Competing with the likes of basketball stars LeBron James and Diana Taurasi, not to mention speedskater Apolo Ohno, Michael Phelps had to be a longshot at capturing the coveted Sullivan Award, given annually to the nation’s top amateur athlete.

But Phelps, who has been beating the odds since he turned pro at the age of 15, became the first swimmer to win the award since Janet Evans in 1989.

Now 18, Phelps was overwhelmed over his latest achievement. “This is such an unbelievable honor,” he said last night at the New York Athletic Club, where he was presented the prestigious trophy from last year’s winner, Olympic gold medalist Sarah Hughes.

“It’s an amazing accomplishment just being in a group like this. It ranks right up there with everything else I’ve ever done.”

And he’s done a lot.

In 2003, Phelps became the first swimmer to set five world records at one meet at the World Championships. He also was the only man to win five U.S. national titles at the same championships.

Phelps, a Baltimore native, is the world-record holder in the 200 meter butterfly as well as the 200 and 400 individual medleys. In 2001 he became the youngest man ever to break a world record – at 15 years , 9 months – at the spring nationals in the 200 butterfly.

The other finalist was 57-year-old masters track-and-field athlete Philippa Raschker, an accountant from Marietta, Ga.