Two Buildings on Martin
3910-3912 Martin Way East Lacey, WA 98506
3910-3912 Martin Way East, Lacey, WA, 98506
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For Sale
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Two commercial buildings near Providence Hospital with investment potential.
Property Size16,468 SF
Price / SF$224.37
Days on Market853
Property Features for 3910-3912 Martin Way East
General Information
- Standard status
- Active
- Size
- 16,468 SF
- Property subtype
- Office
Building Details
- Year Built
- 2006
Listing Agency
Coldwell Banker Evergreen
Listed by
Deborah Draper-Aikins · License #WA
Source
Crexi
Added: Mar 18, 2024 Checked: Jul 16 at 10:18 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 Coldwell Banker Evergreen
Investment Insights
Based on property information with market context.
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.
Key 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)
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
—
—
no second resolved use
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.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Office buildings
Similar For Sale Nearby
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)
