3406 12Th Ave Olympia, WA 98506

Property Details for 3406 12Th Ave

Year built

2018

Lot size

2.03 lot acres

Property size

15,500 SF

Property type

Medical offices

APN

1180-74-40206

Description

This exceptional investment opportunity presents a fee-simple interest in a 15,500 square foot, two-tenant medical office building located in Olympia, Washington, within the Seattle-Tacoma MSA. The property boasts a 100% occupancy rate with two Fresenius tenants under NNN leases, each with approximately 11 years remaining on their initial terms, plus three 5-year renewal options. Leases include 1.7% annual rent increases and a minimum 10% increase at the start of each option period, providing strong protection against inflation and consistent NOI growth. The building, constructed in 2018, sits on a 2.03-acre lot and offers 64 parking spaces. Its prime location offers convenient access to Interstate 5 (146,000 vehicles per day) and is situated near major retail centers like South Sound Center (656,000 square feet), as well as Providence St. Peter Hospital (390 beds) and Saint Martin's University (1,300 students). The property benefits from a strong demographic profile, with over 158,000 residents and 86,000 daytime employees within a 5-mile radius, boasting an average household income exceeding $100,000. The property's strategic location, long-term leases, and strong tenant base make it an attractive investment with a 5.20% cap rate and a current NOI of $798,404. The asking price is $15,354,000, representing a price per square foot of $990.58. The property is zoned MS (Medical Service District) and features limited landlord responsibilities due to the NNN lease structure. This is a rare opportunity to acquire a high-performing asset in a thriving market with significant upside potential. The property's location near multiple assisted living facilities and apartment complexes further enhances its appeal.