Listing Provided Courtesy Of:
The Rants Group and NWMLS
501 4th Avenue E Olympia, WA
$ 1,500,000
Property Attributes
  • ID#1776284
  • TypePending
  • CountyTHURSTON
  • CityOlympia
  • AreaOlympia North
  • NeighborhoodOlympia
  • Zip98501
  • StyleComm Bldg Ovr 10K
  • Year Built1925
  • Taxes$ 12804
  • Price$ 1,500,000
  • Bedrooms0
  • Full Bathrooms0
  • Half Bathrooms0
  • Lot Size6,347 SqFt
Listing Provided Courtesy Of:
The Rants Group and NWMLS
Data Source:
Northwest Multiple Listing Service (NWMLS) - 21 - WA
Property Description

The Kelley building is a turn of the century walk-up building with nine mixed size apartments ranging from 400 square-foot studio apartments to 2-bedroom 2-bath apartments with over a 1,200 square-foot of living space. The retail portion of the building has been home to many businesses including a paint store, antique mall, and many other uses over the years. Nine Residential Units that are 100% Leased, 6,000 SF Ground-Floor Retail Space (vacant), Built in 1925, renovated in the 1990s, CAP Rate: Market 8.4%, As-Is 4.5%.

Price History
5/18/2021 Listed $1,500,000

General Features

Building Area Units Square Feet
Building Features Disabled Access
Carport Y/N No
City Olympia
County Thurston
Directions From south bound I-5 Use the right 2 lanes to take exit 105 toward Port of Olympia. Continue onto Plum St SE. Turn left onto 5th Ave SE. Turn right onto Jefferson St SE. Turn right onto 4th Ave E.
Electric Expense 1600
Exterior Features Brick
Flooring Laminate, Vinyl
Insurance Expense 6000
MLS Area 447 - Olympia North
Net Operating Income 67300
Possession Closing
Possible Use Commercial, Multi-Family, Retail
Property Style 61 - Comm Bldg Ovr 10K
Property SubType Commercial Industrial
Property Type Commercial Sale
PropertyCondition Average
Roof Torch Down
Senior Community Y/N No
Sewer Sewer Connected
Special Listing Conditions None
Standard Status Pending
Status Pending
Street Name 4th
Structure Type Unspecified
Subdivision Name Olympia
Tax Annual Amount 12804
Tax Year 2021
Terms Cash Out, Conventional
Topography Level
Total Actual Rent 8689
Total Units 6
Utilities Sewer Connected, Electricity Available
Virtual Tour
Water Company City of Olympia
Water Sewer Garbage 3700
Year Built 1925
Zoning Class Commercial, Multi-Family, Retail

Interior Features

Electric On Property Y/N No
Fireplace Y/N No
Furnished Y/N Unfurnished
Living Area Units Square Feet
Power Production Type Electric
Street Suffix Avenue

Exterior Features

Foundation Details Slab
Irrigation Water Rights Y/N No
Lot Dimensions 106x60
Lot Size Acres 0.1457
Lot Size Square Feet 6346
Lot Size Units Square Feet
Open Parking Y/N No
Site Frontage 166
Water Source Public


  • Foreclosure
  • Views
  • Short Sale
  • New Construction
  • Adult 55+
  • Lease To Own
  • No HOA Fees
  • Furnished
  • Primary On Main
  • Air Conditioning
  • Seller Finance
  • Green
  • Fixer Upper
  • Horse
  • Golf
  • Fireplace
  • Deck
  • Garage
  • Basement
  • Pool

Property vs Pending Average in 98501

AVG $520K
AVG $3,755
AVG 41
Year Built
AVG 2002

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