This listing courtesy of Julia Galleher , Keller Williams Realty PS

$575,000

521 & 523 Boulevard Road SE, Olympia, WA 98501

Multi-Family Home
Built in 1962
0.27acre lot
—— car garage
$——/sqft
Listed 19 days ago

Property Description

Outstanding opportunity in a highly desirable Olympia location! Featuring two income-producing 2-bedroom, 1-bath homes on one lot, plus a separate adjacent building lot zoned 4–8 units per acre. Currently rented, offering immediate returns with future upside. 523 is 769 sq. ft., built in 1962, and has been updated with a newer roof, flooring, and siding, and rented for $1,670.00 a month, while the front home, 521, is 839 sq. ft., built in 1965, and presents an opportunity for improvement with some TLC (currently rented for a VERY low rent of $787.50). Each residence includes an adjacent carport. Developers and investors will appreciate the flexibility—build on the additional lot while maintaining rental income, or explore options to condominiumize or short-plat for individual resale, with alley access available (buyer to verify). A rare combination of location, income, and development potential! The listing reflects the combined sq. footage of 521 and 523, and each lot is 5,779 square feet. Taxes are $4,658.11 for 521 and 523, $1,824.27 for the lot. Recent inspections have been completed and are available upon request. Do not disturb the tenants. Viewing of the interior will be upon mutual acceptance of the offer. What a great investment! The cap rate, GSI, etc., are based on unit 521 being rented for the same amount as unit 523.

Listing Status:: Active
Data Last Updated:: May 21, 2026 at 2:20AM
Listing Office:: Keller Williams Realty PS : 253-835-4500
Listing Agent:: Julia Galleher : 253-835-4500
MLS ID:: 2517453

Flooring: VinylVinyl PlankCarpet
A/C: None
Heating: Baseboard
Fireplace: Fireplaces: 0

General: Wood
Parking: Parking spaces: 4

Roofing: Composition
General: 52 - DuplexPillar/Post/Pier

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

Zoning: 48800100900
View: TerritorialView

Water: Public
Sewer: Sewer Connected

Source: nwmls

This listing courtesy of Julia Galleher , Keller Williams Realty PS

Monthly Payment

$Est. Payment

Principal & Interest $
Property Taxes $
Home Insurance $
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