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The Lilly Apartments
Address
City, State, Zip
Residential Units
In-Place Cap Rate
Year Built
Building Size
Average Unit Size
Lot Size
Parcel Number
County
510 Lilly Rd SE
Olympia, WA 98501
20
7.86%
1969
9,900 NRSF
495 SF
21,780 SF / 0.5 acres
65100500101
Thurston
$3,597,000
Berkadia Seattle presents The Lilly Apartments, a 20-unit apartment community located in Olympia, Washington. With an in-place cap rate of 7.86%, the property presents an ideal opportunity to invest in one of the fastest-growing regions on the state. Situated less than four miles from downtown just off the area's main arterial, The Lilly is perfectly positioned for new ownership to continue the proven value-add program and raise rents across the property to market rate.
Investment Highlights
Fully occupied community built in 1969; cosmetic and system upgrades including new roof, electrical and windows completed over the past several years; in-place rent are as low as $100+ below market rates
Value-Add Investment
Ideal Unit Mix
Fully occupied community built in 1969; cosmetic and system upgrades including new roof, electrical and windows completed over the past several years; in-place rent are as low as $100+ below market rates
Proven Rent Premium
Capitalize on demand by continuing value-add program; remodeled units are achieving rent premiums up to $217
Excellent Submarket
Well-educated workforce with stable government jobs; $1,655 per month average effective rent in 3Q22, up 8.6% year over year
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Mitchell Belcher
Managing Director
206.801.3072
mitchell.belcher@berkadia.com
Steven Chattin
Managing Director
206.521.7224
steven.chattin@berkadia.com
Jay Timpani
Managing Director
206.801.3067
jay.timpani@berkadia.com
Beau Krueger
Associate Director
425.765.6780
beau.krueger@berkadia.com
Chad Blenz
Director
206.801.3075
chad.blenz@berkadia.com
Richard Pigott
Associate Director
224.456.7141
richard.pigott@berkadia.com
Michael Manolides
Associate Director
253.670.2143
michael.manolides@berkadia.com
411 108th Ave NE
Suite 1080
Bellevue, WA 98004
Phone: 206.521.7220
Fax: 206.521.7222
Email Us
OUR OFFICE
INVESTMENT ADVISORS
Robert Doxsee
Managing Director
425.777.0235
robert.doxsee@berkadia.com
MORTGAGE BANKING
Questions? Get in Touch!
Jay Timpani
Managing Director
206.999.3206
jay.timpani@berkadia.com
Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage loan brokerage business in Nevada.
© 2023 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by the Tax Credit Syndication group. For state licensing details for the above entities, visit: https://www.berkadia.com/licensing/.
510 Lilly Rd SE | Olympia, WA 98501
20-Unit proven value-add opportunity
Olympia. wa
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CLASSIC 1 BED / 1 BATH
RENOVATED 1 BED / 1 BATH
CLASSIC 2 BED / 1 BATH
RENOVATED 2 BED / 1 BATH
TOTAL / AVERAGE
8 Units | 475 SF
8 Units | 475 SF
3 Unit | 575 SF
1 Units | 575 SF
20 Units | 495 SF
apartments
Built in 1969, The Lilly Apartments are comprised of 16 one and four two-bedroom apartments averaging 495 square feet across two buildings. Nine units have been fully renovated, while 12 units are in classic condition. New ownership will have the opportunity to continue the proven value-add program and increase rents across the property.
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