Pending · Residential Income

521 & 523 Boulevard Road SE, Olympia, WA 98501

Olympia, WA 98501

$499,950

— bedrooms · — bathrooms · 0 sq ft

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Listing provided by Keller Williams Realty PS · MLS #2517453 · Pending

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About this property

RARE OLYMPIA INVESTMENT + DEVELOPMENT OPPORTUNITY! Two 2-bedroom, 1-bath rental homes PLUS a separate adjacent 5,779 sq. ft. building lot—all offered together at $499,950. Live in one, rent both, or explore future development possibilities while maintaining existing rental income. 523 Boulevard Rd SE is 769 sq. ft., built in 1962, and features a newer roof, siding and flooring. It was rented for $1,670/month. 521 is 839 sq. ft., built in 1965, and offers additional upside with some TLC; current rent is well below market at $787.50/month on a month-to-month basis. Each home includes a carport. The adjacent lot offers exciting potential for investors and developers. Explore building while retaining rental income, or investigate condominiumization or short-plat possibilities for individual resale. Alley access may provide additional flexibility (buyer to verify). Each lot is approximately 5,779 sq. ft. and zoning allows 4–8 units per acre. Commercial zoning is nearby on the other side of the street. Recent property-management inspections are available upon request. Combined square footage of both residences is reflected in the listing. Taxes: $4,658.11 for 521/523 and $1,824.27 for the additional lot. Please do not disturb tenants. Interior viewing of 521 upon mutual acceptance. Two homes. Two lots. Existing income. Future potential—all for $499,950!! The cap rate, GSI, etc., are based on unit 521 being rented at the same amount as 523.

Property details

Property type: Multi Family
Year built: 1962
Lot size: 11,558 sq ft
Association dues: $0 · frequency not provided
Annual property tax: $6,482 (2026)
Parking spaces: 4
School district: Olympia

Listings courtesy of Northwest MLS as distributed by MLS GRID.

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