Medical Office Portfolio at Black Hills Medical
For Sale
Contact for pricing
402 BLACK HILLS LN SW OLYMPIA WA 98502-8145, Olympia, WA 98502
Four fully occupied medical office properties offer modified gross leases and individually metered utilities within Black Hills Medical Park.
Property Size33,007 SF
Price / SF$219.65
Days on Market105
Property Features for 402 BLACK HILLS LN SW OLYMPIA WA 98502-8145
General Information
Standard status
Active
Size
33,007 SF
Net Rentable
32,105 SF
Class
C
Property subtype
Office
Zoning
MS
Occupancy
100%
Lease Type
Modified Gross
Investment Type
Stabilized
Net Operating Income
$531,677
Site & Location
Highway Access
Yes
Utilities to Site
Yes
Building Details
Year Built
1985
Buildings
4
Units
21
Tenancy
Multi
Listing Agency:
The Rants Group
Listed By:
Ian Zarosinski · License #139333
(360) 800-5808
Source:
Crexi
Added: Jul 17
Changed: Oct 26
Last Checked: Oct 28 at 8:51AM
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 The Rants Group
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Investment Insights
Based on property information with market context.
This offering includes a portfolio of four medical office properties totaling 33,007 square feet, including 32,105 rentable square feet, within Olympia’s established Black Hills Medical Park. The portfolio is fully occupied with modified gross leases, supporting stable in-place tenancy.
Many of the suites are individually metered for electricity and natural gas, with gas service at 405 only. The properties are located adjacent to MultiCare Capital Medical Center and provide convenient access to Highway 101 and I-5, supporting an established healthcare campus environment serving primary care, specialty, and laboratory users.
With flexible suite configurations and a healthcare-focused setting dating to 1985, this portfolio is positioned for long-term occupancy within a dedicated medical office park.
Many of the suites are individually metered for electricity and natural gas, with gas service at 405 only. The properties are located adjacent to MultiCare Capital Medical Center and provide convenient access to Highway 101 and I-5, supporting an established healthcare campus environment serving primary care, specialty, and laboratory users.
With flexible suite configurations and a healthcare-focused setting dating to 1985, this portfolio is positioned for long-term occupancy within a dedicated medical office park.
Key Highlights
- Portfolio of four medical office properties totaling 33,007 SF (32,105 RSF)
- Fully occupied with modified gross leases
- Many suites individually metered for electricity and natural gas (gas at 405 only)
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$429,910
Cap Rate
5.93%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$8,598,200
$8.6M
Cap Rate 7%
$6,141,571
$6.1M
Cap Rate 9%
$4,776,778
$4.8M
Market Conditions
NOI Build-Up for 33,007 SF
Gross rent
$713.0K $21.60/SF
− Vacancy
−$139.7K −$4.23/SF
EGI
$573.2K $17.37/SF
− OpEx
−$143.3K −$4.34/SF
NOI
$429.9K $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%
$8,598,200
Cap Rate 7%
$6,141,571
Cap Rate 9%
$4,776,778
Alternative Uses
Best Use
Office B
$6.14M
$5.37M – $7.17M
NOI $429,910 @ 7.0% cap · market cap 5.93%
Second Best
Healthcare Medical
$3.80M
$3.32M – $4.43M
NOI $265,845 @ 7.0% cap · market cap 3.67%
Theoretical Best
Office A
$9.66M
$8.46M – $11.28M
NOI $676,511 @ 7.0% cap · market cap 9.33%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
887
Businesses Nearby
Balanced
Demand for This Use
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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
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Market
Vacancy Rate% for Office in West region
Similar Off Market Nearby
- Banfield Pet Hospital — 1001 Cooper Point Rd SW Ste 125, Olympia, WA 98502
- Capital Pet Urgent Care — 405 Black Hills Ln SW G, Olympia, WA 98502
Frequently Asked Questions
What type of property is this?
Medical Office Space - Four fully occupied medical office properties offer modified gross leases and individually metered utilities within Black Hills Medical Park.
Where is this medical office space located?
The property is located at 402 BLACK HILLS LN SW OLYMPIA WA 98502-8145 Olympia, WA.
What is the asking price?
The asking price for this property is $7,250,000.
What are key features of this property?
This property features: Portfolio of four medical office properties totaling 33,007 SF (32,105 RSF); Fully occupied with modified gross leases; Many suites individually metered for electricity and natural gas (gas at 405 only)
