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Office

Security & White Buildings

203 4th Ave E, Olympia, WA 98501

Listing Price: $5,274,000

Cap Rate
6.61%
Gross SF
44,419
Rentable SF
37,623
Price/Gross SF
$118.73
Lot Size
0.33 acres
Year Built
1926

Investment Overview

The Security Building located at 203 4th Ave E was built in 1926 and features five stories with concrete frame and poured concrete floors. Originally constructed in the Sullinvanesque style of brick masonry with ornate terra cotta cladding, it features an ornate lobby and elevator service that leads to four upper-levels of office space above street level retail. The property features on-site management that handles leasing and daily operations. It is considered Olympia’s first “skyscraper” and was the tallest building in the city for many years. Its rich history and proximity to the capitol and nearby amenities creates a powerful ecosystem for small-sized professional service-oriented tenants. Next door at 209 4th Ave E, the White Building is a two-story wood frame structure built in a Mission revival style in 1908. Originally constructed as a hotel, it was later converted to its office/retail use and houses a similar tenant roster as next door. The first floor includes a sizable storage/shop space that could be converted to a rentable suite. The Security and White buildings are connected via an exterior skybridge on the second floor. Downtown Olympia is experiencing steady growth as local and regional developers take advantage of the Opportunity Zone benefits. According to the City of Olympia, there are approximately 441 multifamily residential units under development and approximately 610 units recently completed. Just across West Bay, the West Bay Yards project is slated to deliver 478 units.

Investment Highlights

  • Rare Puget Sound Opportunity Consisting of Two Historic, Mixed-Use Buildings
  • Existing On-Site Management Allows For Passive Ownership
  • Executive Suites Mark-to-Market Opportunity With Below Market Rents And Short-Term Leases
  • Multiple Tax Incentives Emanating From Downtown Olympia Historic District And Opportunity Zone

Exclusively Listed By

Financing By

Office

Security & White Buildings

Listing Price: $5,274,000

Cap Rate
6.61%
Gross SF
44,419
Rentable SF
37,623
Price/Gross SF
$118.73
Lot Size
0.33 acres
Year Built
1926

Investment Highlights

  • Rare Puget Sound Opportunity Consisting of Two Historic, Mixed-Use Buildings
  • Existing On-Site Management Allows For Passive Ownership
  • Executive Suites Mark-to-Market Opportunity With Below Market Rents And Short-Term Leases
  • Multiple Tax Incentives Emanating From Downtown Olympia Historic District And Opportunity Zone

Investment Overview

The Security Building located at 203 4th Ave E was built in 1926 and features five stories with concrete frame and poured concrete floors. Originally constructed in the Sullinvanesque style of brick masonry with ornate terra cotta cladding, it features an ornate lobby and elevator service that leads to four upper-levels of office space above street level retail. The property features on-site management that handles leasing and daily operations. It is considered Olympia’s first “skyscraper” and was the tallest building in the city for many years. Its rich history and proximity to the capitol and nearby amenities creates a powerful ecosystem for small-sized professional service-oriented tenants. Next door at 209 4th Ave E, the White Building is a two-story wood frame structure built in a Mission revival style in 1908. Originally constructed as a hotel, it was later converted to its office/retail use and houses a similar tenant roster as next door. The first floor includes a sizable storage/shop space that could be converted to a rentable suite. The Security and White buildings are connected via an exterior skybridge on the second floor. Downtown Olympia is experiencing steady growth as local and regional developers take advantage of the Opportunity Zone benefits. According to the City of Olympia, there are approximately 441 multifamily residential units under development and approximately 610 units recently completed. Just across West Bay, the West Bay Yards project is slated to deliver 478 units.

Exclusively Listed By

Financing By

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