$575,000
Est. $2,914/mo521 & 523 Boulevard Road Se, Olympia, WA 98501
• Listed 2026-05-01•12 days on market
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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.
Listed by Julia Galleher • Keller Williams Realty PS
Listing updated: June 1, 2026 at 04:30pm
RexMont checked: moments ago
Source: NWMLS as Distributed by MLS Grid #2517453
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521 & 523 Boulevard Road Se, Olympia, WA 98501
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Olympia is a seller's market.
Inventory is low and competition is high. Sellers have more negotiating power.
Offer insight: Many homes get multiple offers, some with waived contingencies.
List to sale price: The average home sells very close to list price.
Time on market: The average home goes pending in around 8 days.
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Distance
Closed sales from MLS GRID / NWMLS within the past 6 months, matched on property type and within 1 mile. Comps approximate.
Want a deeper read on this market?
Ask a RexMont agentMarket data from MLS GRID / NWMLS · Updated Jun 2026
Olympia School District
Assigned schools for this property per the listing's MLS data. School district boundaries change — verify the exact assigned schools with the district before purchasing.
