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 Market184
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
(360) 352-7651
Source:
Century21northhomes
Added: Apr 8
Changed: Oct 7
Last Checked: Oct 7 at 1:06PM
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 / Yr
$107,650
Cap Rate
2.91%
Suggested Prices Based on Cap Rates
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
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 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
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Open Analytics
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in West region
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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
