Building Details

Tenancy Single

Listing Agency: Kidder Mathews Show Phone

Listed By: Amy Harding · License #125436 Show Phone

Source: Moodyscre

Added: Oct 14 Changed: Oct 16 Last Checked: Oct 16 at 2:24PM

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Investment Insights

Based on property information with market context.

This 5,280 SF medical office property occupies a 0.52-acre site in Olympia. Complete Hearing & Balance, an audiology practice with multiple regional locations, is the tenant under a 10-year lease. The offering is presented at a 6.0% capitalization rate, and improvements are planned for completion before the sale.

The property is on Olympia’s Westside, near Capital Medical Center, providing a healthcare setting for the tenant and its patients.

Key Highlights

• 5,280 SF medical office property on 0.52 Acres
• Leased to Complete Hearing & Balance, an audiology practice with multiple locations
• 10‑year lease term

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$68,771

Cap Rate

3.13%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,375,420 $1.4M

Cap Rate 7%

$982,443 $982.4K

Cap Rate 9%

$764,122 $764.1K

Is this asking price fair?

Market Conditions

NOI Build-Up for 5,280 SF

Gross rent

$114.0K $21.60/SF

− Vacancy

−$22.4K −$4.23/SF

EGI

$91.7K $17.37/SF

− OpEx

−$22.9K −$4.34/SF

NOI

$68.8K $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%

$1,375,420

Cap Rate 7%

$982,443

Cap Rate 9%

$764,122

Alternative Uses

Best Use

Office B

$982.4K

$859.6K – $1.15M (±1% cap)

NOI $68,771 @ 7.0% cap · market cap 3.13%

Second Best

Healthcare Medical

$607.5K

$531.6K – $708.8K (±1% cap)

NOI $42,526 @ 7.0% cap · market cap 1.93%

Theoretical Best

Office A

$1.55M

$1.35M – $1.80M (±1% cap)

NOI $108,219 @ 7.0% cap · market cap 4.92%

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

Property Analytics

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Current Use

Complete Hearing & Balance Hearing Aid Store Jessica Henderson Physician Dr. Cory Scott Physician Jessica Hesson Physician Dr. Alison Vega Physician

Suggested Use

Top Pick Big Box & Wholesale Store HVAC Service Building Supply Storage Facility Kitchen & Bath Showroom Parking Lot & Garage

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

Lease Details

Single-tenant

Tenancy

Location Intelligence

Trade Area within ½ mile

1,231

Businesses Nearby

Well-served

Demand for This Use

Explore this area Business Placement

Demographics for 98502, WA

35,698

Population

15,550

Households

2.3

Avg Household Size

41

Median Age

52%

College-Educated

97%

High-School Grad

63.4 sq mi

ZIP Area

563

Density / Sq Mi

$87,154

Median Household Income

$46,404

Median Earnings

$1,569

Median Rent

$496,500

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 - A 10-year lease to an audiology practice anchors this healthcare-oriented property near Capital Medical Center.

Where is this medical office space located?

The property is located at 365 Cooper Point Road Olympia, WA.

What is the asking price?

The asking price for this property is $2,200,000.

What are key features of this property?

This property features: 5,280 SF medical office property on 0.52 Acres; Leased to Complete Hearing & Balance, an audiology practice with multiple locations; 10‑year lease term