area
15,929 SF
Lot
1.9 ac (82,764 SF)
APN
8500-24-00400
UPID
US90-1335351
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
-
Majestic Aerotech Medical Supply Store
-
Lokahi Counseling Counselor
-
South Sound Vasectomy Medical Clinic
-
Siobhan Budwey PhD PLLC Medical Clinic Physician
-
Lokahi Counseling, LLC Counselor Family Counselor
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$3.41M
Comparable Approach
Comparable
$4.63M
Blend (final)
Blend
$3.49M
Owner & transaction history
Washington State Patrol · 1 yrs held
Washington State Patrol
since 2025
4 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Retail stores
$5.4M
+47.8%
Commercial (general)
$4.0M
+10.2%
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%
$3,690,000
6.5%
$3,405,000
7%
$3,160,000
Alternative Use
Use
Estimation
OFFICE BUILDING
$3,655,000
Current use
RETAIL STORES
$5,405,000
Change: +48% · Conversion: Moderate
COMMERCIAL (GENERAL)
$4,030,000
Change: +10% · Conversion: Easy
Blend value · Realmo final
$3.49M
Range $3.14M – $3.84M · ±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
$219 / 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
$43,613
Tax year 2023
Assessed value
$4,378,800
Assessed 2022
Previous assessed
$3,110,000
+40.8% YoY
Effective rate
1.00%
On assessed value
Assessed land
$355,100
Assessed improvement
$4,023,700
Land market value
$355,100
Improvement market value
$4,023,700
Total market value
$4,378,800
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
2004
Construction
STEEL FRAME
Heating
YES
Cooling
YES
Stories
2
Total area
15,929 SF
Lot
1.9 ac (82,764 SF)
APN
8500-24-00400
UPID
US90-1335351
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
$3.7M
RETAIL STORES
Est. value
$5.4M
COMMERCIAL (GENERAL)
Est. value
$4.0M
OFFICE BUILDING Current
RETAIL STORES
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
2004
Construction
STEEL FRAME
Heating
YES
Cooling
Yes
Stories
2
Lot
1.9 ac
Current owner
From public records · entity-resolved
Washington State Patrol
Individual
Free & Clear · 1 yrs held
Mailing address
324 W BAY DR NW #215, OLYMPIA, WA 98502-4926
Mailing matches property
Yes
Owner-occupied
Yes
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
4 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Oct 14, 2025
—
Fourth Street Investors LLC
—
Deed
related
$675,000 · Commencement Bank
Feb 14, 2025
—
Washington State Patrol
Fourth Street Investors LLC
Deed
—
—
—
Fourth Street Investors LLC
—
Deed Of Trust
related
$2,150,000 · Evertrust Bank
—
—
Fourth Street Investors LLC
—
Deed Of Trust
related
$2,150,000 · West Coast Life Insurance Co
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.
Try Rey
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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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