Value-Add 20-Unit Apartment
510 LILLY RD SE Olympia, WA 98501
For Sale
Contact for pricing
20-unit multifamily asset with 16 interior upgrades completed, two partially completed units, and two remaining classic units.
Property Size9,900 SF
Price / SF$373.74
Days on Market78
Property Features for 510 LILLY RD SE
General Information
- Standard status
- Active
- Size
- 9,900 SF
- Property subtype
- Multifamily
Building Details
- Year Built
- 1969
Listing Agency:
Berkadia
Listed By:
Chad Blenz · License #WA 125100
Source:
Crexi
Added: May 7
Changed: Jul 23
Last Checked: Jul 23 at 4:02PM
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 Berkadia
Investment Insights
Based on property information with market context.
Lilly Apartments is a 20-unit multifamily property with substantial renovation in progress. Interior upgrades have been completed on 16 units, two units are partially completed, and two classic units remain, providing a defined path to finish the renovation plan.
The property is located in an infill area near Providence St. Peter Hospital, about one mile from I-5, with a short drive to Joint Base Lewis-McChord.
For investors and operators seeking a renovation-driven opportunity within a larger renter-serving market, Lilly Apartments offers a largely de-risked renovation story through the progress already achieved, with remaining units to complete.
The property is located in an infill area near Providence St. Peter Hospital, about one mile from I-5, with a short drive to Joint Base Lewis-McChord.
For investors and operators seeking a renovation-driven opportunity within a larger renter-serving market, Lilly Apartments offers a largely de-risked renovation story through the progress already achieved, with remaining units to complete.
Key Highlights
- 20‑unit multifamily property built in 1969
- Renovation progress: 16 units completed, two units partially completed, and two classic units remaining
- Infill location near Providence St. Peter Hospital; about 1 mile from I‑5
Financial Insights For Apartment 5plus
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 | $237.6k | $24.00 |
| − Vacancy | −$11.9k | −$1.20 |
| EGI | $225.7k | $22.80 |
| − OpEx | −$101.6k | −$10.26 |
| NOI | $124.1k | $12.54 |
9,900 SF · lease $24.00/SF/yr · vacancy 5.00% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$1.77M
$1.55M – $2.07M
NOI $124,146 @ 7.0% cap · market cap 3.36%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.90M
$2.54M – $3.38M
NOI $202,910 @ 7.0% cap · market cap 5.48%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Lilly Apartments
Apartment Building
FAQs
What type of property is this?
Apartment building - 20-unit multifamily asset with 16 interior upgrades completed, two partially completed units, and two remaining classic units.
Where is this apartment building located?
The property is located at 510 LILLY RD SE Olympia, WA.
What is the asking price?
The asking price for this property is $3,700,000.
What are key features of this property?
This property features: 20‑unit multifamily property built in 1969; Renovation progress: 16 units completed, two units partially completed, and two classic units remaining; Infill location near Providence St. Peter Hospital; about 1 mile from I‑5
