2303 Harrison AveOlympia, WA 98502

Property Details for 2303 Harrison Ave

Year built

2005

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

0.55 AC

Property size (Sq ft)

5,060 SF

Property type

Retail space

APN

7040-03-02502

APU

70400302502

Description

This exceptional investment opportunity presents a 5,060 square foot Sherwin-Williams storefront located at 2303 Harrison Ave NW, Olympia, WA 98502. The property sits on a 0.55-acre lot and boasts a strong Net Lease (NNN) agreement with a corporate guarantee from Sherwin-Williams, a Fortune 500 company. The lease commenced December 1, 2004, and extends until November 30, 2029, providing a remaining term of five years. The property features a current Net Operating Income (NOI) of $113,124, resulting in a 6.50% cap rate and an asking price of $1,741,000. Built in 2005, this location benefits from significant traffic volume, situated near the intersection of Harrison Avenue NW and Division Street NW (35,008 vehicles daily) and in close proximity to US Route 101 (137,442 AADT). Its strategic location is only 0.3 miles from Capital Mall, a major shopping center in Olympia, and enjoys a strong demographic profile, with over 108,595 people residing within a five-mile radius, boasting an average annual household income exceeding $111,000. The property's location also benefits from its proximity to other major retailers including Target, Ross, Ulta, and many more. Rent bumps are included in the lease agreement. This is an ideal investment for a 1031 exchange.

• CAP approach

  CAP return

  Valuation

  6%

  $2,012,795

  6.5%

  $1,857,965

  7%

  $1,725,253

• Comparable approach

  Method

  Valuation

  Relative Method

  $3,419,412

  Geo Method

  $2,455,626

• Alternative Use

  Use

  Valuation

  Residential

  $1,567,263

  Hospitality

  $1,435,604

  Educational

  $1,194,406

  Medical

  $1,235,483

  Retail

  $1,857,965

Location Insight

City

Olympia

County

Thurston

State

Washington

Latitude

47.0456

Longitude

-122.929

CBSA code

36500

CBSA name

OLYMPIA, WA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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