Building Details

Year Built 1978

Listing Agency: THE RANTS GROUP

Listed By: PATRICK RANTS, CCIM, CPM Show Phone

Source: Corcoran

Added: Mar 28, 2025 Changed: Mar 16 Last Checked: Mar 16 at 9:35AM

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Investment Insights

Based on property information with market context.

This 6,222 SF medical office building, previously operated as a surgical center, is situated on a 0.53-acre lot. The property is located across from Providence St. Peter Hospital, a 390-bed non-profit teaching hospital. The building's layout includes nine exam rooms, procedure rooms, multiple reception and administrative areas, and four restrooms. It also features eight private offices, a large kitchen/breakroom, and ample storage space. The property provides 30 off-street parking stalls and a covered patient pickup area. A new roof is scheduled for completion in June 2025.

Key Highlights

• Located across from Providence St. Peter Hospital (390‑bed non‑profit teaching hospital)
• 6,222 SF medical office building, formerly a surgical center
• Nine exam rooms and procedure rooms

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$81,040

Cap Rate

4.05%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,620,800 $1.6M

Cap Rate 7%

$1,157,714 $1.2M

Cap Rate 9%

$900,444 $900.4K

Is this asking price fair?

Market Conditions

NOI Build-Up for 6,222 SF

Gross rent

$134.4K $21.60/SF

− Vacancy

−$26.3K −$4.23/SF

EGI

$108.1K $17.37/SF

− OpEx

−$27.0K −$4.34/SF

NOI

$81.0K $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%

$1,620,800

Cap Rate 7%

$1,157,714

Cap Rate 9%

$900,444

Alternative Uses

Best Use

Office B

$1.16M

$1.01M – $1.35M (±1% cap)

NOI $81,040 @ 7.0% cap · market cap 4.05%

Second Best

Healthcare Medical

$715.9K

$626.4K – $835.2K (±1% cap)

NOI $50,113 @ 7.0% cap · market cap 2.51%

Theoretical Best

Office A

$1.82M

$1.59M – $2.13M (±1% cap)

NOI $127,526 @ 7.0% cap · market cap 6.38%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Dr. James L. ... Physician RICHARD T. KRUG, ... Physician Surgical Associates P.L.L.C. Medical Clinic Dr. Mark W. ... Physician Olympic Vascular & Vein ... Medical Clinic

Suggested Use

Top Pick HVAC Service Law Firm Electrical Service Furniture & Home Goods Carpet & Flooring Store Pet Grooming Service

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

2,105

Businesses Nearby

Balanced

Demand for This Use

Explore this area 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

Market

Vacancy Rate% for Office in West region

11% 2019

14.1% 2020

15.5% 2021

17.2% 2022

19.9% 2023

21% 2024

20.8% 2025

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Frequently Asked Questions

What type of property is this?

Medical Office Space - 6,222 SF medical office building across from Providence St. Peter Hospital.

Where is this medical office space located?

The property is located at 3610 Ensign Rd NE Olympia, WA.

What is the asking price?

The asking price for this property is $2,000,000.

What are key features of this property?

This property features: Located across from Providence St. Peter Hospital (390‑bed non‑profit teaching hospital); 6,222 SF medical office building, formerly a surgical center; Nine exam rooms and procedure rooms