Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Sold
    • Property Lookup
    • Brokers
    324 West Bay Dr NW Olympia, WA 98502

    Property Lookup

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

    324 West Bay Dr NW Olympia, WA 98502

    View on Map
    • Office buildings
    • 15,929 SF
    • 1.90 lot acres
    For Lease
    $3,490,000
    View Listing →
    Office Space Ready For Rent For Lease
    $3,490,000
    379 SF

    Office Space Ready For Rent

    Two connecting office rooms available for rent, utilities included.

    324 West Bay Dr NW, Olympia, WA
    View Listing
    Property ID
    US90-1335351
    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.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by 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

    Property Details for 324 West Bay Dr NW

    Year built
    2004
    Construction
    STEEL FRAME
    Lot size
    1.90 lot acres
    Property size
    15,929 SF
    Property type
    Office buildings
    APN
    8500-24-00400
    APU
    85002400400

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $3,690,000
      6.5%
      $3,405,000
      7%
      $3,160,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $4,626,000
      Market price range: $2.62M - $6.10M
      AI Estimate
      $2,445,000
      Market price range: $1.07M - $3.09M

    • 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

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

    Location Insight

    • Map
    • Local Demand
    City
    Olympia
    County
    Thurston
    State
    Washington
    Longitude
    -122.913
    Latitude
    47.0479
    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
    $43,613
    $355,100
    $4,023,700
    $4,378,800
    -
    $355,100
    $4,023,700
    $4,378,800

    Comparable in this City

    • Value Estimation
      $2,540,000
      17,848 SF

      2404 Heritage SW Ct, Unit 24

      PROFESSIONAL BUILDING • 17,848 SF
      2404 Heritage SW Ct, Olympia, WA 98502-6047
      View Details
    • Value Estimation
      $535,000
      2,592 SF

      2018 Caton SW Way

      PROFESSIONAL BUILDING • 2,592 SF
      2018 Caton SW Way, Olympia, WA 98502-1119
      View Details
    • Value Estimation
      $785,000
      4,096 SF

      2102 Carriage St Sw Ste J

      PROFESSIONAL BUILDING • 4,096 SF
      2102 Carriage St Sw Ste J, Olympia, WA 98502-1049
      View Details
    • Value Estimation
      $740,000
      2,841 SF

      2617 12th SW Ct

      PROFESSIONAL BUILDING • 2,841 SF
      2617 12th SW Ct, Olympia, WA 98502-1022
      View Details
    • Value Estimation
      $565,000
      4,263 SF

      2708 Westmoor SW Ct

      PROFESSIONAL BUILDING • 4,263 SF
      2708 Westmoor SW Ct, Olympia, WA 98502-5754
      View Details
    • Value Estimation
      $720,000
      7,490 SF

      2635 Parkmont SW Ln

      PROFESSIONAL BUILDING • 7,490 SF
      2635 Parkmont SW Ln, Olympia, WA 98502
      View Details

    Similar Nearby for Sale

    • $1,599,000

      Professional Office Building Near Highway

      Well-constructed office building on 0.75 acres near major highways.
      2120 Caton Way SW, Olympia, WA 98502
      View Details
    • Contact for pricing
      27,990 SF

      Classic Brick Office Buildings

      Two well-maintained office buildings near the Thurston County Courthouse.
      919-921 Lakeridge Way SW, Olympia, WA 98502
      View Details
    • $2,200,000

      Renovated Olympia Office Building For Sale

      Completely renovated office building near Highway 101 and Interstate 5.
      2411 Chandler Ct SW, Olympia, WA 98502
      View Details
    • Contact for pricing
      17,836 SF

      Classic Office Building Near Courthouse

      Three-story office building with flexible floor plans and ample parking.
      917 Lakeridge Way SW, Olympia, WA 98502
      View Details
    • Contact for pricing

      Professional Office Building For Sale

      Well-maintained 4,684 SF office building on 0.75 acres.
      2120 Caton Way SW, Olympia, WA 98502
      View Details

    Similar Nearby for Lease

    • $15,000 /Mo
      12,000 SF

      Classic Brick Building For Lease

      Classic brick building near the courthouse with tremendous value.
      919 Lakeridge Way SW, Olympia, WA 98502
      View Details
    • Contact for pricing

      Olympia Commercial Property For Lease

      Commercial property in high-visibility West Olympia corridor, suitable for various businesses.
      1115 Black Lake Blvd SW, Olympia, WA 98502
      View Details
    • Contact for pricing
      17,902 SF

      Three-Story Office Building Near Courthouse

      Three-story office building with high-end finishes and good parking.
      2424 Bristol Ct Southwest, Olympia, WA 98502
      View Details
    • $22,378
      17,902 SF

      Three-Story Office Building For Rent

      Three-story office building with high-end finishes and convenient location.
      2424 Bristol Ct SW, Olympia, WA 98502
      View Details
    • Contact for pricing
      12,000 SF

      Olympia Office Space Available

      12,000 sqft office space for rent in Olympia, WA.
      919 Lakeridge Way SW, Olympia, WA 98502
      View Details
    • $19,560 /Mo
      15,648 SF

      Olympia Office Building For Rent

      Office building near Court House with easy highway access.
      919 Lakeridge Way SW, Olympia, WA 98502
      View Details
    View Listing
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    324 West Bay Dr NW
    Olympia, WA 98502
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!