520 LLC 520 4th Ave E 8,400 SF Retail Building Olympia, WA 98501 $1,595,000 ($189.88/SF) 4.51% Cap Rate

HISTORIC DOWNTOWN LANDMARK | 8,400 SF ADAPTIVE REUSE & OWNER-USER OPPORTUNITY
OWNER-USER • RETAIL • MEDICAL • DENTAL • WELLNESS • OFFICE • INSTITUTIONAL • HOSPITALITY • RESTAURANT • EVENT • ENTERTAINMENT
520 E 4th Ave presents a rare opportunity to acquire one of downtown Olympia's most recognizable historic commercial landmarks. Prominently located on a .17-acre corner lot directly across from City Hall, within Olympia's Historic Creative District and a federally designated Opportunity Zone, this distinctive 8,400 SF terra-cotta Gothic Revival-influenced building offers exceptional visibility, character, and flexibility.
Originally designed by renowned Olympia architect Joseph Wohleb and built by the Titus family, the property has served Olympia through multiple eras and uses, including automotive, retail, office, and restaurant/hospitality. Today, its flexible configuration and prominent location create an unusual opportunity for adaptive reuse, owner occupancy, or continued hospitality use.
PROPERTY OVERVIEW
Building: 8,400 SF, two stories
Lot: .17-acre prominent downtown corner
Architecture: Terra-cotta Gothic Revival-influenced
Construction: Steel-reinforced concrete
Architect: Joseph Wohleb
Original Builder: Titus family
Location: Historic Creative District, directly across from City Hall and near the Washington State Capitol Campus
Opportunity Zone: Located within a federally designated Opportunity Zone
FLEXIBLE EXISTING CONFIGURATION
The building currently provides approximately:
6,136 SF restaurant/hospitality area
1,200 SF office
1,064 SF warehouse/storage
812 SF private banquet/event room
The scale, layout, and prominent downtown location create an unusual opportunity for an owner-user or adaptive-reuse project. Potential applications include retail and specialty retail, medical and dental practices, wellness and personal services, salon and spa uses, professional or creative office, institutional or community uses, showroom, entertainment, hospitality, event space, and food and beverage, subject to applicable zoning and approvals.
EXISTING COMMERCIAL INFRASTRUCTURE
The property retains substantial improvements from its long-term restaurant use, providing significant value for hospitality or other users requiring commercial-grade infrastructure:
Two walk-in coolers
Two commercial vent hoods
Wood Stone wood-fired pizza oven with dedicated ventilation
Commercial kitchen layout
Bar and dining areas
Existing grease and utility infrastructure
HVAC
Fire protection
Security systems
For a restaurant, brewery, tasting room, event venue, or food-oriented retailer, much of the infrastructure is already in place. For an alternative user, the existing improvements provide a flexible starting point for conversion and adaptive reuse.
HISTORIC CHARACTER
County records list the construction date as 1927, while historical references cite 1923. A major change of use occurred in 1988, when the building was converted to office space and later adapted for bar and restaurant use. Significant renovations were completed in 1999 for anchor tenant Ramblin Jacks, modernizing building systems and food-service infrastructure while retaining its distinctive historic character.
PROMINENT DOWNTOWN LOCATION
The property occupies a highly visible downtown corner surrounded by government, professional, retail, dining, cultural, and civic uses. Its proximity to Olympia City Hall, the Washington State Capitol Campus, downtown employers, and established retail and entertainment destinations provides excellent exposure and accessibility.
ADAPTIVE REUSE OPPORTUNITY
This is not simply a restaurant property.
It is a rare 8,400 SF historic downtown building with the scale, visibility, architecture, and existing infrastructure to support a wide range of future uses.
Potential concepts include:
Retail and specialty retail
Medical or dental practice
Wellness, massage, salon or spa
Professional or creative office
Institutional or community use
Restaurant, brewery or tasting room
Event or entertainment venue
Gallery or showroom
Hospitality or lodging concept
Culinary or food-oriented use
Other adaptive-reuse concepts, subject to applicable approvals
For an owner-user, the property offers the opportunity to control a distinctive downtown asset with a highly recognizable presence. For an investor or developer, its historic architecture, Opportunity Zone location, prominent site, and flexible footprint create multiple avenues for future repositioning.
A rare opportunity to acquire a signature piece of downtown Olympia history—and make it your own.