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510 Custer Way SE 5,244 SF 100% Leased Retail Building Olympia, WA 98501 $999,000 ($190.50/SF) 4.20% Cap Rate
Investment Highlights
- High-Visibility Frontage
- Ample Rear Parking
- Secure Site Conditions
- Flexible Multi-Suite Layout
- Strategic District Position
- Excellent Demographics
Executive Summary
Remarkable opportunity in the heart of Tumwater's evolving Brewing District. This high-visibility retail/office building has great frontage exposure on high-traffic Custer Way. Abundant parking in the rear of the building offers maximum exposure. Modern construction and strong curb appeal. Building offers flexibility with multiple units/suites, creating opportunities for the savvy investor or owner/user. Don't miss this tremendous once-in-a-generation opportunity. The adjacent parcel is also listed for sale.
Data Room Click Here to Access
Financial Summary (Actual - 2026) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$60,780
|
$11.59
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$60,780
|
$11.59
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$41,910
|
$7.99
|
| Net Operating Income |
$18,870
|
$3.60
|
Financial Summary (Actual - 2026)
| Gross Rental Income | |
|---|---|
| Annual | $60,780 |
| Annual Per SF | $11.59 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $60,780 |
| Annual Per SF | $11.59 |
| Taxes | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses | |
|---|---|
| Annual | $41,910 |
| Annual Per SF | $7.99 |
| Net Operating Income | |
|---|---|
| Annual | $18,870 |
| Annual Per SF | $3.60 |
Property Facts
Sale Type
Investment or Owner User
Property Type
Retail
Property Subtype
Building Size
5,244 SF
Building Class
B
Year Built
2004
Price
$999,000
Price Per SF
$190.50
Cap Rate
4.20%
NOI
$41,910
Percent Leased
100%
Tenancy
Multiple
Building Height
2 Stories
Building FAR
0.43
Lot Size
0.28 AC
Zoning
BD - Brewery District
Parking
19 Spaces (3.62 Spaces per 1,000 SF Leased)
Frontage
106’ on Custer Way
Amenities
- Bus Line
- Signage
Major Tenants
- Tenant
- Industry
- SF Occupied
- Rent/SF
- Lease End
- Luminous Therapeutic Skin Care
- Health Care and Social Assistance
- -
- -
- -
- Ooh La Lash
- Health Care and Social Assistance
- -
- -
- -
- Red Door Interiors and Cabinetry
- Professional, Scientific, and Technical Services
- -
- -
- -
- Sweet Francis Sewing Company
- Professional, Scientific, and Technical Services
- -
- -
- -
| Tenant | Industry | SF Occupied | Rent/SF | Lease End | ||
| Luminous Therapeutic Skin Care | Health Care and Social Assistance | - | - | - | ||
| Ooh La Lash | Health Care and Social Assistance | - | - | - | ||
| Red Door Interiors and Cabinetry | Professional, Scientific, and Technical Services | - | - | - | ||
| Sweet Francis Sewing Company | Professional, Scientific, and Technical Services | - | - | - |
Moderately walkable
60/100
Exceptionally drivable
100/100
Some public transit
50/100
Fairly bikeable
50/100
Nearby Major Retailers
Property Taxes
| Parcel Number | 84900201200 | Improvements Assessment | $643,700 (2025) |
| Land Assessment | $468,100 (2025) | Total Assessment | $1,111,800 (2025) |
Property Taxes
Parcel Number
84900201200
Land Assessment
$468,100 (2025)
Improvements Assessment
$643,700 (2025)
Total Assessment
$1,111,800 (2025)
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Contact the Sale Advisor
510 Custer Way SE