Office Condo with Flexible Suite
8685 Martin Way SE, Lacey, WA 98516
For Sale
Contact for pricing
Office condo currently configured as two suites, with lift options for ADA access and ample campus parking.
Property Size2,205 SF
Price / SF$283.45
Days on Market231
Property Features for 8685 Martin Way SE
General Information
Standard status
Size
Class
Property subtype
Site & Location
Highway Access
Road Access
Additional Details
Office Units
Building Details
Tenancy
Listing Agency:
Kidder Mathews
(253) 722-1400
Listed By:
Amy Harding · License WA #125436
(360) 705-1337
Source:
Moodyscre
Added: Mar 25
Changed: Oct 26
Last Checked: Nov 10 at 6:56AM
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 Kidder Mathews
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Investment Insights
Based on property information with market context.
This office condo offers a flexible interior configuration totaling 2,205 SF. It is currently used as one 880 SF suite and one 1,325 SF suite, with the opportunity to combine the space into a single larger suite.
Access is convenient from the Nisqually exit, with close proximity to Joint Base Lewis McChord, and an alternate access route from Marvin Road. The unit benefits from lots of natural light and updated design features. While there is currently no ADA access, an ADA lift is feasible.
If you do not require ground-floor space, the layout may work well for a range of office uses, including options such as office, spa, counselor, and related professional services within a Class A building environment.
Access is convenient from the Nisqually exit, with close proximity to Joint Base Lewis McChord, and an alternate access route from Marvin Road. The unit benefits from lots of natural light and updated design features. While there is currently no ADA access, an ADA lift is feasible.
If you do not require ground-floor space, the layout may work well for a range of office uses, including options such as office, spa, counselor, and related professional services within a Class A building environment.
Key Highlights
- 2,205 SF office condo currently split into 880 SF and 1,325 SF suites
- Suites can be combined into one larger office suite
- No ADA access currently, but ADA lift is feasible
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$28,720
Cap Rate
4.60%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$574,400
$574.4K
Cap Rate 7%
$410,286
$410.3K
Cap Rate 9%
$319,111
$319.1K
Market Conditions
NOI Build-Up for 2,205 SF
Gross rent
$47.6K $21.60/SF
− Vacancy
−$9.3K −$4.23/SF
EGI
$38.3K $17.37/SF
− OpEx
−$9.6K −$4.34/SF
NOI
$28.7K $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 Rate 5%
$574,400
Cap Rate 7%
$410,286
Cap Rate 9%
$319,111
Alternative Uses
Best Use
Office B
$410.3K
$359.0K – $478.7K
NOI $28,720 @ 7.0% cap · market cap 4.60%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$645.6K
$564.9K – $753.2K
NOI $45,194 @ 7.0% cap · market cap 7.23%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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See the owner, sales and loan history
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Current Use
Lease Details
2
Office units
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
652
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Properties on Market for Office Units in Thurston County
Vacancy Rate% for Office in West region
Frequently Asked Questions
What type of property is this?
Office unit - Office condo currently configured as two suites, with lift options for ADA access and ample campus parking.
Where is this office unit located?
The property is located at 8685 Martin Way SE Lacey, WA.
What is the asking price?
The asking price for this property is $625,000.
What are key features of this property?
This property features: 2,205 SF office condo currently split into 880 SF and 1,325 SF suites; Suites can be combined into one larger office suite; No ADA access currently, but ADA lift is feasible
