Outstanding opportunity in a highly desirable Olympia location! Featuring two income-producing 2-bedroom, 1-bath homes on one lot. The neighboring building lot, also zoned for 4-8 units per acre, is for sale separately. 523 is 769 sq. ft., built in 1962, and has been updated with a newer roof, flooring, and siding, and was rented for $1,670.00 a month. The front home, 521, is 839 sq. ft., built in 1965, and presents an opportunity for improvement with some TLC (currently rented on a month-to-month basis for a VERY low rent of $787.50). Each residence includes an adjacent carport. Developers and investors will appreciate the flexibility, purchase the adjacent lot and build 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! Each lot is 5,779 square feet. Recent inspections have been completed and are available upon request. Do not disturb the tenants. Interior viewing of unit 521 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.
| MLS # | 2562735 |
|---|---|
| Listing Type | For Sale |
| Style | House |
| Building Name | Fourth St Blvd Add Olympia |
| Sub-Type | Resale |
| Status | Active |
| Year | 1962 |
| Days On Site | 23 |
| Listing Provided By | Keller Williams Realty PS | Julia Galleher |
| Bed(s) | 4 |
|---|---|
| Bath(s) | 2 Total |
| SQ Feet | 1,588 |
| Car Port | Yes |
| Story(s) | 1 |
| Zoning | R-4-8 |
| Acreage | 0.13 |
| Property View | Yes |
| Property | 4658 |
|---|
| State | WA |
|---|---|
| County | Thurston |
| City | Olympia |
| Zip Code | 98501 |
| Area | 447 Olympia North |
| Community Name | Olympia |
| School District | Buyer To Verify |
| Elementary School | Buyer To Verify |
| High School | Buyer To Verify |
| Listing VS Median (in Olympia) | |
Price: $450,950 low | high Med: $574,950 sqft: 1,588 low | high Med: 2,330 $ / sqft: $284 low | high Med: $247 On site: 23 low | high Med: 70 | |
| State | WA |
|---|---|
| County | Thurston |
| City | Olympia |
| Zip Code | 98501 |
| Area | 447 Olympia North |
| Community Name | Olympia |
| School District | Buyer To Verify |
| Elementary School | Buyer To Verify |
| High School | Buyer To Verify |
| Listing VS Median (in Olympia) | |
Price: $450,950 low | high Med: $574,950 sqft: 1,588 low | high Med: 2,330 $ / sqft: $284 low | high Med: $247 On site: 23 low | high Med: 70 | |