Former Veterinary Clinic For
For Sale
$650,000
7447 Martin Way E, Olympia, WA 98516
Single-story building with fenced yard on 0.6-acre corner parcel.
Property Size2,457 SF
Price / SF$264.55
Days on Market484
Property Features for 7447 Martin Way E
General Information
Standard status
Active
Size
2,457 SF
Building Details
Year Built
1964
Listing Agency:
THE RANTS GROUP
Listed By:
CAROLYN GRADEN, CCIM
Source:
Corcoran
Added: Apr 24, 2025
Changed: Mar 16
Last Checked: Jul 23 at 9:32AM
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.
The property is a former veterinary clinic situated on a 0.6-acre corner parcel. The single-story building includes a large fenced yard. It is located on a main thoroughfare with a traffic volume exceeding 25,000 vehicles per day. The property is zoned Mixed Use High Density Corridor, which allows for a variety of uses.
Key Highlights
- High‑traffic location with over 25,000 vehicles per day.
- Mixed Use High Density Corridor zoning allows for a variety of uses.
- Large fenced yard on a 0.6‑acre corner parcel.
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
$19,789
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
3.04%
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%
$395,780
$395.8K
Cap Rate 7%
$282,700
$282.7K
Cap Rate 9%
$219,878
$219.9K
Market Conditions
NOI Build-Up for 2,457 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
$34.8K $14.16/SF
− Vacancy
−$1.8K −$0.74/SF
EGI
$33.0K $13.42/SF
− OpEx
−$13.2K −$5.37/SF
NOI
$19.8K $8.05/SF
Area
Thurston County, WA
Vacancy
5.20%
Lease Rate
$14.16 /SF/Yr
Expense Ratio
40.00%
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%
$395,780
Cap Rate 7%
$282,700
Cap Rate 9%
$219,878
Alternative Uses
Best Use
Healthcare Medical
$282.7K
$247.4K – $329.8K
NOI $19,789 @ 7.0% cap · market cap 3.04%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$719.4K
$629.5K – $839.3K
NOI $50,359 @ 7.0% cap · market cap 7.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
420
Businesses Nearby
Explore this area
Business Placement
Demographics for 98516, WA
29,443
Population
11,600
Households
2.5
Avg Household Size
38
Median Age
37%
College-Educated
94%
High-School Grad
28.8 sq mi
ZIP Area
1,022
Density / Sq Mi
$92,191
Median Household Income
$52,188
Median Earnings
$1,948
Median Rent
$528,000
Median Home Value
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Medical space - Single-story building with fenced yard on 0.6-acre corner parcel.
Where is this medical space located?
The property is located at 7447 Martin Way E Olympia, WA.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: High‑traffic location with over 25,000 vehicles per day.; Mixed Use High Density Corridor zoning allows for a variety of uses.; Large fenced yard on a 0.6‑acre corner parcel.
