Sign Up Successful!
You now have access to more from Realmo!
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    3909 9Th Ave SW Olympia, WA 98502

    Loading data...
    Loading data...
    Loading data...
    For Sale
    $6,300,000

    9.62 acres near medical center, suitable for various developments.

    We can help!

    Listing Contact
    Evan Parker
    Source: Corcoran

    Listing Agent: Evan Parker

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Olympia Land Parcel For Sale

    This 9.62-acre land parcel is located adjacent to the Olympia Orthopedics Spine Center. A portion of the site is zoned for Medical Services, and another portion is zoned PORM. Both zoning designations allow for multi-family housing, medical facilities, senior housing, office spaces, or retail establishments. Some frontage improvements have already been completed. The property is situated near transit options, Capital Medical Center, Highway 101, and Capital Mall.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Christine Hammer, MD Neurosurgeon Angela Harold Physician Assistant Christopher Spikes Physician Assistant William Henderson Physician Assistant Katie Pauley, ARNP Orthopedic Surgeon

    Suggested Use

    Realty agency Restaurant Spa & Massage Building Supply Clothing Store Auto Repair Shop Gym & Fitness Skin Care Clinic Hotel & Motel Department Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Olympia
    County
    Thurston
    State
    Washington
    Longitude
    -122.971922
    Latitude
    47.052885

    Nearby Similar for Sale

    • $46,955

      Newer Manufactured Home in 55+ Community

      Comfortable, upgraded manufactured home in a convenient 55+ community.
      1111 Archwood Dr SW, Olympia, WA 98502
      View Details
    • $107,000
      1,536 SF

      Alonda Villa 55+ Community Home

      Two-bedroom home in a 55+ community with recent upgrades.
      2207 Alonda Ln NE, Olympia, WA 98516
      View Details
    • $510,000

      Well-Maintained Duplex in Tumwater Neighborhood

      Duplex with two units, garages, fenced yards, great location.
      261 65Th Ct SW, Olympia, WA 98501
      View Details
    • $599,000

      Versatile Horse Property with Income

      Horse property with arena, barn, living quarters, and income potential.
      Case Rd, Olympia, WA 98512
      View Details
    • $85,000
      672 SF

      Updated Home near Black Lake

      Move-in ready home with lake access and updated features.
      4045 49Th Ave SW, Olympia, WA 98512
      View Details
    • Contact for pricing

      Olympia Commercial Space For Sale

      Versatile commercial space ideal for office, wellness, or creative use.
      1211 4Th Ave, Olympia, WA 98506
      View Details
    • $799,000

      Olympia Commercial Office Building For Sale

      Well-maintained commercial office building in the heart of Olympia.
      2617 12Th Ct SW, Olympia, WA 98502
      View Details
    • $1,162,000
      4,648 SF

      Turnkey Veterinary Clinic in Olympia

      Turnkey veterinary clinic in downtown Olympia with flexible commercial zoning.
      1025 State Ave NE, Olympia, WA 98506
      View Details
    • $1,900,000

      Downtown Olympia Office Building

      Two-story office building in downtown Olympia with on-site parking.
      510 Plum St SE, Olympia, WA 98501
      View Details
    • $1,162,000
      4,648 SF

      Turnkey Veterinary Clinic in Olympia

      Turnkey veterinary clinic in downtown Olympia core with ample parking.
      1025 State Ave NE, Olympia, WA 98506
      View Details
    • $489,000

      Solid Brick Building on State

      Brick building with basement, suitable for retail or office.
      1920 State Ave, Olympia, WA 98506
      View Details
    • $369,999

      Olympia Condo with Loft

      Two-bedroom condo near downtown Olympia with loft and modern amenities.
      1516 Decatur St SW, Olympia, WA 98502
      View Details

    FAQs

    What type of property is this?
    Commercial land - 9.62 acres near medical center, suitable for various developments.
    Where is this commercial land located?
    The property is located at 3909 9Th Ave SW Olympia, WA.
    What is the asking price?
    The asking price for this property is $6,300,000.
    What are key features of this property?
    This property features: - 9.62 Acres adjacent to Olympia Orthopedics Spine Center; - Zoned for multi-family, medical, senior housing, office, or retail - offering diverse development possibilities.; - Portion of the site is zoned Medical Services
    Request Owner's contact information
    3909 9Th Ave SW Olympia, WA 98502
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    3909 9Th Ave SW
    Olympia, WA 98502
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    3909 9Th Ave SW Olympia, WA 98502
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Evan Parker
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.