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    5201 Olympic Dr Gig Harbor, WA 98335

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    5201 Olympic Dr Gig Harbor, WA 98335

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    • Office properties & Spaces
    • 17,869 SF
    • 0.71 lot acres
    For Lease
    $18 SF/Yr
    View Listing →
    Gig Harbor Office Space Available For Lease
    $18 SF/Yr
    1,064 SF

    Gig Harbor Office Space Available

    Office space for rent in established retail center.

    5201 Olympic Dr, Gig Harbor, WA
    View Listing
    Property ID
    US90-1424601
    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

    • Murphy Sean DDS / Dental Office
    • Catherine Mcnaughton, Counselor / Physician / Medical Clinic
    • Edison47, Inc. / Property Management Company
    • Dr. Preston Sullivan, MD / Ophthalmologist
    • SightLine Ophthalmology: Preston Sullivan, M.D. / Ophthalmologist

    Property Details for 5201 Olympic Dr

    Year built
    2004
    Construction
    WOOD FRAME
    Lot size
    0.71 lot acres
    Property size
    17,869 SF
    Zone code
    B-2
    Property type
    Office properties & Spaces
    APN
    9007150010
    APU
    9007150010

    Description

    This exceptional Gig Harbor office space, located at 5201 Olympic Drive, 98335, offers a versatile 1,064 square foot suite ideal for medical or traditional office use. Situated in a multi-tenant building, this space presents a fantastic opportunity for businesses seeking a well-located and functional workspace. The suite is immediately available and ready for occupancy. The property's address is conveniently located in Gig Harbor, Washington, providing easy access to major transportation routes and local amenities. While the total building square footage is not currently specified, this particular suite offers a comfortable and efficient layout, perfect for a variety of professional needs. Interested parties are encouraged to take advantage of the available 3D virtual tour to explore the space in detail. The suite is part of a multi-tenant building, offering a collaborative and professional environment. This prime location in Gig Harbor, WA, combines convenience with a thriving business community. The minimum divisible space is 1,064 square feet, making it an excellent choice for businesses of various sizes. Further details regarding building amenities and lease terms are available upon request. Don't miss this chance to secure this well-positioned office space in a desirable Gig Harbor location. A virtual tour link is provided for a comprehensive preview.

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $3,540,000
      6.5%
      $3,265,000
      7%
      $3,035,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $2,670,000
      Market price range: $731k - $3.81M

    • Alternative Use

      Use
      Estimation
      MEDICAL BUILDING
      $4,905,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Gig Harbor
    County
    Pierce
    State
    Washington
    Longitude
    -122.583
    Latitude
    47.3055
    CBSA code
    42660
    CBSA name
    SEATTLE-TACOMA-BELLEVUE, 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
    2024
    $42,978
    $782,800
    $4,290,000
    $5,072,800
    -
    $782,800
    $4,290,000
    $5,072,800

    Comparable in this City

    • Value Estimation
      $3,175,000
      17,010 SF

      3519 56th St

      OFFICE (GENERAL) • 17,010 SF
      3519 56th St, Gig Harbor, WA 98335-8593
      View Details
    • Value Estimation
      $7,375,000
      32,400 SF

      3025 Harborview Dr

      OFFICE (GENERAL) • 32,400 SF
      3025 Harborview Dr, Gig Harbor, WA 98335-1962
      View Details
    • Value Estimation
      $905,000
      4,785 SF

      5715 Wollochet NW Dr

      OFFICE (GENERAL) • 4,785 SF
      5715 Wollochet NW Dr, Gig Harbor, WA 98335-7370
      View Details
    • Value Estimation
      $1,815,000
      7,558 SF

      6712 Kimball Dr

      OFFICE (GENERAL) • 7,558 SF
      6712 Kimball Dr, Gig Harbor, WA 98335-1212
      View Details
    • Value Estimation by Request
      2,310 SF

      4600 Neel Ct

      OFFICE (GENERAL) • 2,310 SF
      4600 Neel Ct, Gig Harbor, WA 98335-8317
      View Details
    • Value Estimation by Request
      2,336 SF

      3412 56th St

      OFFICE (GENERAL) • 2,336 SF
      3412 56th St, Gig Harbor, WA 98335-8210
      View Details

    Similar Nearby for Sale

    • $800,000

      Soundview Drive Office Investment

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      Gig Harbor Office Building For Sale

      Office building in Gig Harbor, WA, suitable for investment or owner-user.
      3710 Grandview St, Gig Harbor, WA 98335
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      3,872 SF

      Two-Story Building with Parking

      Two-story building with parking, ideal for owner-user or investment.
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      Two-Story Office Building For Sale

      Two-story office building with parking and versatile floor plan.
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      Waterfront Land on Wollochet Bay

      1.98-acre waterfront canvas with utilities on Wollochet Bay.
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      2.75 Acre Commercial Property

      2.75 acres with shop and immediate highway access for sale.
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    Similar Nearby for Lease

    • $2,243 /Mo
      1,346 SF

      Office, Retail, and Flex Space

      Office, retail, and flex spaces available for lease.
      5775 Soundview Dr, Gig Harbor, WA 98335
      View Details
    • $2,243 /Mo
      1,346 SF

      Office Retail Flex Space Available

      Institutional-quality office park with retail and flex space.
      5775 Soundview Dr, Gig Harbor, WA 98335
      View Details
    • Contact for pricing

      Professional Business Park For Rent

      Professional business park with high visibility and quick highway access.
      2601-2715 Jahn Ave NW, Gig Harbor, WA 98335
      View Details
    • Contact for pricing

      Gig Harbor Open Office Space

      Open office space near downtown Gig Harbor with highway access.
      7901 Skansie Ave, Gig Harbor, WA 98335
      View Details
    • Contact for pricing
      1,256 SF

      Professional Office Space For Rent

      Professional office space with parking and highway access in Gig Harbor.
      3309 56Th St NW, Gig Harbor, WA 98335
      View Details
    • $4,368 /Mo
      2,279 SF

      Gig Harbor First Floor Office

      First floor office space with multiple private offices.
      2601 Jahn Ave NW, Gig Harbor, WA 98335
      View Details
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    5201 Olympic Dr
    Gig Harbor, WA 98335
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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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