Medical Office Condo with Exam
For Sale
Contact for pricing
403 Black Hills Ln SW Suite C, Olympia, WA 98502
Vacant Class B suite with two entrances, reception space, exam rooms, lab area, and private offices.
Property Size6,072 SF
Price / SF$250.80
Days on Market148
Property Features for 403 Black Hills Ln SW Suite C
General Information
Standard status
Active
Size
6,072 SF
Class
B
Property subtype
Office
Zoning
MS
Building Details
Year Built
1985
Buildings
1
Stories
1
Building Size
6,072 SF
Owner Occupied
No
Listing Agency:
Greene Commercial
(360) 688-8333
Listed By:
Quint Newell · License #WA 113575
Source:
Crexi
Added: Apr 6
Changed: Aug 30
Last Checked: Aug 30 at 6:41PM
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.
Suite C is a 2,189-square-foot medical office condo within a 6,072-square-foot, single-story building constructed in 1985. The vacant Class B space has a flexible interior arrangement with two separate entrances, a sizable reception and waiting area, multiple exam rooms, a dedicated lab, and private doctor offices. Building signage is available, and the property is zoned MS.
The condo is located in Black Hills Medical Park at 403 Black Hills Lane SW in Olympia, with Multicare nearby. Its existing medical-office configuration also includes professional workspace suitable for a range of healthcare or office functions supported by the current layout.
The condo is located in Black Hills Medical Park at 403 Black Hills Lane SW in Olympia, with Multicare nearby. Its existing medical-office configuration also includes professional workspace suitable for a range of healthcare or office functions supported by the current layout.
Key Highlights
- 2,189‑square‑foot Suite C medical office condo
- Located within a 6,072‑square‑foot, single‑story building
- Built in 1985; vacant Class B office space
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
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
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Similar Off Market Nearby
- Banfield Pet Hospital — 1001 Cooper Point Rd SW Ste 125, Olympia, WA 98502
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Vacant Class B suite with two entrances, reception space, exam rooms, lab area, and private offices.
Where is this medical office space located?
The property is located at 403 Black Hills Ln SW Suite C 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‑square‑foot Suite C medical office condo; Located within a 6,072‑square‑foot, single‑story building; Built in 1985; vacant Class B office space
