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Property profile & analytics
OFF-MARKET
Estimated value
$2,540,000
Office buildings
2404 Heritage SW Ct 24 Olympia, WA 98502-6047
Entity Owned
9-yr Hold
~
Est. High Equity
Property ID
US90-1014430
Property profile
Verified
Property type
Office buildings
Use group
PROFESSIONAL BUILDING
Year built
1992
Construction
WOOD FRAME
Total area
17,848 SF
Lot
1.81 ac (78,844 SF)
APN
4679-00-06200
UPID
US90-1014430
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Blink Charging Station Electric Vehicle Charging Station
-
Washington Association of Area Agencies on Aging Social Service Agency Charitable Organization
-
Lewis Mason Thurston Area Agency on Aging Social Service Agency Charitable Organization
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$1.99M
Blend (final)
Blend
$2.54M
Owner & transaction history
Ja Morris Company LLC · 9 yrs held
Ja Morris Company LLC
since 2016
5 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Olympia submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Olympia submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
OFFICE BUILDING
$4,095,000
Current use
Blend value · Realmo final
$2.54M
Range $2.29M – $2.79M · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$142 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$35,556
Tax year 2023
Assessed value
$3,569,700
Assessed 2022
Previous assessed
$4,867,600
-26.7% YoY
Effective rate
1.00%
On assessed value
Assessed land
$489,000
Assessed improvement
$3,080,700
Land market value
$489,000
Improvement market value
$3,080,700
Total market value
$3,569,700
Applied tax rate
110.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Office buildings
Use group
PROFESSIONAL BUILDING
Status
Off-Market
Year built
1992
Construction
WOOD FRAME
Heating
PACKAGE
Cooling
YES
Stories
3
Total area
17,848 SF
Lot
1.81 ac (78,844 SF)
APN
4679-00-06200
UPID
US90-1014430
Jurisdiction
THURSTON
Zoning & alternative use
Zoning · permitted uses
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Alternative use value scenarios
Repositioning upside vs current use
OFFICE BUILDING Current
Est. value
$4.1M
OFFICE BUILDING Current
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1992
Construction
WOOD FRAME
Heating
PACKAGE
Cooling
Yes
Stories
3
Lot
1.81 ac
Current owner
From public records · entity-resolved
Ja Morris Company LLC
Entity
Mailing address
PO BOX 12645, OLYMPIA, WA 98508-2645
Ownership since
2016
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
5 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Sep 1, 2016
—
Ja Morris Company LLC
Ja Morris Company II LLC
Quit Claim Deed
related
$1,475,000 · Heritage Bank
Oct 24, 2006
—
J A Morris Co II LLC
J A Morris Co LLC
Quit Claim Deed
related
$9,000,000 · Bridger Commercial Funding LLC
May 12, 2004
—
J A Morris Co LLC
Morris,james A & Cheryl L
Quit Claim Deed
related
—
Apr 30, 2004
—
J A Morris Co LLC
Morris,frank E & Carrol A
Quit Claim Deed
related
—
Feb 14, 1990
$315,652
Frank E Morris
Unknown
Grant Deed
—
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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