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    Property profile & analytics

    8675 Litt SE Dr Lacey, WA 98516-4672

    • Apartment buildings
    • 20,073 SF
    • 11.20 lot acres
    OFF-MARKET
    Last Sale
    Dec 14, 2021
    $91,875,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US90-2691398
    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

    • Isalis / (Bike/Boat/Book/etc) Store
    • Party City / Party Supply Store / (Bike/Boat/Book/etc) Store
    • Skunk Funk / Big Box & Wholesale Store
    • Carl's Trading Co / Hat Shop
    • Bushka's Kitchen LLC / (Bike/Boat/Book/etc) Store

    Property Details for 8675 Litt SE Dr

    Year built
    2020
    Construction
    WOOD FRAME
    Lot size
    11.20 lot acres
    Property size
    20,073 SF
    Property type
    Apartment buildings
    APN
    1181-23-30203
    APU
    11812330203

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Lacey
    County
    Thurston
    State
    Washington
    Longitude
    -122.756
    Latitude
    47.0549
    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
    $617,503
    $7,003,900
    $58,005,900
    $65,009,800
    -
    $7,003,900
    $58,005,900
    $65,009,800

    Comparable in this City

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      $1,105,000
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      7415 Hawks Pr NE Rd

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      3,088 SF

      6655 Britton NE Pkwy

      APARTMENT HOUSE (5+ UNITS) • 3,088 SF
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    • Value Estimation by Request
      17,001 SF

      8515 Litt SE Dr

      APARTMENT HOUSE (5+ UNITS) • 17,001 SF
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      6979 Birdseye NE Ave

      APARTMENT HOUSE (5+ UNITS) • 68,097 SF
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    • Value Estimation by Request
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      9326 Skokomish NE Way

      APARTMENT HOUSE (5+ UNITS) • 4,736 SF
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    Similar Nearby for Sale

    • $7,000,000
      57,265 SF

      Retail Space in Martin Village

      57,265 SF retail space available for lease or sale.
      5420 Martin Way E, Lacey, WA 98516
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    • Contact for pricing

      Land For Sale

      Land available for sale at 8501 Martin Way E, Lacey, WA.
      8501 Martin Way E, Lacey, WA 98516
      View Details
    • $3,025,000

      Prime Land at Signalized Intersection

      2.17 acres of high-visibility land suitable for mixed-use development.
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      Lacey Development Site For Sale

      10.22 acre development site with light industrial zoning.
      8780 Commerce Place Dr NE, Lacey, WA 98516
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    • Contact for pricing

      Development Site on Martin Way

      Prime development property near major exits with multiple potential uses.
      9042 Martin Way E, Lacey, WA 98516
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    • $1,100,000

      Development Land on Martin Way

      Prime development land suitable for various commercial uses.
      9030 Martin Way E, Lacey, WA 98516
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    Similar Nearby for Lease

    • Contact for pricing
      25,877 SF

      Prime Land Parcel For Lease

      2-acre commercial land parcel available for ground lease.
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    • Contact for pricing
      213,309 SF

      Lacey Warehouse Space Available

      Large industrial warehouse space for lease in Lacey, Washington.
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    • $5,027 /Mo
      2,320 SF

      Modern Office Space Available

      Contemporary office suites in Lacey, WA, with freeway access.
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    • $22,683
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      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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      Lacey Office and Warehouse Space

      Functional office and warehouse space with flexible loading options.
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    • $29,727
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      Lacey Warehouse Space Available

      37,629 SF warehouse space available for lease immediately.
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    8675 Litt SE Dr
    Lacey, WA 98516-4672
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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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