This listing courtesy of Spence Weigand , Virgil Adams Real Estate, Inc.

$599,900

2009 Water Street SW, Olympia, WA 98501

Multi-Family Home
Built in 1940
0.64acre lot
—— car garage
$——/sqft
Listed 2 days ago

Property Description

Rare opportunity in the prestigious South Capitol neighborhood! This renovated duplex is located on a quiet street just 5 blocks from the State Capitol campus and minutes from the markets and restaurants of downtown Olympia. Situated next to a serene pocket park, the property offers a peaceful setting with a strong cap rate and ATTRACTIVE OWNER FINANCING. Large picture windows provide fantastic natural light and beautiful territorial views with pleasant spots to gaze at Capitol Lake through the surrounding tall trees. The upper unit features gorgeous refinished red oak floors and a working wood stove for cozy evenings. The lower unit includes a private deck perfect for relaxing. Both units are small and highly practical, offering 1 bedroom and 1 bathroom each. The kitchens are bright with new countertops, plenty of storage, and dedicated eating spaces. Modern upgrades include new water heaters and stacked washer and dryer systems in both units. With rents increased in the last year, this is a turnkey investment or an ideal primary residence with rental income to offset the mortgage. Enjoy being close to everything the city has to offer while living in one of Olympia's most sought-after areas. This property combines charm, modern amenities, and a prime location for any savvy buyer. Don't miss out on this versatile duplex in the heart of South Capitol. Access to upper unit only, lower unit will be accessible upon signed purchase and sale agreement.

Listing Status:: Active
Data Last Updated:: April 5, 2026 at 5:24PM
Listing Office:: Virgil Adams Real Estate, Inc. : 360-352-3756
Listing Agent:: Spence Weigand : 360-352-3756
MLS ID:: 2499842

Flooring: HardwoodVinyl
A/C: None
Heating: BaseboardStove/Free Standing
Fireplace: Fireplaces: 0

General: Wood
Parking: Parking spaces: 0

Roofing: Composition
General: 52 - DuplexPoured Concrete

HOA Amenities: 0.0
Originating MLS: nwmls
School District: Olympia
County: Thurston

Zoning: 60500201300
View: LakeTerritorialView

Water: Public
Sewer: Sewer Connected

Source: nwmls

This listing courtesy of Spence Weigand , Virgil Adams Real Estate, Inc.

Monthly Payment

$Est. Payment

Principal & Interest $
Property Taxes $
Home Insurance $
VA Funding Fee $

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Location

Schools Nearby

Lincoln Elementary School

213 21st Ave SE, Olympia, WA, 98501

Grades KG-5

0.21 miles away

Olympia Regional Learning Academy

2400 15th Ave SE, Olympia, WA, 98501

Grades KG-12

1.74 miles away

Olympia High School

1302 North St SE, Olympia, WA, 98501

Grades 9-12

1.23 miles away

Disclaimer: School and School District information courtesy of the National Center for Education Statistics (NCES). School boundaries may change. Proximity to listed schools does not guarantee enrollment eligibility. Contact the school district for more information and exact boundaries.