521 & 523 Boulevard Road SE, Olympia, WA 98501
- $549,000
- 1,588
- SqFt
Listing courtesy of Keller Williams Realty PS.
- List Price
- $549,000
- Status
- ACTIVE
- MLS#
- 2517453
- Price Change
- ▼ $26,000 1784780353
- Days on Market
- 89
- Style
- 52 - Duplex
- Finished SqFt
- 1,588
- Area Total SqFt
- 1588
- Annual Tax Ammount
- 6482.38
- Lot Size (sq ft)
- 11,558
- Sewer
- Sewer Connected
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.
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Additional Information
- List Date
- 2026-05-01 23:16:34
- Community
- Olympia
- Net Operating Income
- $32,463
- Gross Adjusted Income
- $40,080
- Gross Scheduled Income
- $40,080
- Total Monthly Income
- $2,458
- Insurance Expenses
- $1,134
- Gross Rent Multiplier
- 14.97
- Total Expenses
- $7,616
- Cap Rate
- 5
- Total Number of Units
- 2
- Unit Name
- 521 & 523
- Potential Terms
- Cash, Conventional
- Year Built
- 1962
- View
- Territorial
- Roof
- Composition
- Site Features
- Outbuildings
- Energy Source
- Electric
- School District
- Olympia
- Elementary School
- Buyer To Verify
- Middle School
- Buyer To Verify
- High School
- Buyer To Verify
- Total Monthly Income
- $2,458
- Gross Scheduled Income
- $40,080
- Gross Adjusted Income
- $40,080
- Tax Year
- 2026
- Insurance Expense
- $1,134
- Total Expenses
- $7,616
- Net Operating Income
- $32,463
- Gross Rent Multiplier
- 14.97
- Cap Rate
- 5
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