Two Buildings on Martin
For Sale
Contact for pricing
3910-3912 Martin Way East, Olympia, WA 98506
Two commercial buildings near Providence Hospital with investment potential.
Property Size16,468 SF
Price / SF$224.37
Days on Market945
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
Buildings
2
Listing Agency:
Coldwell Banker Evergreen
Listed By:
Deborah Draper-Aikins · License #WA
(360) 791-3869
Source:
Crexi
Added: Mar 18, 2024
Changed: Oct 8
Last Checked: Oct 16 at 8:52AM
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
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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)
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$214,492
Cap Rate
5.80%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$4,289,840
$4.3M
Cap Rate 7%
$3,064,171
$3.1M
Cap Rate 9%
$2,383,244
$2.4M
Market Conditions
NOI Build-Up for 16,468 SF
Gross rent
$355.7K $21.60/SF
− Vacancy
−$69.7K −$4.23/SF
EGI
$286.0K $17.37/SF
− OpEx
−$71.5K −$4.34/SF
NOI
$214.5K $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%
$4,289,840
Cap Rate 7%
$3,064,171
Cap Rate 9%
$2,383,244
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 authorities.
How Realmo checks its estimates
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
2,663
Businesses Nearby
Explore this area
Business Placement
Demographics for 98506, WA
19,198
Population
9,041
Households
2.1
Avg Household Size
44
Median Age
51%
College-Educated
96%
High-School Grad
22.4 sq mi
ZIP Area
857
Density / Sq Mi
$93,968
Median Household Income
$50,388
Median Earnings
$1,431
Median Rent
$469,700
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in West region
Frequently Asked Questions
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 Olympia, 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)
