Olympia Office Building For
For Sale
$1,875,000
3910 Martin Way E, Olympia, WA 98506
Office building in Olympia, WA, featuring multiple suites and parking.
Property Size8,203 SF
Price / SF$228.57
Days on Market799
Property Features for 3910 Martin Way E
General Information
Standard status
Active
Size
8,203 SF
Building Details
Year Built
2006
Listing Agency:
COLDWELL BANKER/EVERGREEN
Listed By:
DEBORAH DRAPER-AIKINS
(360) 791-3869
Source:
Corcoran
Added: Aug 16, 2024
Changed: Mar 16
Last Checked: Mar 16 at 9:09AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of COLDWELL BANKER/EVERGREEN
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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This office building, listed for the first time, is configured as four suites that can be readily combined. One suite remains unfinished, offering remodeling potential. The sale is subject to a final lot split with the adjacent building. The property includes at least 42 parking spaces. The building will be mostly vacant at closing. The property has a size of 8203 square feet and is located in Olympia, WA.
Key Highlights
- At least 42 parking spaces
- Building will be mostly vacant at closing
- Building is currently in 4 suites that can easily be combined
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$106,842
Cap Rate
5.70%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,136,840
$2.1M
Cap Rate 7%
$1,526,314
$1.5M
Cap Rate 9%
$1,187,133
$1.2M
Market Conditions
NOI Build-Up for 8,203 SF
Gross rent
$177.2K $21.60/SF
− Vacancy
−$34.7K −$4.23/SF
EGI
$142.5K $17.37/SF
− OpEx
−$35.6K −$4.34/SF
NOI
$106.8K $13.02/SF
Area
Thurston County, WA
Vacancy
19.60%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,136,840
Cap Rate 7%
$1,526,314
Cap Rate 9%
$1,187,133
Alternative Uses
Best Use
Office B
$1.53M
$1.34M – $1.78M
NOI $106,842 @ 7.0% cap · market cap 5.70%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.40M
$2.10M – $2.80M
NOI $168,129 @ 7.0% cap · market cap 8.97%
Zoning and permitted uses should be independently verified with authorities.
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
2,663
Businesses Nearby
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Business Placement
Demographics for 98506, WA
19,198
Population
9,041
Households
2.1
Avg Household Size
44
Median Age
51%
College-Educated
96%
High-School Grad
22.4 sq mi
ZIP Area
857
Density / Sq Mi
$93,968
Median Household Income
$50,388
Median Earnings
$1,431
Median Rent
$469,700
Median Home Value
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Market
Vacancy Rate% for Office in West region
Frequently Asked Questions
What type of property is this?
Office building - Office building in Olympia, WA, featuring multiple suites and parking.
Where is this office building located?
The property is located at 3910 Martin Way E Olympia, WA.
What is the asking price?
The asking price for this property is $1,875,000.
What are key features of this property?
This property features: At least 42 parking spaces; Building will be mostly vacant at closing; Building is currently in 4 suites that can easily be combined
