Medical Office Building Near
3610 Ensign Rd NE Olympia, WA 98506
3610 Ensign Rd NE, Olympia, WA, 98506
$2,000,000
For Sale
$2,000,000
6,222 SF medical office building across from Providence St. Peter Hospital.
Property Size6,222 SF
Price / SF$321.44
Days on Market477
Property Features for 3610 Ensign Rd NE
General Information
- Standard status
- Active
- Size
- 6,222 SF
Building Details
- Year Built
- 1978
Listing Agency
THE RANTS GROUP
(360) 763-4993
Listed by
PATRICK RANTS, CCIM, CPM
Source
Corcoran
Added: Mar 28, 2025 Checked: Mar 16 at 9:35 am
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 THE RANTS GROUP
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
Local Financial Insights For Office B
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $134.4k | $21.60 |
| − Vacancy | −$26.3k | −$4.23 |
| EGI | $108.1k | $17.37 |
| − OpEx | −$27.0k | −$4.34 |
| NOI | $81.0k | $13.02 |
6,222 SF · lease $21.60/SF/yr · vacancy 19.60% · expense 25.00%
Alternative Uses
Best Use
Office B
$1.16M
$1.01M – $1.35M
NOI $81,040 @ 7.0% cap · market cap 4.05%
Second Best
Healthcare Medical
$715.9K
$626.4K – $835.2K
NOI $50,113 @ 7.0% cap · market cap 2.51%
Theoretical Best
Office A
$1.82M
$1.59M – $2.13M
NOI $127,526 @ 7.0% cap · market cap 6.38%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
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
Similar For Sale Nearby
Similar Off Market Nearby
- Banfield Pet Hospital — 719 Sleater Kinney Rd SE Ste 160, Lacey, WA 98503
- North Olympia Animal Hospital — 3523 Pacific Ave SE, Olympia, WA 98501
- Radiology — 3523 Pacific Ave SE, Olympia, WA 98501
FAQs
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
