521 & 523 Boulevard Road SE, Olympia, WA 98501
- $499,950
- 1,588
- SqFt
Listing courtesy of Keller Williams Realty PS.
- List Price
- $499,950
- Status
- ACTIVE
- MLS#
- 2517453
- Price Change
- ▼ $20,050 1788070938
- Days on Market
- 122
- Style
- 52 - Duplex
- Finished SqFt
- 1,588
- Area Total SqFt
- 1588
- Annual Tax Ammount
- 6482.38
- Lot Size (sq ft)
- 11,558
- Sewer
- Sewer Connected
Property Description
RARE OLYMPIA INVESTMENT + DEVELOPMENT OPPORTUNITY! Two 2-bedroom, 1-bath rental homes PLUS a separate adjacent 5,779 sq. ft. building lot—all offered together at $499,950. Live in one, rent both, or explore future development possibilities while maintaining existing rental income. 523 Boulevard Rd SE is 769 sq. ft., built in 1962, and features a newer roof, siding and flooring. It was rented for $1,670/month. 521 is 839 sq. ft., built in 1965, and offers additional upside with some TLC; current rent is well below market at $787.50/month on a month-to-month basis. Each home includes a carport. The adjacent lot offers exciting potential for investors and developers. Explore building while retaining rental income, or investigate condominiumization or short-plat possibilities for individual resale. Alley access may provide additional flexibility (buyer to verify). Each lot is approximately 5,779 sq. ft. and zoning allows 4–8 units per acre. Commercial zoning is nearby on the other side of the street. Recent property-management inspections are available upon request. Combined square footage of both residences is reflected in the listing. Taxes: $4,658.11 for 521/523 and $1,824.27 for the additional lot. Please do not disturb tenants. Interior viewing of 521 upon mutual acceptance. Two homes. Two lots. Existing income. Future potential—all for $499,950!! The cap rate, GSI, etc., are based on unit 521 being rented at the same amount as 523.
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Additional Information
- List Date
- 2026-05-02 01:44:11
- Community
- Olympia
- Net Operating Income
- $32,463
- Gross Adjusted Income
- $40,080
- Gross Scheduled Income
- $40,080
- Total Monthly Income
- $2,458
- Insurance Expenses
- $1,134
- Gross Rent Multiplier
- 14.97
- Total Expenses
- $7,616
- Cap Rate
- 5
- Total Number of Units
- 2
- Unit Name
- 521 & 523
- Potential Terms
- Cash, Conventional
- Year Built
- 1962
- View
- Territorial
- Roof
- Composition
- Site Features
- Outbuildings
- Energy Source
- Electric
- School District
- Olympia
- Elementary School
- Buyer To Verify
- Middle School
- Buyer To Verify
- High School
- Buyer To Verify
- Total Monthly Income
- $2,458
- Gross Scheduled Income
- $40,080
- Gross Adjusted Income
- $40,080
- Tax Year
- 2026
- Insurance Expense
- $1,134
- Total Expenses
- $7,616
- Net Operating Income
- $32,463
- Gross Rent Multiplier
- 14.97
- Cap Rate
- 5
Based on information submitted to the MLS GRID as of . 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 noncommercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.