Two Buildings on Martin
3910-3912 Martin Way East, Lacey, WA 98506
Two commercial buildings near Providence Hospital with investment potential.
Type:Retail, Office
Property size:
16,468 SFPrice / SF:
$224/SF- Added:
- Mar 18, 2024
- Days on Market:
- 807
- Last Refresh:
- May 12 at 9:16 pm
Property Features for 3910-3912 Martin Way East
General Information
- Standard status
- Active
- Size
- 16,468 SF
- Property subtype
- Retail, Office
Building Details
- Year Built
- 2006
Listing agent Deborah Draper-Aikins License #WA
Listing office Coldwell Banker Evergreen
Listing date Mar 18, 2024
Source Crexi
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 Coldwell Banker Evergreen
HighLights
- Two high‑quality buildings built in 2006
- Located on busy Martin Way, close to Providence Hospital and I‑5 access
- First building provides investment income with long‑term leases (Light Dental and Hatton Godat Pantier)
- Second building suitable for owner‑user due to short‑term leases
- New HVAC units in both buildings
- Abundance of parking
Overview
The property features two buildings constructed in 2006. New HVAC units have been installed in both buildings. The first building is occupied by Light Dental and Hatton Godat Pantier, who have several years remaining on their leases. The second building has multiple tenants with short-term leases. The property is suitable for an owner-user seeking to purchase and utilize the second building while benefiting from the investment income generated by the first building. Located on Martin Way East, the buildings are positioned near Providence Hospital and offer convenient access to I-5. The property provides an abundance of parking. The total property size is 16468 square feet.
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 | $355.7k | $21.60 |
| − Vacancy | −$69.7k | −$4.23 |
| EGI | $286.0k | $17.37 |
| − OpEx | −$71.5k | −$4.34 |
| NOI | $214.5k | $13.02 |
16,468 SF · lease $21.60/SF/yr · vacancy 19.60% · expense 25.00%
Alternative Uses
Best Use
Office B
$3.06M
$2.68M – $3.57M
NOI $214,492 @ 7.0% cap · market cap 5.80%
Second Best
Retail
$2.84M
$2.48M – $3.31M
NOI $198,782 @ 7.0% cap · market cap 5.38%
Theoretical Best
Office A
$4.82M
$4.22M – $5.63M
NOI $337,528 @ 7.0% cap · market cap 9.13%
Zoning and permitted uses should be independently verified with local authorities.
Location Intelligence
Current Use by Public Records
Office buildings
Location Insight
- Map
- Local Demand
- City
- Lacey
- County
- Thurston
- State
- Washington
- Longitude
- -122.838158
- Latitude
- 47.048291
Nearby Similar for Sale
FAQs
What type of property is this?
Office building - Two commercial buildings near Providence Hospital with investment potential.
Where is this office building located?
The property is located at 3910-3912 Martin Way East Lacey, WA.
What is the asking price?
The asking price for this property is $3,695,000.
What are key features of this property?
This property features: Two high‑quality buildings built in 2006; Located on busy Martin Way, close to Providence Hospital and I‑5 access; First building provides investment income with long‑term leases (Light Dental and Hatton Godat Pantier)
