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Security & White Building, Olympia, WA

Security & White Building, Olympia, WA


203-209 4th Avenue E, Olympia, WA

Rentable Bldg Area:  37,453 SF

Land Area: 14,400 SF

Current Cap Rate: 5.60%





  • Investment Highlights

    Rare Puget Sound Portfolio Opportunity Consisting of Two Historic, Mixed-Use Buildings

    Unbeatable Location in the Heart of the State Capitol

    Multiple Tax Incentives Emanating From Downtown Olympia Historic District and Opportunity Zone

    Executive Suites Mark-to-Market Opportunity With Below
    Market Rents And Short-Term Leases

  • Investment Overview

    The Vara Group is pleased to present the opportunity
    to acquire the fee simple interest in the Security &
    White Buildings, two historic office-retail buildings
    in the heart of downtown Olympia, the capitol of
    Washington state (“the Offering”). Mostly consisting
    of small office and mid-sized storefront retail suites,
    the Offering boasts a combined occupancy rate of
    93.2%. The structures were built from 1908 and 1926,
    and both reside in the Downtown Olympia Historic
    District, which brings building code lenience and
    tax benefits. The Offering also resides in a Qualified
    Opportunity Zone, which adds further tax incentives
    for investors seeking to defer capital gains.

    The Security Building located at 203 4th Ave E was built
    in 1926 and features five stories with concrete frame
    and poured concrete floors. Originally constructed in
    the Sullivanesque style of brick masonry with ornate
    terra cotta cladding, it features an ornate lobby and
    elevator service that leads to four upper-levels of
    office space above street level retail. The property
    features on-site management that handles leasing
    and daily operations. It is considered Olympia’s first
    “skyscraper” and was the tallest building in the city for
    many years. Its rich history and proximity to the capitol
    and nearby amenities creates a powerful ecosystem
    for small-sized professional service-oriented tenants.
    Next door at 209 4th Ave E, the White Building is a twostory
    wood frame structure built in a Mission revival
    style in 1908. Originally constructed as a hotel, it was
    later converted to its office/retail use and houses a
    similar tenant roster as next door.