Office

2607 Martin Building

2607 Martin Way E, Olympia, WA 98506

Listing Price: $1,725,000

Cap Rate
2.36%
Gross SF
16,076
Rentable SF
16,076
Price/Gross SF
$107.30
Lot Size
0.88 acres
Year Built
1976

Investment Overview

Marcus & Millichap has been retained to exclusively market for sale the fee simple interest in the 2607 Martin Building (the "Property"), a multi-tenant commercial office property located in Olympia, the state capital of Washington. Built in 1976, the Property totals 16,076 rentable square feet and sits on a 0.88 acre parcel with ample parking.

Currently, the Property is 50.0% occupied with three tenants and three vacant units. Two tenants are real estate companies and the other is a parenting consulting agency; none of the leases expire before 2022. The excellent accessibility and visibility of the Property provide local businesses the opportunity to grow and prosper while paying affordable rental rates. Martin Way E is the primary west-east thoroughfare through the city of Olympia and plays host to all major retail and amenities in the area. 35.000 vehicles travel Martin Way E per day.

The primary economic driver in this market is the government. The State of Washington and local government employ over 20,500 people and are the two biggest employers in the area. With the State Capital building minutes away, this is a location that will always attract businesses due to the sustainability and enduring nature of the government. By acquiring the 2607 Martin Building, an investor will enjoy long term appreciation by capturing upside in raising below market rents and filling vacancy.

Investment Highlights

  • Upside In Filling Vacancy & Raising Rents
  • Perfect Opportunity For An Owner-User With Supplemental Income
  • Established Local Market Driven By Heavy Presence Of Government Agencies
  • Well Located Multi-Tenant Commercial Building Minutes From Downtown Olympia
  • 35,000 Vehicles Per Day On Martin Way E

Exclusively Listed By

Listing Price: $1,725,000

Cap Rate
2.36%
Gross SF
16,076
Rentable SF
16,076
Price/Gross SF
$107.30
Lot Size
0.88 acres
Year Built
1976

Investment Highlights

  • Upside In Filling Vacancy & Raising Rents
  • Perfect Opportunity For An Owner-User With Supplemental Income
  • Established Local Market Driven By Heavy Presence Of Government Agencies
  • Well Located Multi-Tenant Commercial Building Minutes From Downtown Olympia
  • 35,000 Vehicles Per Day On Martin Way E

Investment Overview

Marcus & Millichap has been retained to exclusively market for sale the fee simple interest in the 2607 Martin Building (the "Property"), a multi-tenant commercial office property located in Olympia, the state capital of Washington. Built in 1976, the Property totals 16,076 rentable square feet and sits on a 0.88 acre parcel with ample parking.

Currently, the Property is 50.0% occupied with three tenants and three vacant units. Two tenants are real estate companies and the other is a parenting consulting agency; none of the leases expire before 2022. The excellent accessibility and visibility of the Property provide local businesses the opportunity to grow and prosper while paying affordable rental rates. Martin Way E is the primary west-east thoroughfare through the city of Olympia and plays host to all major retail and amenities in the area. 35.000 vehicles travel Martin Way E per day.

The primary economic driver in this market is the government. The State of Washington and local government employ over 20,500 people and are the two biggest employers in the area. With the State Capital building minutes away, this is a location that will always attract businesses due to the sustainability and enduring nature of the government. By acquiring the 2607 Martin Building, an investor will enjoy long term appreciation by capturing upside in raising below market rents and filling vacancy.

Exclusively Listed By

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