Property Details
521 & 523 Boulevard Road SE
Olympia, WA 98501
$575,000
Active
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Property Overview
Outstanding opportunity in a highly desirable Olympia location! Featuring two income-producing 2-bedroom, 1-bath homes on one lot, plus a separate adjacent building lot zoned 4–8 units per acre. Currently rented, offering immediate returns with future upside. 523 is 769 sq. ft., built in 1962, and has been updated with a newer roof, flooring, and siding, and rented for $1,670.00 a month, while the front home, 521, is 839 sq. ft., built in 1965, and presents an opportunity for improvement with some TLC (currently rented for a VERY low rent of $787.50). Each residence includes an adjacent carport. Developers and investors will appreciate the flexibility—build on the additional lot 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! The listing reflects the combined sq. footage of 521 and 523, and each lot is 5,779 square feet. Taxes are $4,658.11 for 521 and 523, $1,824.27 for the lot. Recent inspections have been completed and are available upon request. Do not disturb the tenants. Viewing of the interior 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 Information
Property Type
Residential Income
Subtype
Multi Family
Status
Active
County
Thurston
Neighborhood
Olympia
Listed
May 1, 2026
Original Price
$599,950
Structure Type
Duplex
Parcel Number
48800100900
Tax & HOA
Annual Property Tax
$6,482 (2026)
Est. Monthly Tax
$540/mo
Financial Summary
Cap Rate
5.00%
Net Operating Income
$32,463
Gross Scheduled Income
$40,080
Gross Rent Multiplier
14.97
Total Expenses
$7,616
Building & Use
Building Sq Ft
1,588
Leasable Area
1,588 sqft
Total Units
2
Zoning
Residential,See Remarks
Possible Use
Residential, See Remarks
Lot Size
11,556 sqft
Year Built
1962
Exterior & Lot
Lot Size
0.27 sqft
Year Built
1962
Exterior Materials
Wood
Sewer
Sewer Connected
Water Source
Public
Lot Features
Paved
Exterior Features
Wood
Community & Access
Directions
I-5 South to Pacific Ave. SE, go west to Boulevard Rd SE, turn right, property will be the 6th and 7th parcels on the left. GPS friendly!
Location
City
Olympia
County
Thurston
Coordinates
47.04458, -122.86940
Additional Information
Tax Year
2026
Annual Taxes
$6,482
Possession
Array
Based on information submitted to the MLS GRID as of June 1, 2026 11:45 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.
