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

    7851 29th NE Ave Lacey, WA 98516-7122

    • Retail properties & Spaces
    • 10,680 SF
    • 2.79 lot acres
    OFF-MARKET
    Value Estimations
    $695,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US90-0794541
    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

    • Retail properties & Spaces

    Property Details for 7851 29th NE Ave

    Year built
    2008
    Construction
    STEEL FRAME
    Lot size
    2.79 lot acres
    Property size
    10,680 SF
    Property type
    Retail properties & Spaces
    APN
    5287-00-01200
    APU
    52870001200

    Value Estimations

    based on Realmo’s proprietary methodology

    • Alternative Use

      Use
      Estimation
      SERVICE SHOP (TV, RADIO, ELECTRIC, PLUMBING)
      $970,000
      Current use
      INDUSTRIAL (GENERAL)
      $1,160,000
      Change: +19% Conversion: Difficult
      WAREHOUSE, STORAGE
      $965,000
      Change: -0% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Lacey
    County
    Thurston
    State
    Washington
    Longitude
    -122.773
    Latitude
    47.0725
    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
    $20,493
    $775,600
    $1,380,900
    $2,156,500
    -
    $775,600
    $1,380,900
    $2,156,500

    Comparable in this City

    • Value Estimation by Request
      2,440 SF

      4350 Martin E Way

      SERVICE SHOP (TV, ELECTRIC, PLUMBING) • 2,440 SF
      4350 Martin E Way, Olympia, WA 98516-5367
      View Details
    • Value Estimation by Request
      4,000 SF

      9333 Martin Way

      Office properties & Spaces • 4,000 SF
      9333 Martin Way, Lacey, WA 98516
      View Details
    • Value Estimation by Request
      3,280 SF

      7803 Martin E Way

      SERVICE SHOP (TV, ELECTRIC, PLUMBING) • 3,280 SF
      7803 Martin E Way, Olympia, WA 98516-5708
      View Details
    • Value Estimation
      $850,000
      1,248 SF

      109 Carpenter NE Rd

      SERVICE SHOP (TV, ELECTRIC, PLUMBING) • 1,248 SF
      109 Carpenter NE Rd, Lacey, WA 98516-5550
      View Details
    • Value Estimation by Request
      4,256 SF

      7292 Martin E Way

      SERVICE SHOP (TV, ELECTRIC, PLUMBING) • 4,256 SF
      7292 Martin E Way, Olympia, WA 98516-5533
      View Details
    • Value Estimation by Request
      0.24 Acres

      10306 Martin E Way

      SERVICE SHOP (TV, ELECTRIC, PLUMBING) • 0.24 Acres
      10306 Martin E Way, Olympia, WA 98516-2306
      View Details

    Similar Nearby for Sale

    • $3,025,000

      Prime Land at Signalized Intersection

      2.17 acres of high-visibility land suitable for mixed-use development.
      7707 Martin Way E, Olympia, WA 98516
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      Lacey Pad-Ready Development Site

      1.02-acre mixed-use development site with high visibility.
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    • $1,100,000

      Development Site on Martin Way

      Prime commercial land suitable for various development projects.
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    • $4,250,000

      Olympia Commercial Land For Sale

      Commercial land available for sale in Olympia, Washington.
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    • $950,000

      Commercial Frontage on Martin Way

      Commercial property with auto repair shop and additional space.
      9220 Martin Way E, Lacey, WA 98516
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    • Contact for pricing

      Lacey Retail Center For Sale

      115,745 SF multi-building retail center in Lacey, Washington.
      1110-1390 Galaxy Dr, Lacey, WA 98516
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    Similar Nearby for Lease

    • $28 SF/Yr
      15,698 SF

      Lacey Retail Space - Prime Location

      High-Visibility Retail Building, 15,698 SF
      8230 Martin Way, Lacey, WA 98516
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    • $22,683
      10,888 SF

      New Construction Retail/Office Space

      New construction retail or office space with flexible floorplates.
      8845 Tallon Ln NE, Lacey, WA 98516
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    • $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
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    • Contact for pricing
      5,040 SF

      Retail Space in Hawks Prairie

      New retail space available Q4 2025 near I-5.
      8675-8675 Martin Way E, Lacey, WA 98516
      View Details
    • $6,808 /Mo
      1,945 SF

      Retail Space with Outdoor Patio

      Retail space with patio and strong co-tenancy, great visibility.
      2515 Marvin Rd NE, Lacey, WA 98516
      View Details
    • $12,250 /Mo
      3,500 SF

      Retail Space in Lacey Corridor

      Retail space available in a busy Lacey shopping center.
      1200 Galaxy Dr, Lacey, WA 98516
      View Details
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    7851 29th NE Ave
    Lacey, WA 98516-7122
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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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