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Property profile & analytics
OFF-MARKET
Estimated value
$3,655,000
Apartment buildings
510 Lilly SE Rd Olympia, WA 98501-2148
Entity Owned
3-yr Hold
~
Est. High Equity
Property ID
US90-1450634
Property profile
Verified
Property type
Apartment buildings
Use group
APARTMENT HOUSE (5+ UNITS)
Year built
1969
Construction
WOOD FRAME
Total area
5,472 SF
Lot
0.5 ac (21,780 SF)
APN
6510-05-00101
UPID
US90-1450634
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
-
Lilly Apartments Apartment Building
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$4.08M
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$3.38M
Blend (final)
Blend
$3.66M
Owner & transaction history
Lilly Olympia LLC · 3 yrs held
Lilly Olympia LLC
since 2023
Last sale
$3.4M
7 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
$4,025,000
ML approach
$4,075,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Blend value · Realmo final
$3.66M
Range $3.29M – $4.02M · ±10% · vs last sale $3.40M (Jun 28 2023)
Last sale anchor
$3.40M
Jun 28 2023
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
$668 / 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
$24,005
Tax year 2023
Assessed value
$2,440,400
Assessed 2022
Previous assessed
$2,440,400
+0.0% YoY
Effective rate
0.98%
On assessed value
Assessed land
$246,200
Assessed improvement
$2,194,200
Land market value
$246,200
Improvement market value
$2,194,200
Total market value
$2,440,400
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
Apartment buildings
Use group
APARTMENT HOUSE (5+ UNITS)
Status
Off-Market
Year built
1969
Construction
WOOD FRAME
Heating
ELECTRIC
Cooling
YES
Stories
1
Bathrooms
8
Total area
5,472 SF
Lot
0.5 ac (21,780 SF)
APN
6510-05-00101
UPID
US90-1450634
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
Building & site characteristics
From public records
Year built
1969
Construction
WOOD FRAME
Heating
ELECTRIC
Cooling
Yes
Stories
1
Bathrooms
8
Lot
0.5 ac
Current owner
From public records · entity-resolved
Lilly Olympia LLC
Entity
Mailing address
8280 SE 31ST ST, MERCER ISLAND, WA 98040-5048
Ownership since
2023
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
11 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jun 28, 2023
$3,400,000
Lilly Olympia LLC
Elevafe Lilly LLC
Warranty Deed
$2,307,000 · Berkadia Commercial Mortgage LLC
Jun 18, 2021
$2,555,500
Elevate Lilly LLC
Evergreen Park 74 LLC
Warranty Deed
$1,920,000 · First Fsla Of Port Angeles
Jan 25, 2018
$1,150,000
Mark O'brien
Lilly Road LLC
Warranty Deed
—
Dec 21, 2017
$1,550,000
Mason Keller Equities LLC
Ob Property Management LLC
Warranty Deed
—
Dec 14, 2016
—
Ob Property Management LLC
Obrien,elizabeth
Quit Claim Deed
related
—
Jun 23, 2014
—
Elizabeth A O'brien
Obrien,mark W
Quit Claim Deed
related
—
Nov 1, 2007
$950,000
Mark O'brien
Lilly Road LLC
Grant Deed
—
Apr 21, 2006
—
Lilly Road LLC
Jensen,thomas O & Shirley L
Quit Claim Deed
related
—
Nov 22, 1993
—
Deward Johnson
Unknown
Grant Deed
related
—
Jan 3, 1990
$424,728
Francisco Francisco Benavente
Dantzler, Thomas
Grant Deed
$114,000
—
—
Francisco C Benavente
—
Deed Of Trust
related
$34,885 · Olympia City (wa)
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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