Property Details
1438 Fones Rd SE #A&B
Olympia, WA 98501
$699,001
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Property Overview
Excellent Location & Strong Investment Opportunity! Well-maintained units in great condition, featuring thoughtful interior updates completed over the past few years. The property benefits from ongoing city road improvements along Fones Road, enhancing accessibility and long-term value. Ideally situated in a close-in location and very close to a freeway exit, this property offers easy commuting and excellent convenience. Enjoy stable and reliable rental income in a highly accessible area. Located within an Opportunity Zone, providing potential tax advantages and appealing estate planning considerations. Owner-occupancy may be possible in Unit A—adding flexibility for investors or owner-users alike. Recent upgrades include: New roof (2025) New water heater Updated flooring Upgraded electrical panel Don’t miss this unique investment opportunity!
Property Details
Property Information
Property Type
Residential Income
Subtype
Multi Family
Status
Active
County
Thurston
Neighborhood
Olympia
Listed
May 7, 2026
Financial Summary
Cap Rate
5.50%
Net Operating Income
$38,853
Gross Scheduled Income
$50,600
Gross Rent Multiplier
13.00
Total Expenses
$11,746
Vacancy Rate
5.0%
Building & Use
Building Sq Ft
2,383
Leasable Area
2,383 sqft
Total Units
2
Lot Size
15,268 sqft
Year Built
1955
Exterior & Lot
Lot Size
0.35 sqft
Year Built
1955
Garage
2 spaces
Exterior Materials
Brick, Wood
Sewer
Sewer Connected
Water Source
Public
Lot Features
Corner Lot
Exterior Features
Brick, Wood, Wood Products
Location
City
Olympia
County
Thurston
Coordinates
47.03469, -122.84654
Additional Information
Tax Year
2025
Annual Taxes
$6,996
Possession
Array
Based on information submitted to the MLS GRID as of May 7, 2026 7:45 PM. All data is obtained from various sources and may not have been verified by broker or MLS GRID. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
IDX information is provided exclusively for consumers’ personal, non-commercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Copyright 2026 NWMLS. All rights reserved.
IDX information is provided exclusively for consumers’ personal, non-commercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Copyright 2026 NWMLS. All rights reserved.
