521 & 523 Boulevard Road SE, Olympia, WA 98501 (MLS # 2562735)
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Listing provided courtesy of Northwest MLS; Keller Williams Realty PS
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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 alos for sale. 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 on a month to month 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. 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.
| LAST UPDATED | 7/31/2026 | TRACT | Olympia |
|---|---|---|---|
| YEAR BUILT | 1962 | COMMUNITY | Olympia |
| COUNTY | Thurston | STATUS | Active |
| PROPERTY TYPE(S) | Single Family |
| Elementary School | Buyer To Verify |
|---|---|
| Jr. High School | Buyer To Verify |
| High School | Buyer To Verify |
| ADDITIONAL DETAILS | |
| AIR | None |
|---|---|
| APPLIANCES | Electric Water Heater, Refrigerator, Water Heater |
| AREA | 447 - Olympia North |
| BASEMENT | None |
| CONSTRUCTION | Wood Siding |
| HEAT | Baseboard, Electric |
| INTERIOR | Water Heater |
| LOT | 5780 sq ft |
| LOT DESCRIPTION | Paved |
| LOT DIMENSIONS | 110 x 53 & 110 X 53 |
| MLS STATUS | Active |
| PARKING | Attached Carport |
| STORIES | 1 |
| STYLE | 10 - 1 Story |
| SUBDIVISION | Olympia |
| TAXES | 4658.11 |
| UTILITIES | Sewer Connected |
| VIEW | Yes |
| VIEW DESCRIPTION | Territorial |
| WATER | Public |
TOTAL MONTHLY PAYMENT
| SATELLITE VIEW |
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Properties with the 
icon are courtesy of Northwest MLS.
Listings courtesy of Northwest MLS as distributed by MLS GRID. Based on information submitted to the MLS GRID as of 8/1/26 1:55 PM PDT. All data is obtained from various sources and may not have been verified by broker or MLS GRID. IDX information is provided exclusively for consumers’ personal noncommercial use, that it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. 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.
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