Active · Residential

101 2nd Avenue SW, Olympia, WA 98512

Olympia, WA 98512

$495,000

4 bedrooms · 2 bathrooms · 1,322 sq ft

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Listing provided by Coldwell Banker Evergreen · MLS #2573230 · Active

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About this property

Two homes in one great property! Recently refreshed 3-bedroom main home is warm and inviting, with a fully detached 1-bedroom, 1-bath ADU offering a second, completely separate place to live or rent. Just off Tumwater’s historic core, near the Craft District, Brewery Park at Tumwater Falls, parks, trails and local schools, this is one of those properties where the options are the story. Live in the main home and rent the ADU. Live in the ADU and rent the larger home. Or rent both and let the numbers work for you. Current combined rents are $4,532/month, or $54,384/year. Seller-provided figures show $45,313 NOI and an approx. 8.4% cap rate based on current offering terms. Even with 20% down and conventional financing, current income and expenses show potential for positive cash flow. For an owner-occupant, rental income could offset a meaningful part of the monthly payment. For an investor, you have two rentable homes with established income. Major updates throughout! Roof of the ADU is brand new, and windows in the main house have been replaced. The location makes everyday life easy, with recreation, restaurants, schools and downtown Olympia nearby, plus direct access to I-5 for commuting north or south. Spend the morning walking Tumwater Falls, head to the Craft District for dinner. Two detached homes, established income, everyday livability and more than one smart way to own it. Investor, first time buyer or downsizing? This is the property you have been waiting for!

Property details

Property type: Single Family Residence
Year built: 1930
Lot size: 5,935 sq ft
Association dues: $0 · frequency not provided
Annual property tax: $2,977 (2025)
Parking spaces: 1
School district: Tumwater

Listings courtesy of Northwest MLS as distributed by MLS GRID.

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