Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    615 Lilly Rd NE Olympia, WA 98506

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Lease
    $8,841 /Mo ($42 SF/Yr)

    Move-in ready medical office space adjacent to Providence St. Peter.

    Property size:
    2,526 SF
    Lot size:
    2,526 SF

    Property Features for 615 Lilly Rd NE

    General Information

    Standard status
    Active
    Size
    2,526 SF

    Building Details

    Year built
    2005

    We can help!

    Listing Contact
    Zeke Rehn
    Source: Corcoran

    Listing Agency: THE RANTS GROUP Listing Agent: Zeke Rehn

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    Medical Office Near St. Peter Hospital

    This Class A medical office space is located adjacent to Providence St. Peter Hospital. The suite, totaling 2526 square feet, is currently configured with four exam rooms, a large waiting area with administrative space, a private office, and a break room. The layout could be reconfigured for additional exam rooms. Interior finishes are in excellent condition and move-in ready. This is the first publicly available suite at the Lilly Road Medical Building since its construction. The lease is modified gross with the tenant paying janitorial expenses for the premises and a pro-rata share of utilities. Generous Tenant Improvement allowance and or financing is available for long-term leases.
    Location Intelligence

    Current Use by Public Records

    Dr. William O. ... Pediatrician Providence Swedish Obstetrics ... Medical Clinic Seattle Children's Olympia Medical Clinic Providence Urology Center Medical Clinic WomanCare merged with ... Medical Clinic

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Hair Salon Dental Office Nail Salon Building Supply Gym & Fitness Center Accounting Firm

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Olympia
    County
    Thurston
    State
    Washington
    Longitude
    -122.8457334
    Latitude
    47.0555192

    Nearby Similar for Lease

    • Sponsored
      Contact for pricing

      Union 400

      All-inclusive access to workspace, virtual office and meeting rooms in 505 Montgomery
      400 Union Ave, Olympia, WA 98501
      View Details
    • $17 SF/Yr
      2,494 SF

      Corner Office or Retail Space

      Office or retail space with on-site parking available for rent.
      2600 Martin Way E, Olympia, WA 98506
      View Details
    • $15 SF/Yr
      3,096 SF

      Move-in Ready Stand-Alone Office Building

      Stand-alone office building with on-site parking and convenient location.
      3711 Griffin Ln SE, Olympia, WA 98501
      View Details
    • $14 SF/Yr
      4,034 SF

      Retail/Office Building Near Downtown

      Standalone retail/office building with high visibility and ample parking.
      1006 4Th Ave E, Olympia, WA 98506
      View Details
    • $16 SF/Yr
      3,600 SF

      Olympia Office Space For Rent

      Office space in Olympia with easy I-5 access.
      1000 Union Ave SE, Olympia, WA 98501
      View Details
    • $650 /Mo
      113 SF

      Private Office Spaces For Lease

      Six private office spaces available for lease near I-5.
      924 7Th Ave SE, Olympia, WA 98501
      View Details
    • New
      $6,408 /Mo
      2,403 SF

      Retail Space in High-Traffic Area

      Retail space available in a high-traffic shopping center.
      1001 Cooper Point Rd, Olympia, WA 98502
      View Details
    • $17 SF/Yr
      1,400 SF

      Restaurant Space on Pacific Avenue

      Restaurant-ready space in Pacific Center with high visibility and foot traffic.
      2747 Pacific Ave SE, Olympia, WA 98501
      View Details
    • $13 SF/Yr
      1,346 SF

      Retail Space in Strip Mall

      Corner retail space available for lease in Olympia, Washington.
      2101-2103 Harrison Ave NW, Olympia, WA 98502
      View Details
    • $18 SF/Yr
      1,724 SF

      Retail Space Near I-5 On-Ramp

      1724 SF retail space in high-traffic Olympia location.
      3330 Pacific Ave SE, Olympia, WA 98501
      View Details
    • $27 SF/Yr
      868 SF

      Office Space with Private Restroom

      Office space featuring private offices, conference room, and waiting area.
      2600-2612 Yelm Hwy SE, Olympia, WA 98501
      View Details
    • $2,138 /Mo
      1,069 SF

      West Hills Office Space Available

      Professional office space for rent in West Hills Office Park.
      1800 Cooper Point Rd SW, Olympia, WA 98502
      View Details

    FAQs

    What type of property is this?
    Medical Office Space - Move-in ready medical office space adjacent to Providence St. Peter.
    Where is this medical office space located?
    The property is located at 615 Lilly Rd NE Olympia, WA.
    What is the lease rate?
    The lease rate is $42 SF/Yr.
    What are key features of this property?
    This property features: - Adjacent to Providence St. Peter Hospital; - Move-in ready with excellent interior finishes; - First publicly available suite since building construction in 2005
    Request Owner's contact information
    615 Lilly Rd NE Olympia, WA 98506
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    615 Lilly Rd NE
    Olympia, WA 98506
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    615 Lilly Rd NE Olympia, WA 98506
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Zeke Rehn
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!