Property Details
503 Devoe Street NE
Olympia, WA 98506
$659,000
Active
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Property Overview
Great opportunity to acquire a freshly remodeled duplex in excellent condition with tremendous income producing potential. Or occupy one side and lease out the other to decrease your mortgage payment. Located on Olympia’s Eastside in the UGA, just outside city limits, this 2011-built duplex offers two established rental units plus potential to expand. The property includes a 3-bedroom, 2-bath unit with a 1-car garage and a fully remodeled 2-bedroom, 1-bath unit with a 1-car garage. The smaller unit has been extensively updated with LVP flooring, quartz countertops, new kitchen cabinets, appliances, doors, millwork, trim, and fresh paint. The nearly half-acre lot provides potential to develop an additional duplex, creating the possibility for four total units and increased income-producing capacity. Strong location, Olympia schools, existing rental income, and future possibilities for development. This is a great location within walking distance to most Eastside Olympia amenities, but has a rural feel of living in the country!
Property Details
Property Information
Property Type
Residential Income
Subtype
Multi Family
Status
Active
County
Thurston
Neighborhood
Eastside Olympia
Listed
Aug 11, 2026
Structure Type
Duplex
Parcel Number
34201100203
Tax & HOA
Annual Property Tax
$6,873 (2025)
Est. Monthly Tax
$573/mo
Financial Summary
Cap Rate
6.34%
Net Operating Income
$45,327
Gross Scheduled Income
$53,400
Gross Rent Multiplier
13.39
Total Expenses
$8,073
Vacancy Rate
50.0%
Building & Use
Leasable Area
2,422 sqft
Total Units
2
Zoning
Multi-Family,Residential
Possible Use
Multi-Family, Residential
Year Built
2011
Exterior & Lot
Lot Size
0.44 sqft
Year Built
2011
Garage
3 spaces
Exterior Materials
Cement Plank, Wood
Sewer
Septic Tank
Water Source
Public
Lot Features
Dead End Street, Paved
Exterior Features
Cement Planked, Wood
Community & Access
Directions
From 1-5 head west on Pacific Ave, Right on Devoe St, cross Martin Way, property is on the left.
Location
City
Olympia
County
Thurston
Coordinates
47.04947, -122.86140
Additional Information
Tax Year
2025
Annual Taxes
$6,873
Possession
Array
Based on information submitted to the MLS GRID as of August 11, 2026 10:00 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.
