Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • 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
    Property profile & analytics

    122 Lilly NE Rd Olympia, WA 98506-5042

    • Apartment buildings
    • 5,810 SF
    • 1.61 lot acres
    OFF-MARKET
    Last Sale
    May 02, 2022
    $5,800,000
    Value Estimations
    $5,205,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US90-0436486
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Concordia West Apartments / Apartment Building

    Property Details for 122 Lilly NE Rd

    Year built
    1974
    Construction
    WOOD FRAME
    Lot size
    1.61 lot acres
    Property size
    5,810 SF
    Property type
    Apartment buildings
    APN
    1181-72-31100
    APU
    11817231100

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $5,455,000
      ML approach
      $5,210,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $4,453,000
      Market price range: $749k - $7.32M

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Olympia
    County
    Thurston
    State
    Washington
    Longitude
    -122.843
    Latitude
    47.0484
    CBSA code
    36500
    CBSA name
    OLYMPIA, WA METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $40,794
    $402,000
    $3,745,900
    $4,147,900
    -
    $402,000
    $3,745,900
    $4,147,900

    Comparable in this City

    • Value Estimation
      $1,120,000
      6,544 SF

      3800 Ensign NE Rd

      APARTMENT HOUSE (5+ UNITS) • 6,544 SF
      3800 Ensign NE Rd, Olympia, WA 98506-5055
      View Details
    • Value Estimation
      $210,000
      4,431 SF

      1120 State NE Ave

      APARTMENT HOUSE (5+ UNITS) • 4,431 SF
      1120 State NE Ave, Olympia, WA 98506-4014
      View Details
    • Value Estimation
      $300,000
      3,816 SF

      161 Pattison NE St, Unit 3

      APARTMENT HOUSE (5+ UNITS) • 3,816 SF
      161 Pattison NE St, Olympia, WA 98506-4954
      View Details
    • Value Estimation
      $265,000
      2,379 SF

      1941 State NE Ave

      APARTMENT HOUSE (5+ UNITS) • 2,379 SF
      1941 State NE Ave, Olympia, WA 98506-6503
      View Details
    • Value Estimation
      $200,000
      5,024 SF

      604 Eastside NE St

      APARTMENT HOUSE (5+ UNITS) • 5,024 SF
      604 Eastside NE St, Olympia, WA 98506-4092
      View Details
    • Value Estimation
      $495,000
      12,168 SF

      424 Ensign NE Rd

      APARTMENT HOUSE (5+ UNITS) • 12,168 SF
      424 Ensign NE Rd, Olympia, WA 98506-5149
      View Details

    Similar Nearby for Sale

    • $2,413,000

      Two Income Properties For Sale

      Investment opportunity: two income properties on busy 4th Ave.
      1931 4Th Ave E, Olympia, WA 98506
      View Details
    • $1,900,000

      Olympia Commercial Building - Prime Location

      8,447 SF, 37+ Parking Spaces, Owner-User Ideal
      3912 Martin Way, Olympia, WA 98506
      View Details
    • $85,000

      Vacant Land Ready For Development

      Large vacant land, ideal for building a dream home.
      31 NE Lilly Rd, Olympia, WA 98506
      View Details
    • $3,950,000
      16,468 SF

      Two Olympia Office Buildings

      Two well-maintained office buildings on Martin Way for sale.
      3910-3912 Martin Way E, Olympia, WA 98506
      View Details
    • $31,000,000

      Olympia Office Buildings For Sale

      Two office buildings fully occupied by the State of Washington.
      712 Quince St NE, Olympia, WA 98506
      View Details
    • $815,000
      3,562 SF

      Olympia Medical Building For Sale

      Two-unit medical building with income and owner-occupancy potential.
      3641 Ensign Rd NE, Olympia, WA 98506
      View Details

    Similar Nearby for Lease

    • $12 SF/Yr
      1,766 SF

      Olympia Office Space For Lease

      Office space available near I-5 Exit 108 in Olympia.
      3435 Martin Way E, Olympia, WA 98506
      View Details
    • $17 SF/Yr
      2,723 SF

      Olympia Office/Clinic Building For Rent

      Updated office/clinic building with ample parking and flexible space.
      300 Lilly Rd NE, Olympia, WA 98506
      View Details
    • $25 SF/Yr
      1,896 SF

      Medical/Office Space Near St. Peter

      Former physician's office with good access and parking.
      703 Lilly Rd NE, Olympia, WA 98506
      View Details
    • $17 SF/Yr
      10,135 SF

      Olympia Retail & Office Plaza

      High-traffic location, ample parking.
      2600 Martin Way, Olympia, WA 98506
      View Details
    • $35 SF/Yr
      2,267 SF

      Olympia Office Building - State Ave.

      Prime Olympia Office Space, Multiple Tenants.
      1226 State Ave, Olympia, WA 98506
      View Details
    • $20 SF/Yr
      9,600 SF

      Martin Way Office Building

      Olympia Office Space: 2 Suites Available
      3905 Martin Way, Olympia, WA 98506
      View Details
    Request Owner's contact information
    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.
    122 Lilly NE Rd
    Olympia, WA 98506-5042
    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
    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

    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.