Overview

The Offering

Kidder Mathews is pleased to present the Olympia Press Building located in the heart of Olympia’s downtown at the corner of Capitol Way N and State Ave. The building itself offers numerous unique value-add opportunities in approximately 27,000 SF with several strong, in-place tenants. Street level retail exists on both Capitol Way and State Ave presenting numerous retail suites with significant visibility and excellent foot traffic.

This building was designed by Joseph Wohleb, the architect famous for his design of classic motion picture theatres and retail buildings, and built in Mission Revival style by the Olympian Newspaper in stages between 1920 and 1963. The building was renovated in 2003 and 2007 with new wiring, a new heating, cooling, and ventilation system, and a full retrofitting to minimize potential earthquake damage. This property offers a unique turn of the century feel with now more modern amenities in one of the highest trafficked areas in Washington State’s capitol city.

Sale Price: $1,500,000
Offering Process: Ownership will review and respond to offers as submitted


Property Overview

Address
116 Capitol Way N, Olympia, WA 98501
115 State Ave NE, Olympia, WA 98501

Thurston County Tax Parcel Number
78501300300

Property Size
20,473 SF | 0.47 Acres

Frontage
Approximately 124 lineal feet on Capitol Way N
Approximately 185 lineal feet on State Ave NE

Locality
City of Olympia

Zone
DB, Downtown Business


Property Details

Highlights

  • Great value-add opportunity in downtown Olympia
  • Numerous high visibility suites along popularly trafficked streets present multiple street level retail options
  • Newer features and seismic upgrades
  • Multiple potential uses including office, retail, restaurant/bar, athletic club, studio, and more
  • Strong state government tenants throughout the submarket guarantees solid employee base

Building Summary

Gross Area 27,094 SF
Gross Area Breakdown 14,900 SF (First Floor)
12,194 SF (Second Floor/Mezzanine)
Foundation Reinforced concrete slab with wood and steel columns
Exterior Walls Masonry brick & painted reinforced concrete
Interior Walls Wood framed walls
Roof Built-up roof sealed with an aluminum covering
Plumbing Adequate plumbing with a total of four two-fixutre restrooms
Electrical Replaced 2003
HVAC Combination gas and electric
Seismic Full Upgrades in 2003

Location

Overview

Olympia is a major cultural center of the Puget Sound Region. Washington’s state capital has just fewer than 50,000 residents and no shortage of parks, architectural masterpieces, history, or performing arts centers. The Oly Press’s location in the center of the downtown along State Ave NE and Capitol Way N allows excellent traffic exposure and access from the neighborhood. There is considerable commercial activity in the vicinity of the subject with many of the older buildings utilized for retail businesses, food establishments, financial services, and a wide variety of other commercial uses.

Demographics 1 Mile 3 Mile 5 Mile
Population 7,969 63,588 122,082
Median Home Price $263,450 $261,513 $261,424
Avg HH Income (2016) $53,911 $74,088 $74,675

Amenities Map

Traffic Count