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    924 State NE Ave Olympia, WA 98506-3965
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    924 State NE Ave Olympia, WA 98506-3965

    View on Map
    • Office buildings
    • 6,624 SF
    • 0.14 lot acres
    Off-Market
    Property ID
    US90-1273754
    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
    $1,310,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Dr. Kaitlin Moore / Alternative Medicine Practice
    • Christina King / Health Care Facility
    • Moore Chiropractic, PLLC / Alternative Medicine Practice
    • Dr. Scott Moore / Alternative Medicine Practice

    Property Details for 924 State NE Ave

    Year built
    2017
    Construction
    WOOD FRAME
    Lot size
    0.14 lot acres
    Property size
    6,624 SF
    Property type
    Office buildings
    APN
    7820-27-00700
    APU
    78202700700

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,535,000
      6.5%
      $1,415,000
      7%
      $1,315,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,579,000
      Market price range: $970k - $1.63M
      AI Estimate
      $938,000
      Market price range: $404k - $1.08M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $1,325,000
      Current use
      COMMERCIAL (GENERAL)
      $1,675,000
      Change: +26% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Olympia
    County
    Thurston
    State
    Washington
    Longitude
    -122.891
    Latitude
    47.0468
    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
    $15,208
    $87,300
    $1,439,000
    $1,526,300
    -
    $87,300
    $1,439,000
    $1,526,300

    Comparable in this City

    • Value Estimation
      $2,220,000
      10,700 SF

      3773 Martin E Way

      PROFESSIONAL BUILDING • 10,700 SF
      3773 Martin E Way, Olympia, WA 98506-5048
      View Details
    • Value Estimation
      $1,490,000
      9,960 SF

      3825 Martin E Way

      PROFESSIONAL BUILDING • 9,960 SF
      3825 Martin E Way, Olympia, WA 98506-5278
      View Details
    • Value Estimation
      $770,000
      3,699 SF

      1868 State NE Ave

      PROFESSIONAL BUILDING • 3,699 SF
      1868 State NE Ave, Olympia, WA 98506-4600
      View Details
    • Value Estimation
      $960,000
      5,740 SF

      1222 State NE Ave

      PROFESSIONAL BUILDING • 5,740 SF
      1222 State NE Ave, Olympia, WA 98506-4235
      View Details
    • Value Estimation by Request
      2,477 SF

      1920 State NE Ave

      PROFESSIONAL BUILDING • 2,477 SF
      1920 State NE Ave, Olympia, WA 98506-4652
      View Details
    • Value Estimation by Request
      900 SF

      2011 State NE Ave

      PROFESSIONAL BUILDING • 900 SF
      2011 State NE Ave, Olympia, WA 98506-4760
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      16,468 SF

      Two Buildings on Martin Way

      Two commercial buildings near Providence Hospital with investment potential.
      3910-3912 Martin Way East, Lacey, WA 98506
      View Details
    • $3,950,000

      Two-Building Commercial Property For Sale

      Two high-quality buildings near Providence Hospital with investment income potential.
      3910 Martin Way E, Olympia, WA 98506
      View Details
    • $2,100,000
      13,120 SF

      High Traffic Olympia Office Building

      Two-story office building with diverse tenant mix and high visibility.
      3435 Martin Way E, Olympia, WA 98506
      View Details
    • $1,875,000
      8,203 SF

      Olympia Office Building For Sale

      Office building in Olympia, WA, featuring multiple suites and parking.
      3910 Martin Way E, Olympia, WA 98506
      View Details
    • $1,650,000

      Olympia Office Building For Sale

      Corner lot office building with parking and freeway access.
      2120 State Ave NE, Olympia, WA 98506
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      2,723 SF

      Olympia Office/Clinic Building For Rent

      Updated office/clinic building with ample parking and flexible space.
      300 Lilly Rd NE, Olympia, WA 98506
      View Details
    • Contact for pricing

      Olympia Office Buildings For Sale

      Two office buildings fully occupied by the State of Washington.
      712 Quince St NE, Olympia, WA 98506
      View Details
    • Contact for pricing

      Olympia Corner Investment Property

      Investment property with freeway access, parking, and elevator.
      2120 State Ave NE, Olympia, WA 98506
      View Details
    • Contact for pricing

      Mixed-Use Building on Martin Way

      Mixed-use building with ample parking and easy access.
      2600 Martin Way E, Olympia, WA 98506
      View Details
    • Contact for pricing
      2,526 SF

      Medical Office Near Providence Hospital

      Move-in ready medical office space adjacent to Providence St. Peter.
      615 Lilly Rd NE, Olympia, WA 98506
      View Details
    • $4,095 /Mo
      4,095 SF

      Furnished Office Space Available

      Furnished office space with easy access and ample parking.
      3905 Martin Way E, Olympia, WA 98506
      View Details
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    924 State NE Ave
    Olympia, WA 98506-3965
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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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