Medical Office Condo with Two
For Sale
Contact for pricing
403 Black Hills Lane SW, Olympia, WA 98502
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 Market529
Property Features for 403 Black Hills Lane SW
General Information
Standard status
Active
Size
6,072 SF
Class
Class B
Property subtype
OFFICE
Building Details
Year Built
1985
Buildings
1
Stories
1
Building Size
6,072 SF
Listing Agency:
Greene Commercial
(360) 688-8333
Listed By:
Quint Newell · License #113575
(360) 688-8333
Source:
Moodyscre
Added: Feb 26, 2025
Changed: Jul 30
Last Checked: Aug 9 at 12:07PM
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
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 = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$28,511
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.19%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
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
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
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 rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
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.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
803
Businesses Nearby
Well-served
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
Vacancy Rate% for Office in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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
