Four-Suite Office
For Sale
$1,695,000
3912 Martin, Olympia, WA 98506
Four-office-suite building will be vacant at closing and can be reconfigured into a larger space.
Property Size8,447 SF
Price / SF$200.66
Days on Market241
Property Features for 3912 Martin
General Information
Standard status
Active
Size
8,447 SF
Total Parking Spaces
42
Property subtype
Commercial
Additional Details
Office Units
4
Building Details
Year Built
2006
Buildings
1
Listing Agency:
Coldwell Banker Evergreen
Listed By:
Debbie Draper
(360) 352-7651
Source:
Century21northhomes
Added: Mar 11
Changed: Nov 5
Last Checked: Nov 4 at 5:17PM
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
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Investment Insights
Based on property information with market context.
This office units building is currently configured as four suites, with the ability to combine suites into a larger single space. The suites are listed as 3,022 sf, 2155 sf, 2512 sf, and 758 sf. The building is scheduled to be vacant at closing.
Built in 2006, the property is located at 3912 Martin in Olympia, WA 98506. A lot split associated with this building from 3910 is described as resulting in 42 parking stalls.
For buyers looking for flexible occupancy, the current suite layout supports multiple tenancy, while the option to combine suites can accommodate a single-tenant configuration when desired.
Built in 2006, the property is located at 3912 Martin in Olympia, WA 98506. A lot split associated with this building from 3910 is described as resulting in 42 parking stalls.
For buyers looking for flexible occupancy, the current suite layout supports multiple tenancy, while the option to combine suites can accommodate a single-tenant configuration when desired.
Key Highlights
- Four office suites totaling 3,022 sf, 2155 sf, 2512 sf, and 758 sf
- Suites can be easily combined into a larger space
- Building will be vacant at closing
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$110,020
Cap Rate
6.49%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,200,400
$2.2M
Cap Rate 7%
$1,571,714
$1.6M
Cap Rate 9%
$1,222,444
$1.2M
Market Conditions
NOI Build-Up for 8,447 SF
Gross rent
$182.5K $21.60/SF
− Vacancy
−$35.8K −$4.23/SF
EGI
$146.7K $17.37/SF
− OpEx
−$36.7K −$4.34/SF
NOI
$110.0K $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%
$2,200,400
Cap Rate 7%
$1,571,714
Cap Rate 9%
$1,222,444
Alternative Uses
Best Use
Office B
$1.57M
$1.38M – $1.83M
NOI $110,020 @ 7.0% cap · market cap 6.49%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.47M
$2.16M – $2.89M
NOI $173,130 @ 7.0% cap · market cap 10.21%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Current Use
Lease Details
4
Office units
Location Intelligence
Trade Area within ½ mile
25
Businesses Nearby
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
Properties on Market for Office Units in Thurston County
Vacancy Rate% for Office in West region
Frequently Asked Questions
What type of property is this?
Office unit - Four-office-suite building will be vacant at closing and can be reconfigured into a larger space.
Where is this office unit located?
The property is located at 3912 Martin Olympia, WA.
What is the asking price?
The asking price for this property is $1,695,000.
What are key features of this property?
This property features: Four office suites totaling 3,022 sf, 2155 sf, 2512 sf, and 758 sf; Suites can be easily combined into a larger space; Building will be vacant at closing
