Medical Office Condo with Two
403 Black Hills Lane SW, Olympia, WA 98502
For Sale
Contact for pricing
Vacant Suite C medical office condo with two entrances, reception and waiting space, exam rooms, and a dedicated lab area.
Property Size6,072 SF
Price / SF$250.80
Days on Market623
Property Features for 403 Black Hills Lane SW
General Information
Standard status
Size
Class
Property subtype
Building Details
Year Built
Buildings
Stories
Building Size
Listing Agency:
Greene Commercial
(360) 528-4167
Listed By:
Quint Newell · License WA #113575
(360) 688-8333
Source:
Moodyscre
Added: Feb 26, 2025
Changed: Nov 6
Last Checked: Nov 10 at 10:08AM
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 Greene Commercial
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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
Medical office condo in the Black Hills Medical Park on Olympia’s Westside. Suite C at 403 Black Hills Lane SW is a Class B, vacant space totaling 2,189 square feet, within a 6,072 square foot, single-story building.
Built in 1985, the suite is a general office space with a flexible layout designed to accommodate medical or professional uses. The interior includes two separate entrances, a large reception and waiting area, multiple exam rooms, a dedicated lab space, and private doctor offices. Signage is available directly on the building to support visibility.
This condominium configuration is set up for patient-facing workflow with both public entry convenience and dedicated clinical space.
Built in 1985, the suite is a general office space with a flexible layout designed to accommodate medical or professional uses. The interior includes two separate entrances, a large reception and waiting area, multiple exam rooms, a dedicated lab space, and private doctor offices. Signage is available directly on the building to support visibility.
This condominium configuration is set up for patient-facing workflow with both public entry convenience and dedicated clinical space.
Key Highlights
- 2,189 SF vacant Suite C medical office condo in a 6,072 SF single‑story building
- Two separate entrances for the suite
- Large reception and waiting area plus multiple exam rooms
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$28,511
Cap Rate
5.19%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$570,220
$570.2K
Cap Rate 7%
$407,300
$407.3K
Cap Rate 9%
$316,789
$316.8K
Market Conditions
NOI Build-Up for 2,189 SF
Gross rent
$47.3K $21.60/SF
− Vacancy
−$9.3K −$4.23/SF
EGI
$38.0K $17.37/SF
− OpEx
−$9.5K −$4.34/SF
NOI
$28.5K $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%
$570,220
Cap Rate 7%
$407,300
Cap Rate 9%
$316,789
Alternative Uses
Best Use
Office B
$407.3K
$356.4K – $475.2K
NOI $28,511 @ 7.0% cap · market cap 5.19%
Second Best
Healthcare Medical
$251.9K
$220.4K – $293.9K
NOI $17,631 @ 7.0% cap · market cap 3.21%
Theoretical Best
Office A
$640.9K
$560.8K – $747.8K
NOI $44,866 @ 7.0% cap · market cap 8.17%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
887
Businesses Nearby
Balanced
Demand for This Use
Explore this area
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
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 - Vacant Suite C medical office condo with two entrances, reception and waiting space, exam rooms, and a dedicated lab area.
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 $549,000.
What are key features of this property?
This property features: 2,189 SF vacant Suite C medical office condo in a 6,072 SF single‑story building; Two separate entrances for the suite; Large reception and waiting area plus multiple exam rooms
