The 101 - 1300 Evergreen Park Dr SW
Retail | 5.25% CAP | Owner/User Opportunity: 56% Leased in High-Growth West Olympia Market
Marketing description
The 1300 building within The 101 offers an exceptional owner/user or investment opportunity at 1300 Evergreen Park Dr SW in Olympia, WA. This 38,006 SF building is listed at $8,500,000 ($223.65 PPSF) and has a 56% occupancy rate. The property is in West Olympia, a supply-constrained submarket with stable tenant demand and consistent rent growth.
Recent renovations have transformed the building into a contemporary professional hub, featuring a new facade and the “People Place,” a central campus amenity with a large patio and outdoor fireplace. These improvements, along with high visibility from Highway 101, enhance the asset’s long-term appeal.
Investors and users benefit from a robust local economy supported by government, healthcare, and education sectors. With 16,537 SF of vacant space, the property offers both stable in-place revenue and potential for future appreciation.
Investment highlights
Investment highlights
- Resilient Cash Flow: The property is 56% leased, providing $496,578 in annual in-place revenue with scheduled 3.0% annual increases.
- Modernized Asset: Features comprehensive renovations, including a new main facade, elevated entrance ceilings, and new glass storefronts.
- Significant Vacancy Upside: Offers 16,537 SF of vacant space, making it ideal for an owner/user or a value-add investment through lease-up.
- Favorable Demographics: Located in a market with a median household income of $107,450 and a projected population increase of nearly 17% by 2035.
- Strategic Regional Access: Positioned 10 minutes from downtown Olympia with direct Highway 101 visibility and monument signage.
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