Updated Medical Office
300 Lilly Rd NE Olympia, WA 98506
New
For Sale
Contact for pricing
Updated private office/clinic building with seven offices, two restrooms, and a large waiting and reception area.
Property Size2,608 SF
Price / SF$364.26
Days on Market7
Property Features for 300 Lilly Rd NE
General Information
Standard status
Active
Size
2,608 SF
Property subtype
Office
Building Details
Year Built
1982
Listing Agency:
Premier Commercial NW
Listed By:
Joni Baker · License #77946
Source:
Crexi
Added: Jul 24
Changed: Jul 28
Last Checked: Jul 28 at 10:05AM
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 Premier Commercial NW
Investment Insights
Based on property information with market context.
Updated private office/clinic building off Lilly Road in Olympia. The property includes seven offices, two restrooms, a large waiting/reception area, and a breakroom. An additional storage area is included, with room that can be built out to suit tenant needs.
The building offers great parking for patients and staff.
With its mix of exam or treatment-style offices and dedicated reception space, the layout is designed to support professional services requiring both private rooms and an organized front-of-house waiting area.
The building offers great parking for patients and staff.
With its mix of exam or treatment-style offices and dedicated reception space, the layout is designed to support professional services requiring both private rooms and an organized front-of-house waiting area.
Key Highlights
- Updated private office/clinic building built in 1982
- Seven offices plus a large waiting room/reception area
- Two restrooms for staff and clients
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 | $56.3k | $21.60 |
| − Vacancy | −$11.0k | −$4.23 |
| EGI | $45.3k | $17.37 |
| − OpEx | −$11.3k | −$4.34 |
| NOI | $34.0k | $13.02 |
2,608 SF · lease $21.60/SF/yr · vacancy 19.60% · expense 25.00%
Alternative Uses
Best Use
Office B
$485.3K
$424.6K – $566.2K
NOI $33,969 @ 7.0% cap · market cap 3.58%
Second Best
Healthcare Medical
$300.1K
$262.6K – $350.1K
NOI $21,005 @ 7.0% cap · market cap 2.21%
Theoretical Best
Office A
$763.6K
$668.2K – $890.9K
NOI $53,454 @ 7.0% cap · market cap 5.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Location Intelligence
Current Use
Similar Off Market Nearby
- Banfield Pet Hospital — 719 Sleater Kinney Rd SE Ste 160, Lacey, WA 98503
- North Olympia Animal Hospital — 3523 Pacific Ave SE, Olympia, WA 98501
- Radiology — 3523 Pacific Ave SE, Olympia, WA 98501
Frequently Asked Questions
What type of property is this?
Medical Office Space - Updated private office/clinic building with seven offices, two restrooms, and a large waiting and reception area.
Where is this medical office space located?
The property is located at 300 Lilly Rd NE Olympia, WA.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: Updated private office/clinic building built in 1982; Seven offices plus a large waiting room/reception area; Two restrooms for staff and clients
