New search
Property profile & analytics
OFF-MARKET
Estimated value
$6,320,000
Medical Office Space
500 Lilly NE Rd, Olympia, WA 98506-5195
Entity Owned
8-yr Hold
Absentee Owner
~
Est. High Equity
Property ID
US90-1255237
Property profile
Verified
Property type
Medical Office Space
Use group
MEDICAL BUILDING
Year built
1972
Construction
WOOD FRAME
Total area
88,907 SF
Lot
5.69 ac (247,856 SF)
APN
1181-72-20200
UPID
US90-1255237
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
-
Memorial Medical Plaza Medical Clinic
-
South Sound Army Medical Home Medical Clinic
-
Huck Robert L MD Physician
-
Johnson Theodore M PHD Physician Medical Clinic
-
Providence Cardiology Associates- Olympia Medical Clinic
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$6.32M
Owner & transaction history
Cmk Olympia LLC · 8 yrs held
Cmk Olympia LLC
since 2017
6 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
RETAIL STORES
$9,680,000
Change: 0% · Conversion: Difficult
INDUSTRIAL (GENERAL)
$9,640,000
Change: 0% · Conversion: Difficult
APARTMENT HOUSE (5+ UNITS)
$8,840,000
Change: 0% · Conversion: Moderate
WAREHOUSE, STORAGE
$8,030,000
Change: 0% · Conversion: Difficult
Blend value · Realmo final
$6.32M
Range $5.69M – $6.95M · ±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
$71 / 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 2024Property tax & assessments
Tax year 2024
Tax billed
$143,412
Tax year 2024
Assessed value
$14,737,500
Assessed 2023
Previous assessed
$21,614,100
-31.8% YoY
Effective rate
0.97%
On assessed value
Assessed land
$2,757,500
Assessed improvement
$11,980,000
Land market value
$2,757,500
Improvement market value
$11,980,000
Total market value
$14,737,500
Applied tax rate
114.0000
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
Medical Office Space
Use group
MEDICAL BUILDING
Status
Off-Market
Year built
1972
Construction
WOOD FRAME
Heating
YES
Cooling
YES
Stories
2
Total area
88,907 SF
Lot
5.69 ac (247,856 SF)
APN
1181-72-20200
UPID
US90-1255237
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
RETAIL STORES
Est. value
$9.7M
INDUSTRIAL (GENERAL)
Est. value
$9.6M
APARTMENT HOUSE (5+ UNITS)
Est. value
$8.8M
WAREHOUSE, STORAGE
Est. value
$8.0M
RETAIL STORES
INDUSTRIAL (GENERAL)
APARTMENT HOUSE (5+ UNITS)
WAREHOUSE, STORAGE
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
1972
Construction
WOOD FRAME
Heating
YES
Cooling
Yes
Stories
2
Lot
5.69 ac
Current owner
From public records · entity-resolved
Cmk Olympia LLC
Entity
Mailing address
800 W MADISON ST STE #400, CHICAGO, IL 60607-2481
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2017
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
6 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Aug 23, 2017
$26,049,719
Cmk Olympia LLC
Olympia I Medical Properties LLC
Bargain And Sale Deed
$309,500,000 · Capital One Bank NA
Dec 23, 2014
$12,874,304
Olympia I Medical Properties L
Memorial Medical Plaza INC
Grant Deed
$10,750,000 · General Elec Cap
Dec 1, 2004
—
Memorial Medical Plaza INC
Memorial Clinic INC
Quit Claim Deed
related
—
Jan 18, 2002
—
Clinic Properties INC
—
Deed Of Trust
related
$5,590,926 · South Sound Bank
—
—
Memorial Medical Plaza INC
—
Deed Of Trust
related
$6,000,000 · Cwcapital LLC
—
—
Clinic Properties INC
—
Deed Of Trust
related
$6,700,000 · Bank Of America
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.
Try Rey
Ask anything about this address in plain English.
“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
You own 500 Lilly NE Rd?
List it free. Reach 20,000 daily buyers.
We’ve already pulled the facts. Confirm photos + price and you’re live in 2 minutes.
List this address →
Full reports are paid
Unlock the full Property Analytics report
Start free for 7 days — no card required. Full owner contacts, all 4 valuations with methodology, refine flow, comparable adjustments, foot-traffic deep dive, export to PDF / CSV.
