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Lilly Apartments 510 Lilly Rd SE 20 Unit Apartment Building $5,033,887 CAD ($251,694 CAD/Unit) 5.45% Cap Rate Olympia, WA 98501
Investment Highlights
- Ideal Unit Mix
- Consistent Mark-to-Market Upside
- Proximity to a Major Economic Hub and Employment Centers
- Attractive Seller Financing
- Low Rent Burden with Robust Submarket Rent Growth
- High-Income Surrounding Demographics
Executive Summary
Lilly Apartments offers investors the rare opportunity to acquire a proven value-add asset with immediate yield and clear upside in one of Western Washington’s most durable rental markets. The 20-unit property has already seen substantial interior renovation progress, with 16 units upgraded, two partially completed, and only two classic units remaining—allowing new ownership to step into a largely de-risked renovation story with meaningful runway still ahead.
Situated in a highly accessible infill location near Providence St. Peter Hospital, just one mile from I-5 and a short drive to Joint Base Lewis-McChord, the property is ideally positioned to capture sustained renter demand driven by major employment anchors and regional connectivity. With attractive seller financing that drives 9.5%+ day-one cash-on-cash returns, and the ability to continue pushing rents through completion of the renovation plan, Lilly Apartments stands out as a compelling opportunity to secure both strong current income and future appreciation.
• 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 reflect an average increase of approximately 2.15% over prior rents, 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.
Situated in a highly accessible infill location near Providence St. Peter Hospital, just one mile from I-5 and a short drive to Joint Base Lewis-McChord, the property is ideally positioned to capture sustained renter demand driven by major employment anchors and regional connectivity. With attractive seller financing that drives 9.5%+ day-one cash-on-cash returns, and the ability to continue pushing rents through completion of the renovation plan, Lilly Apartments stands out as a compelling opportunity to secure both strong current income and future appreciation.
• 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 reflect an average increase of approximately 2.15% over prior rents, 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.
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Property Facts
| Price | $5,033,887 CAD | Building Class | C |
| Price Per Unit | $251,694 CAD | Lot Size | 0.50 AC |
| Sale Type | Investment | Building Size | 9,900 SF |
| Cap Rate | 5.45% | Average Occupancy | 90% |
| No. Units | 20 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1969 |
| Property Subtype | Apartment | Parking Ratio | 3.23/1,000 SF |
| Apartment Style | Low-Rise | ||
| Zoning | GC | ||
| Price | $5,033,887 CAD |
| Price Per Unit | $251,694 CAD |
| Sale Type | Investment |
| Cap Rate | 5.45% |
| No. Units | 20 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.50 AC |
| Building Size | 9,900 SF |
| Average Occupancy | 90% |
| No. Stories | 2 |
| Year Built | 1969 |
| Parking Ratio | 3.23/1,000 SF |
| Zoning | GC |
Amenities
Unit Amenities
- Air Conditioning
- Dishwasher
- Microwave
- Heating
- Carpet
- Smoke Free
Site Amenities
- Vision Impaired Accessible
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 16 | - | 475 |
| 2+1 | 4 | - | 575 |
1 1
Moderately walkable
70/100
Exceptionally drivable
100/100
Some public transit
40/100
Fairly bikeable
40/100
Property Taxes
| Parcel Number | 65100500101 | Improvements Assessment | $2,255,726 CAD |
| Land Assessment | $1,190,446 CAD | Total Assessment | $3,446,172 CAD |
Property Taxes
Parcel Number
65100500101
Land Assessment
$1,190,446 CAD
Improvements Assessment
$2,255,726 CAD
Total Assessment
$3,446,172 CAD
Contacts
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Chad Blenz -
Mitchell Belcher -
Steven Chattin -
Jay Timpani -
Brandon Lawler -
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Lilly Apartments | 510 Lilly Rd SE
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