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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    556 Lilly Rd SE Olympia, WA 98501

    • Office buildings
    • 6,240 SF
    • 0.63 lot acres
    For Lease
    View listing
    $19 SF/Yr
    Last Sale
    Apr 28, 2022
    $1,225,000
    Value Estimations
    $1,250,000
    Cap Rate Potential
    7.5%
    Office buildings
    Location Intelligence
    Property ID
    US90-1283659
    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.

    Current Use by Public Records

    • Senior Helpers / Home Health Care Service / Home Help Service Agency
    • Soundwood Construction / General Contractor

    Property Details for 556 Lilly Rd SE

    Year built
    1977
    Construction
    WOOD FRAME
    Lot size
    0.63 lot acres
    Property size
    6,240 SF
    Property type
    Office buildings
    APN
    6510-12-00900
    APU
    65101200900

    Description

    This single-story, 6,240 square foot office building, renovated in 2017, is situated at 556 Lilly Rd SE in Olympia, Washington, 98501. The property sits on a 27,443 square foot lot and is zoned for General Commercial use. Currently, there are three suites total, with 4,000 square feet of vacant space available for lease. Spaces can be leased in sizes ranging from a minimum of 2,000 square feet to a maximum contiguous space of 4,000 square feet. The building offers excellent visibility and ample parking. Its convenient location between Pacific Avenue and Martin Way provides easy freeway access and proximity to numerous restaurants and shopping options. A drive-through window is still in place, adding to the property's versatility. This is an exceptional opportunity for businesses seeking a well-maintained, conveniently located office space in a thriving commercial area of Thurston County.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,150,000
      ML approach
      $1,135,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,445,000
      6.5%
      $1,335,000
      7%
      $1,240,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,371,000
      Market price range: $927k - $2.44M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $1,490,000
      Current use
      COMMERCIAL (GENERAL)
      $1,580,000
      Change: +6% Conversion: Easy
      RETAIL STORES
      $1,540,000
      Change: +3% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    Olympia
    County
    Thurston
    State
    Washington
    Longitude
    -122.844
    Latitude
    47.0454
    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
    $11,421
    $243,400
    $917,200
    $1,160,600
    -
    $243,400
    $917,200
    $1,160,600

    Comparable in this City

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    • Value Estimation
      $270,000
      0.27 Acres

      3731 Griffin SE Ln

      PROFESSIONAL BUILDING • 0.27 Acres
      3731 Griffin SE Ln, Olympia, WA 98501
      View Details
    • Value Estimation
      $275,000
      0.39 Acres

      3747 Griffin SE Ln

      PROFESSIONAL BUILDING • 0.39 Acres
      3747 Griffin SE Ln, Olympia, WA 98501
      View Details
    • Value Estimation
      $255,000
      0.26 Acres

      3745 Griffin SE Ln

      PROFESSIONAL BUILDING • 0.26 Acres
      3745 Griffin SE Ln, Olympia, WA 98501
      View Details
    • Value Estimation
      $315,000
      6,250 SF

      710 Durell SE Rd

      PROFESSIONAL BUILDING • 6,250 SF
      710 Durell SE Rd, Tumwater, WA 98501-5835
      View Details
    • Value Estimation
      $275,000
      483 SF

      605 11th SE Ave, Unit 107

      PROFESSIONAL BUILDING • 483 SF
      605 11th SE Ave, Olympia, WA 98501-2336
      View Details

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    Similar Nearby for Lease

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    • $19 SF/Yr
      6,256 SF

      High-Visibility Building in Commercial District

      High-traffic location with drive-thru and ample parking.
      556 Lilly Rd SE, Olympia, WA 98501
      View Details
    • $15 SF/Yr
      3,096 SF

      Move-in Ready Stand-Alone Office Building

      Stand-alone office building with on-site parking and convenient location.
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      View Details
    • $26 SF/Yr
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      Downtown Olympia Office Space Available

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    556 Lilly Rd SE
    Olympia, WA 98501
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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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