Pending · Residential

521 & 523 Boulevard Road SE, Olympia, WA 98501

Olympia, WA 98501

$450,950

4 bedrooms · 2 bathrooms · 1,588 sq ft

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Listing provided by Keller Williams Realty PS · MLS #2562735 · Pending

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About this property

Outstanding opportunity in a highly desirable Olympia location! Featuring two income-producing 2-bedroom, 1-bath homes on one lot. The neighboring building lot, also zoned for 4–8 units per acre, is for sale separately. 523 is 769 sq. ft., built in 1962, and has been updated with a newer roof, flooring, and siding, and was rented for $1,670.00 a month. The front home, 521, is 839 sq. ft., built in 1965, and presents an opportunity for improvement with some TLC (currently rented on a month-to-month basis for a VERY low rent of $787.50). Each residence includes an adjacent carport. Developers and investors will appreciate the flexibility, purchase the adjacent lot and build 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! Each lot is 5,779 square feet. Recent inspections have been completed and are available upon request. Do not disturb the tenants. Interior viewing of unit 521 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.

Property details

Property type: Single Family Residence
Year built: 1962
Lot size: 5,779 sq ft
Association dues: $0 · frequency not provided
Annual property tax: $4,658 (2026)
Parking spaces: 2
School district: Olympia

Listings courtesy of Northwest MLS as distributed by MLS GRID.

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