Medical Condo For
403 Black Hills Lane SW, Olympia, WA 98502
For Sale
$335,000
Medical condo with traditional layout, suitable for owner-user.
Property Size1,479 SF
Price / SF$226.50
Days on Market608
Property Features for 403 Black Hills Lane SW
General Information
Standard status
Size
Building Details
Year Built
Listing Agency:
KIDDER MATHEWS
Listed By:
AMY HARDING · License #125436
(360) 705-1337
Source:
Corcoran
Added: Mar 11, 2025
Changed: Mar 16
Last Checked: Mar 16 at 9:09AM
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 KIDDER MATHEWS
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Investment Insights
Based on property information with market context.
This 1479 square foot condo presents an opportunity for an owner-user within a medical condo complex. The traditional layout includes a waiting area, reception, three exam rooms equipped with sinks, office consultation rooms, an audiology room, and ample storage space. The property also features two restrooms.
Key Highlights
- Medical condo suitable for owner‑user.
- Traditional medical layout with waiting area and reception.
- Includes 3 exam rooms with sinks.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$19,264
Cap Rate
5.75%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$385,280
$385.3K
Cap Rate 7%
$275,200
$275.2K
Cap Rate 9%
$214,044
$214.0K
Market Conditions
NOI Build-Up for 1,479 SF
Gross rent
$31.9K $21.60/SF
− Vacancy
−$6.3K −$4.23/SF
EGI
$25.7K $17.37/SF
− OpEx
−$6.4K −$4.34/SF
NOI
$19.3K $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%
$385,280
Cap Rate 7%
$275,200
Cap Rate 9%
$214,044
Alternative Uses
Best Use
Office B
$275.2K
$240.8K – $321.1K
NOI $19,264 @ 7.0% cap · market cap 5.75%
Second Best
Healthcare Medical
$170.2K
$148.9K – $198.5K
NOI $11,912 @ 7.0% cap · market cap 3.56%
Theoretical Best
Office A
$433.1K
$378.9K – $505.2K
NOI $30,314 @ 7.0% cap · market cap 9.05%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Current Use
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
Properties on Market for Medical Office Space in Thurston County
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 - Medical condo with traditional layout, suitable for owner-user.
Where is this medical office space located?
The property is located at 403 Black Hills Lane SW Olympia, WA.
What is the asking price?
The asking price for this property is $335,000.
What are key features of this property?
This property features: Medical condo suitable for owner‑user.; Traditional medical layout with waiting area and reception.; Includes **3 exam rooms with sinks.**
