Lilly Apartments features a total of 20 units across two buildings, with a great unit mix of both one- and two-bedroom floorplans. Ownership has fully renovated 16 units, partially renovated two units, and left the remaining two units in classic condition ready for renovation under the already proven scope.

There is an opportunity to take advantage of investor-friendly seller financing that drives a 9.5%+ cash-on-cash return from day one.

Recent leases at Lilly Apartments are currently outpacing in-place rents: the two most recent leases came in 2.2% higher, and the five most recent leases show a 1.1% increase, demonstrating clear and ongoing rent growth potential.

Annual in-place rents at Lilly Apartments account for only 14% of average household income for the area, reflecting strong affordability and meaningful capacity for future rent increases.

Asking rents in the submarket have climbed 20.7% since 2021, affirming the strength of the local rental environment.

The Port of Olympia, just three miles away, supports over 5,000 local jobs and generates $447M in business revenue and $308M in personal income, directly fueling renter demand in the submarket.

Households within three miles of Lilly Apartments earn a median income of $98,000 and an average income of $115,000, supporting strong renter affordability and continued upside for rent growth. (Sitewise Report)

Six miles from Lilly Apartments, Olympia’s largest employment corridor spans 160 acres of industrial and business parks — including Light Industrial Park, Lacey Business Park, Hill Betti Business Park, and Meridian Campus — where major employers such as Home Depot, Target, and Amazon anchor the area’s economic base.