Property Details
116 NE State Avenue
Olympia, WA 98501
$736,000
Active
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Property Overview
Prime Downtown Investment Opportunity – Fully Leased Retail with Rare On-Site Parking Located in the heart of downtown Olympia, this fully renovated mixed-use retail property presents a rare opportunity for investors seeking stable cash flow and long-term upside (Great CAP Rate). This 2000+ SF building features two fully leased retail storefronts, generating consistent income with strong tenant demand in a high-visibility location. Recent upgrades include a brand-new roof and interior renovations, significantly reducing near-term capital expenditures and enhancing tenant appeal. Ideal for investors seeking a turnkey, income-producing asset with both stability and future appreciation potential.
Property Details
Property Information
Property Type
Commercial Sale
Subtype
Commercial Industrial
Status
Active
County
Thurston
Neighborhood
Olympia
Listed
May 5, 2026
Financial Summary
Cap Rate
7.30%
Gross Scheduled Income
$69,120
Total Expenses
$14,137
Total Actual Rent
$5,760/mo
Vacancy Rate
2.0%
Building & Use
Total Units
2
Zoning
Commercial
Possible Use
Commercial
Year Built
1946
Exterior & Lot
Lot Size
0.14 sqft
Year Built
1946
Sewer
Sewer Connected
Water Source
Public
Location
City
Olympia
County
Thurston
Coordinates
47.04608, -122.90103
Additional Information
Tax Year
2024
Annual Taxes
$3,097
Possession
Array
Based on information submitted to the MLS GRID as of May 6, 2026 6:45 AM. All data is obtained from various sources and may not have been verified by broker or MLS GRID. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
IDX information is provided exclusively for consumers’ personal, non-commercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Copyright 2026 NWMLS. All rights reserved.
IDX information is provided exclusively for consumers’ personal, non-commercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Copyright 2026 NWMLS. All rights reserved.
