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    Olympia Medical Building with Income Title is generated by Realmo AI

    3641 Ensign Rd NE, Olympia, WA 98506

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    For Sale
    $815,000

    Two-unit medical building with existing tenant and vacant suite.

    Type:Commercial
    Property size:
    3,562 SF
    Price / SF:
    $228/SF
    Added:
    Oct 25, 2025
    Days on Market:
    255
    Last Refresh:
    Apr 5 at 9:06 pm

    Property Features for 3641 Ensign Rd NE

    General Information

    Standard status
    Active
    Size
    3,562 SF
    Property subtype
    Commercial

    Building Details

    Year Built
    1982

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    MAX STOTTLEMYRE

    Listing office OLYMPIC SOTHEBY'S INTERNATIONAL REALTY

    Listing date Oct 25, 2025

    Source Corcoran

    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 OLYMPIC SOTHEBY'S INTERNATIONAL REALTY

    HighLights

    • Income‑generating property with an occupied unit bringing in $6,743.41 per month.
    • Vacant 1,428 sq ft suite available for owner occupancy or additional tenant.
    • Long‑term tenant lease in place through February 2030.
    • Well‑maintained building.
    • Two‑unit condo medical building.
    • Features 23 parking spots.

    Overview

    This commercial property in Olympia features a two-condo medical building. The building contains a 2,056-square-foot suite that is currently occupied, along with a vacant 1,428-square-foot suite suitable for an owner-occupant or additional tenant. The occupied unit generates a base monthly income of $6,743.41. The property is well-maintained and includes 23 parking spaces. The current tenant's lease extends through February 2030. The total building size is 3,562 square feet.

    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 $76.9k $21.60
    − Vacancy −$15.1k −$4.23
    EGI $61.9k $17.37
    − OpEx −$15.5k −$4.34
    NOI $46.4k $13.02
    3,562 SF · lease $21.60/SF/yr · vacancy 19.60% · expense 25.00%

    Alternative Uses

    Best Use
    Office B
    $662.8K
    $579.9K – $773.2K (±1% cap)
    NOI $46,394 @ 7.0% cap · market cap 5.69%
    Second Best
    Healthcare Medical
    $409.8K
    $358.6K – $478.2K (±1% cap)
    NOI $28,689 @ 7.0% cap · market cap 3.52%
    Theoretical Best
    Office A
    $1.04M
    $912.6K – $1.22M (±1% cap)
    NOI $73,007 @ 7.0% cap · market cap 8.96%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Prosthetic Dentistry of Olympia Dental Office Rick Jude, DMD, ... Dental Office Dr. William M. ... Physician Dr. Bruno Discala Physician Cheyenne Babcock, MD Physician

    Suggested Use

    HVAC Service Law Firm Wine and Liquor Store Travel Agency Electrical Service Furniture & Home Goods Bed & Breakfast Pet Grooming Service Florist Barber Shop

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

    Similar Places 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

    Location Insight

    • Map
    • Local Demand
    City
    Olympia
    County
    Thurston
    State
    Washington
    Longitude
    -122.8430207
    Latitude
    47.0502012

    FAQs

    What type of property is this?
    Medical Office Space - Two-unit medical building with existing tenant and vacant suite.
    Where is this medical office space located?
    The property is located at 3641 Ensign Rd NE Olympia, WA.
    What is the asking price?
    The asking price for this property is $815,000.
    What are key features of this property?
    This property features: Income‑generating property with an occupied unit bringing in $6,743.41 per month.; Vacant 1,428 sq ft suite available for owner occupancy or additional tenant.; Long‑term tenant lease in place through February 2030.
    More about this property
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