Fully Occupied Medical Office
404-412 Black Hills Ln SW Olympia, WA 98502
404-412 Black Hills Ln SW, Olympia, WA, 98502
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For Sale
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Portfolio of four medical office properties with 32,105 rentable square feet, individually metered utilities, and modified gross leases.
Property Size33,007 SF
Price / SF$219.65
Days on Market40
Property Features for 404-412 Black Hills Ln SW
General Information
- Standard status
- Active
- Size
- 33,007 SF
- Property subtype
- OFFICE
Listing Agency
The Rants Group
(360) 800-5808
Listed by
Ian Zarosinski · License #139333
(360) 800-5808
Source
Moodyscre
Added: Jun 10 Checked: Jul 19 at 4:31 am
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
Investment Insights
Based on property information with market context.
This offering includes a portfolio of four medical office properties totaling 33,007 square feet (32,105 rentable square feet) within Olympia’s established Black Hills Medical Park. The portfolio is fully occupied and leased on modified gross terms. Most suites are individually metered for electricity and natural gas, with gas indicated for suite 405 only. Suite layouts offer flexible configurations within the medical park setting.
The campus is positioned adjacent to MultiCare Capital Medical Center. Black Hills Medical Park provides convenient access to Highway 101 and I-5.
With in-place occupancy and a tenant-ready medical office environment, this portfolio is presented as a stable, income-producing asset within a dedicated healthcare location.
The campus is positioned adjacent to MultiCare Capital Medical Center. Black Hills Medical Park provides convenient access to Highway 101 and I-5.
With in-place occupancy and a tenant-ready medical office environment, this portfolio is presented as a stable, income-producing asset within a dedicated healthcare location.
Key Highlights
- Portfolio of four medical office properties in Olympia’s Black Hills Medical Park totaling 33,007 SF (32,105 RSF).
- Fully occupied portfolio with modified gross leases providing stable in‑place income.
- Most suites are individually metered for electricity and natural gas (gas at 405).
Local Financial Insights For Office B
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $713.0k | $21.60 |
| − Vacancy | −$139.7k | −$4.23 |
| EGI | $573.2k | $17.37 |
| − OpEx | −$143.3k | −$4.34 |
| NOI | $429.9k | $13.02 |
33,007 SF · lease $21.60/SF/yr · vacancy 19.60% · expense 25.00%
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 local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Medical Office Space
Similar For Sale Nearby
Similar Off Market Nearby
- Petco Vaccination Clinic — 1530 Black Lake Blvd SW D Suite D, Olympia, WA 98502
- 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
FAQs
What type of property is this?
Medical Office Space - Portfolio of four medical office properties with 32,105 rentable square feet, individually metered utilities, and modified gross leases.
Where is this medical office space located?
The property is located at 404-412 Black Hills Ln SW 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 in Olympia’s Black Hills Medical Park totaling 33,007 SF (32,105 RSF).; Fully occupied portfolio with modified gross leases providing stable in‑place income.; Most suites are individually metered for electricity and natural gas (gas at 405).
