301-303 Capitol Way N, Olympia, WA 98501 For Sale

Prime Location and Waterfront Appeal

• Downtown Core Position: The property is situated in the core of downtown Olympia at 301 N Capitol Way, just steps from Percival Landing.
• Scenic Setting: It features stunning water views and a vibrant setting within walking distance of local restaurants and activities.
• High Walkability: The location boasts a "Very Walkable" Walk Score of 84.
• Dedicated Parking: The site includes a private parking lot at the rear facing the waterfront, providing 10 surface spaces.

Strategic Investment and Redevelopment Flexibility

• Opportunity Zone: The property is located within an Opportunity Zone, offering potential tax incentives for investors.
• Immediate Revenue: It is currently home to four diverse tenants, providing an immediate income stream.
• Short-Term Leases: All existing tenants are on short-term leases, which gives an investor the strategic flexibility to either maintain the current income-producing status or transition the property into a landmark development.
• Favorable Zoning: The property is zoned UW (Urban Waterfront).

Property and Building Specifications

• Pricing and Size: The property is listed at $1,300,000 and features a 12,159-square-foot building on a 14,375-square-foot lot.
• Historic Character: Originally built in 1923, the masonry building offers classic industrial and retail appeal.
• Industrial Features: The structure includes two 12-by-10-foot grade-level doors.
• Mixed-Use Layout: The floor plans outline a primary commercial first floor and a residential second floor with a mezzanine storage area.

Strong Regional Demographics

• Population Growth: The immediate downtown core population is experiencing an accelerated annual growth rate of 1.07% through 2030.
• Prosperous Consumer Profile: The regional trade area is supported by an average household income of $116,531, which is forecast to rise to $128,713 over the next four years.
• Dense Rental Market: The immediate 0- to 1-mile ring serves as a primary rental market, with a 68.4% renter occupancy rate, reinforcing the site's strategic value.