Office Building Near
For Sale
Contact for pricing
703 Lilly Rd NE, Olympia, WA 98506
Professional workspace with access to I-5 and nearby residential and commercial areas.
Property Size3,856 SF
Price / SF$427.90
Days on Market52
Property Features for 703 Lilly Rd NE
General Information
Standard status
Active
Size
3,856 SF
Property subtype
OFFICE
Additional Details
Highway Access
Yes
Listing Agency:
BHGRE Commercial Premier NW
(360) 529-0343
Listed By:
Joni Baker
(360) 943-9922
Source:
Moodyscre
Added: Aug 25
Changed: Oct 3
Last Checked: Oct 12 at 10:25PM
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 BHGRE Commercial Premier NW
Investment Insights
Based on property information with market context.
This 3,856-square-foot office building at 703 Lilly Rd NE in Olympia provides a professional setting for office and other professional-service operations. The property is positioned just beyond St. Peters Hospital, placing it near an established medical destination and surrounding residential and commercial areas.
Access to major arterials and I-5 supports convenient arrival for clients and employees. The combination of office-oriented space, hospital proximity, and connectivity to nearby development gives the property a practical setting for a range of professional uses.
Access to major arterials and I-5 supports convenient arrival for clients and employees. The combination of office-oriented space, hospital proximity, and connectivity to nearby development gives the property a practical setting for a range of professional uses.
Key Highlights
- 3,856‑square‑foot office building
- 703 Lilly Rd NE, Olympia, WA 98506
- Positioned just past St. Peters Hospital
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$50,224
Cap Rate
3.04%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,004,480
$1.0M
Cap Rate 7%
$717,486
$717.5K
Cap Rate 9%
$558,044
$558.0K
Market Conditions
NOI Build-Up for 3,856 SF
Gross rent
$83.3K $21.60/SF
− Vacancy
−$16.3K −$4.23/SF
EGI
$67.0K $17.37/SF
− OpEx
−$16.7K −$4.34/SF
NOI
$50.2K $13.02/SF
Area
Thurston County, WA
Vacancy
19.60%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,004,480
Cap Rate 7%
$717,486
Cap Rate 9%
$558,044
Alternative Uses
Best Use
Office B
$717.5K
$627.8K – $837.1K
NOI $50,224 @ 7.0% cap · market cap 3.04%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.13M
$987.9K – $1.32M
NOI $79,033 @ 7.0% cap · market cap 4.79%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,867
Businesses Nearby
Explore this area
Business Placement
Demographics for 98506, WA
19,198
Population
9,041
Households
2.1
Avg Household Size
44
Median Age
51%
College-Educated
96%
High-School Grad
22.4 sq mi
ZIP Area
857
Density / Sq Mi
$93,968
Median Household Income
$50,388
Median Earnings
$1,431
Median Rent
$469,700
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Professional workspace with access to I-5 and nearby residential and commercial areas.
Where is this office building located?
The property is located at 703 Lilly Rd NE Olympia, WA.
What is the asking price?
The asking price for this property is $1,650,000.
What are key features of this property?
This property features: 3,856‑square‑foot office building; 703 Lilly Rd NE, Olympia, WA 98506; Positioned just past St. Peters Hospital
