321 Cleveland AveTumwater, WA 98501

Property Details for 321 Cleveland Ave

Year built

1984

Construction

WOOD FRAME

Lot size

0.78 AC

Property size (Sq ft)

16,748 SF

Property type

Office buildings

APN

8490-02-00600

APU

84900200600

Description

This exceptional mixed-use storefront property, known as Cleveland Plaza, presents a compelling investment opportunity. Located at 321 Cleveland Ave SE in Tumwater, Washington, 98501, this fully renovated (2019-2023) building boasts 15,765 net rentable square feet across three stories. The property sits on a 0.78-acre lot within Thurston County's Brewery District, benefiting from excellent visibility and accessibility. Currently operating at 100% occupancy with a strong tenant mix and several long-term leases, Cleveland Plaza generates a substantial net operating income (NOI) of $312,610, yielding a 7.36% capitalization rate. The building, constructed in 1984, features a northwest contemporary design with abundant natural light. Its prime location across from Tumwater Safeway, near I-5 and downtown Olympia, and on a bus line ensures high traffic and convenient access. The property's APN is 84900200600, and it is classified as a Class B, stabilized investment with a multi-tenancy NNN lease structure. The asking price is $4,250,000. This is a rare opportunity to acquire a fully renovated, high-performing asset in a thriving commercial district.

• CAP approach

  CAP return

  Valuation

  6%

  $4,532,050

  6.5%

  $4,183,431

  7%

  $3,884,614

• Comparable approach

  Method

  Valuation

  Relative Method

  $4,491,210

  Geo Method

  $3,225,330

• Alternative Use

  Use

  Valuation

  Residential

  $5,187,454

  Hospitality

  $4,751,680

  Educational

  $3,953,342

  Medical

  $4,089,304

  Retail

  $6,149,643

Location Insight

City

Tumwater

County

Thurston

State

Washington

Latitude

47.0172

Longitude

-122.899

CBSA code

36500

CBSA name

OLYMPIA, WA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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