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    300 Lilly Rd NE Olympia, WA 98506

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    300 Lilly Rd NE Olympia, WA 98506

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    • Medical Office Space
    • 2,048 SF
    • 1.02 lot acres
    For Lease
    $4,073/Mo
    View Listing →
    Olympia Office/Clinic Building For Rent For Lease
    $4,073/Mo
    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 Listing
    Property ID
    US90-1451066
    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

    • Eye Institute of Olympia PS / Ophthalmologist
    • Christa Huddleston / Physician
    • Jennifer Hoeniges / Physician
    • Chandni Virdi / Physician
    • Kathryn Williams / Physician

    Property Details for 300 Lilly Rd NE

    Year built
    1982
    Construction
    WOOD FRAME
    Lot size
    1.02 lot acres
    Property size
    2,048 SF
    Property type
    Medical Office Space
    Property subtype
    Medical centers
    APN
    8595-00-00100
    APU
    85950000100

    Description

    This exceptional 2,723 square foot medical office building is situated on Lilly Road in Olympia, Thurston County, Washington. The property is a single-tenant building, currently entirely vacant, presenting a unique opportunity for a medical practice or clinic seeking a move-in ready space. The building boasts seven individual offices, two restrooms, a spacious waiting room/reception area, and a convenient break room. A significant portion of the building, 1,873 square feet, has already undergone recent upgrades and build-out, providing a modern and efficient workspace. An additional 880 square feet of space is currently used for storage but offers significant potential for expansion to accommodate additional offices or clinic space, allowing for customization to meet specific needs. Ample parking is available for staff and patients, ensuring convenient access. This turnkey medical office building offers a rare combination of updated amenities, flexible space, and a desirable location in Olympia. The property is ready for immediate occupancy. The building's layout and features make it ideal for a variety of medical practices.

    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
    Olympia
    County
    Thurston
    State
    Washington
    Longitude
    -122.844
    Latitude
    47.0502
    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
    2024
    $6,108
    $176,600
    $450,200
    $626,800
    -
    $176,600
    $450,200
    $626,800

    Comparable in this City

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      MEDICAL BUILDING • 26,002 SF
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    • Value Estimation
      $6,320,000
      88,907 SF

      500 Lilly NE Rd

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    • Value Estimation by Request
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      Medical Office Space
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    Similar Nearby for Lease

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      Olympia Commercial Space For Lease

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      Medical Office Near Providence Hospital

      Move-in ready medical office space adjacent to Providence St. Peter.
      615 Lilly Rd NE, Olympia, WA 98506
      View Details
    • Contact for pricing
      1,896 SF

      Medical/Office Space Near St. Peter

      Former physician's office with good access and parking.
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      View Details
    • Contact for pricing
      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
    View Listing
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    Olympia, WA 98506
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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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