520 4th Ave E - Restaurant FOR SALE


Olympia, WA 98501- Downtown Olympia
$1,495,000 USD
360-790-7970
520 4th Ave E, Olympia, WA for Sale
$1,495,000 USD
Restaurant - FOR SALE
1/22
null | 4.82% Cap Rate

520 4th Ave E
Olympia, WA 98501
Downtown Olympia


HIGHLIGHTS

  • Rare trophy asset and iconic downtown Olympia landmark
  • 8,400 SF Gothic Revival building on a 0.17-acre corner lot
  • Designed by Joseph Wohleb and built by the Titus family
  • Prime location steps from Olympia City Hall and Capitol Campus
  • Turn-key restaurant infrastructure with walk-ins, vent hoods & Wood Stone pizza oven
  • 812 SF private banquet / event room with separate revenue potential

OVERVIEW

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.

FOR SALE DETAILS

PRICE

$1,495,000 USD

PRICE/SF

$178 USD /SF

CAP RATE

4.82%

% LEASED

-

TENANCY

Single

SALE TYPE

Investment Or Owner User

BUILDING DETAILS

PROPERTY NAME

520 LLC

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Restaurant

ADD'L SUBTYPES

Bar, Storefront, Storefront Retail/Office

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1927

SPRINKLERS

-

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.17 AC

LAND SF

7,405 SF

ZONING

DB

APN/PARCEL ID

78605300400

ASK ABOUT THIS PROPERTY

Michael SmithCentury 21 Van DormMore Info
360-790-7970

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.

Michael SmithCentury 21 Van DormMore Info
360-790-7970

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.