Medical Office Portfolio in Medical
404 Black Hills Ln SW Olympia, WA 98502
New
404 Black Hills Ln SW, Olympia, WA, 98502
$7,250,000
For Sale
$7,250,000
Four fully occupied medical office properties totaling 32,105 rentable square feet in Olympia’s Black Hills Medical Park.
Property Size33,007 SF
Price / SF$219.65
Days on Market6
Property Features for 404 Black Hills Ln SW
General Information
- Standard status
- Active
- Size
- 33,007 SF
- Property subtype
- Commercial
Building Details
- Year Built
- 1985
Listing agency
THE RANTS GROUP
(360) 943-8060
Listed by
IAN ZAROSINSKI · License #139333
Source
Corcoran
Added: Jul 17 Updated: Jul 20 at 4:05AM Checked: Jul 21 at 6:08AM
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 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 with modified gross leases, providing stable in-place income. Suites are served with utilities that are individually metered for electricity and natural gas, with gas noted at 405 only. Flexible suite configurations support long-term occupancy.
Black Hills Medical Park is adjacent to MultiCare Capital Medical Center and provides convenient access to Highway 101 and I-5. The campus is described as serving primary care, specialty, and laboratory users, reflecting an ongoing healthcare demand within the medical park setting.
For buyers and brokers evaluating medical office exposure, this portfolio provides a diversified collection of suites across four buildings in an established healthcare campus, with utility metering details called out for individual suites.
Black Hills Medical Park is adjacent to MultiCare Capital Medical Center and provides convenient access to Highway 101 and I-5. The campus is described as serving primary care, specialty, and laboratory users, reflecting an ongoing healthcare demand within the medical park setting.
For buyers and brokers evaluating medical office exposure, this portfolio provides a diversified collection of suites across four buildings in an established healthcare campus, with utility metering details called out for individual suites.
Key Highlights
- Portfolio of four fully occupied medical office properties in Olympia’s Black Hills Medical Park
- Total 33,007 SF (32,105 RSF) within the established medical campus
- Modified gross leases with in‑place occupancy across the portfolio
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
Dr. Terrence Hess
Physician
Judith Son
Medical Clinic
Shane R Son ...
Physician
Scott Webster Duncan
Physician
Scott Duncan
Physician
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- Capital Pet Urgent Care — 405 Black Hills Ln SW G, Olympia, WA 98502
FAQs
What type of property is this?
Medical Office Space - Four fully occupied medical office properties totaling 32,105 rentable square feet in Olympia’s Black Hills Medical Park.
Where is this medical office space located?
The property is located at 404 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 fully occupied medical office properties in Olympia’s Black Hills Medical Park; Total 33,007 SF (32,105 RSF) within the established medical campus; Modified gross leases with in‑place occupancy across the portfolio
