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    2621 Hogum Bay Rd NE Lacey, WA 98516
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    2621 Hogum Bay Rd NE Lacey, WA 98516

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    • Office properties & Spaces
    • 12.24 lot acres
    For Lease
    $0.75 SF/Yr
    View Listing →
    Lacey Warehouse Space For Lease For Lease
    $0.75 SF/Yr
    93,492 SF

    Lacey Warehouse Space For Lease

    93,492 SF warehouse space available near I-5 in Lacey, WA.

    2621 Hogum Bay Rd NE, Lacey, WA
    View Listing
    Property ID
    US90-2257770
    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.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Office properties & Spaces

    Property Details for 2621 Hogum Bay Rd NE

    Year built
    2021
    Lot size
    12.24 lot acres
    Property type
    Office properties & Spaces
    APN
    1180-24-30800
    APU
    11802430800

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Lacey
    County
    Thurston
    State
    Washington
    Longitude
    -122.766
    Latitude
    47.0706
    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
    $307,334
    $2,537,700
    $29,818,500
    $32,356,200
    -
    $2,537,700
    $29,818,500
    $32,356,200

    Comparable in this City

    • Value Estimation
      $17,475,000
      209,270 SF

      3901 Hogum Bay NE Rd

      OFFICE (GENERAL) • 209,270 SF
      3901 Hogum Bay NE Rd, Lacey, WA 98516-3136
      View Details
    • Value Estimation
      $710,000
      6,000 SF

      2901 Marvin NE Rd

      OFFICE (GENERAL) • 6,000 SF
      2901 Marvin NE Rd, Lacey, WA 98516-3122
      View Details
    • Value Estimation by Request
      100 SF

      9303 Orion NE Dr

      OFFICE (GENERAL) • 100 SF
      9303 Orion NE Dr, Lacey, WA 98516-6265
      View Details
    • Value Estimation
      $9,390,000
      78,230 SF

      9000 Orion NE Dr

      OFFICE (GENERAL) • 78,230 SF
      9000 Orion NE Dr, Lacey, WA 98516-6100
      View Details
    • Value Estimation
      $1,035,000
      10,446 SF

      221 College NE St

      OFFICE (GENERAL) • 10,446 SF
      221 College NE St, Lacey, WA 98516-5313
      View Details
    • Value Estimation
      $4,130,000
      36,116 SF

      8517 Commerce Pl NE Dr

      OFFICE (GENERAL) • 36,116 SF
      8517 Commerce Pl NE Dr, Lacey, WA 98516-1327
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      Lacey Pad-Ready Development Site

      1.02-acre mixed-use development site with high visibility.
      6790 Martin Way E, Lacey, WA 98516
      View Details
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      18,300 SF

      Lacey Investment Opportunity: Leased Buildings

      Fully leased office/retail/flex buildings in Lacey's Hawks Prairie area.
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    • $625,000
      2,205 SF

      East Lacey Office Condo

      Office condo in East Lacey with convenient access and ample parking.
      8685 Martin Way SE, Lacey, WA 98516
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    • Contact for pricing
      1,200 SF

      Updated Office Space in Lacey

      Professional office space for rent near I-5 in Lacey, WA.
      4160 6Th Ave SE, Lacey, WA 98516
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    • Contact for pricing
      20,714 SF

      Lacey WA Industrial Investment Opportunity

      Stabilized industrial asset near I-5 with excellent regional connectivity.
      2600 Willamette Dr NE, Lacey, WA 98516
      View Details
    • $3,250,000

      Standalone Restaurant Building For Sale

      Restaurant building with large lot and ample parking.
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    Similar Nearby for Lease

    • $8,755 /Mo
      8,500 SF

      Lacey Warehouse with Office Space

      8,500 SF suite with office, near I-5.
      2830 Willamette Dr NE, Lacey, WA 98516
      View Details
    • $4,414 /Mo
      2,788 SF

      Lacey Office Space Available

      2788 SF office space with meeting room and parking.
      975 Carpenter Rd NE, Lacey, WA 98516
      View Details
    • $2,356 /Mo
      1,488 SF

      Lacey Office/Event Space For Rent

      1488 SF Lacey office/event space with kitchen, parking.
      975 Carpenter Rd NE, Lacey, WA 98516
      View Details
    • $36,858
      61,430 SF

      Spacious Warehouse with Office Space

      61,430 SF warehouse with office space available for lease.
      9222 Polaris Ln NE, Lacey, WA 98516
      View Details
    • $17,071 /Mo
      20,084 SF

      Lacey Warehouse with Existing Office

      20,084 SF warehouse with office space near I-5.
      8719 Commerce Place Dr NE, Lacey, WA 98516
      View Details
    • $464,000
      29,000 SF

      New Industrial Flex Space Available

      New flex space for office, retail, or light industrial.
      170 Marvin Rd SE, Olympia, WA 98516
      View Details
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    Lacey, WA 98516
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    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
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    2621 Hogum Bay Rd NE, Lacey, WA, 98516
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