Medical Office Building with Vacant
For Sale
$3,695,000
3910 Martin Way, Olympia, WA 98506
Two 2006-built medical office buildings, including a currently vacant space with suites that can be combined.
Property Size8,265 SF
Price / SF$447.07
Days on Market139
Property Features for 3910 Martin Way
General Information
Standard status
Active
Size
8,265 SF
Total Parking Spaces
40
Property subtype
Commercial
Occupancy
100%
Additional Details
Office Units
4
Building Details
Year Built
2006
Listing Agency:
Coldwell Banker Evergreen
Listed By:
Debbie Draper
(253) 564-6211
Source:
Century21northhomes
Added: Apr 7
Changed: Aug 22
Last Checked: Aug 22 at 9:10AM
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 Coldwell Banker Evergreen
Investment Insights
Based on property information with market context.
This offering includes two office buildings constructed in 2006. Building 3910 totals 8,265 square feet and is fully leased to civil engineers and a dental clinic. Building 3912 totals 8,447 square feet and is currently configured as four suites, which can be combined to support larger occupancy needs. At closing, 3912 will be vacant.
The buildings provide on-site parking for users of each property. For 3912, the plan includes 40 parking spaces, supporting practical day-to-day access for patients, clients, and staff.
For tenants, the suite layout at 3912 offers flexibility, with the ability to occupy one suite or combine the four suites for a larger medical or professional office requirement. For buyers, the combination of a fully leased building and a vacant, reconfigurable building can simplify transition planning, with the option for 3912 to be sold separately after a lot split.
The buildings provide on-site parking for users of each property. For 3912, the plan includes 40 parking spaces, supporting practical day-to-day access for patients, clients, and staff.
For tenants, the suite layout at 3912 offers flexibility, with the ability to occupy one suite or combine the four suites for a larger medical or professional office requirement. For buyers, the combination of a fully leased building and a vacant, reconfigurable building can simplify transition planning, with the option for 3912 to be sold separately after a lot split.
Key Highlights
- Two office buildings built in 2006: 3910 and 3912
- 3910 totals 8,265 sq ft and is fully leased to civil engineers and a dental clinic
- 3912 totals 8,447 sq ft and will be vacant at closing
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$107,650
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
2.91%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,153,000
$2.2M
Cap Rate 7%
$1,537,857
$1.5M
Cap Rate 9%
$1,196,111
$1.2M
Market Conditions
NOI Build-Up for 8,265 SF
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.
Gross rent
$178.5K $21.60/SF
− Vacancy
−$35.0K −$4.23/SF
EGI
$143.5K $17.37/SF
− OpEx
−$35.9K −$4.34/SF
NOI
$107.6K $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 rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,153,000
Cap Rate 7%
$1,537,857
Cap Rate 9%
$1,196,111
Alternative Uses
Best Use
Office B
$1.54M
$1.35M – $1.79M
NOI $107,650 @ 7.0% cap · market cap 2.91%
Second Best
Healthcare Medical
$951.0K
$832.1K – $1.11M
NOI $66,568 @ 7.0% cap · market cap 1.80%
Theoretical Best
Office A
$2.42M
$2.12M – $2.82M
NOI $169,399 @ 7.0% cap · market cap 4.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Office units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
2,663
Businesses Nearby
Well-served
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
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Olympia Pet Emergency — 4441 Pacific Ave SE, Olympia, WA 98503
- VCA Lacey Animal Hospital — 4242 Pacific Ave SE, Lacey, WA 98503
- Paul Chauvin — 4441 Pacific Ave SE, Olympia, WA 98503
- Blair Burggren — 4441 Pacific Ave SE, Olympia, WA 98503
- VCA Animal Hospitals — 4242 Pacific Ave SE, Lacey, WA 98503
Frequently Asked Questions
What type of property is this?
Medical Office Space - Two 2006-built medical office buildings, including a currently vacant space with suites that can be combined.
Where is this medical office space located?
The property is located at 3910 Martin Way Olympia, WA.
What is the asking price?
The asking price for this property is $3,695,000.
What are key features of this property?
This property features: Two office buildings built in 2006: 3910 and 3912; 3910 totals 8,265 sq ft and is fully leased to civil engineers and a dental clinic; 3912 totals 8,447 sq ft and will be vacant at closing
