2009 Water Street SW Olympia, WA $ 599,900
2009 Water Street SW
$ 599,900
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2009 Water Street SW

Olympia, WA, 98501
$ 599,900
Baths0.0 Sq 1,316

Monthly Estimate*

$ 3,694

Listed by Virgil Adams Real Estate, Inc.
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Studio

Multi-Family Home for sale in Olympia, WA

for $599,900. This 1,316 square foot home was built in 1940 on a lot size of 0.6404.

Rare opportunity in the prestigious South Capitol neighborhood! This renovated duplex is located on a quiet street just 5 blocks from the State Capitol campus and minutes from the markets and restaurants of downtown Olympia. Situated next to a serene pocket park, the property offers a peaceful setting with a strong cap rate and ATTRACTIVE OWNER FINANCING. Large picture windows provide fantastic natural light and beautiful territorial views with pleasant spots to gaze at Capitol Lake through the surrounding tall trees. The upper unit features gorgeous refinished red oak floors and a working wood stove for cozy evenings. The lower unit includes a private deck perfect for relaxing. Both units are small and highly practical, offering 1 bedroom and 1 bathroom each. The kitchens are bright with new countertops, plenty of storage, and dedicated eating spaces. Modern upgrades include new water heaters and stacked washer and dryer systems in both units. With rents increased in the last year, this is a turnkey investment or an ideal primary residence with rental income to offset the mortgage. Enjoy being close to everything the city has to offer while living in one of Olympia's most sought-after areas. This property combines charm, modern amenities, and a prime location for any savvy buyer. Don't miss out on this versatile duplex in the heart of South Capitol. Access to upper unit only, lower unit will be accessible upon signed purchase and sale agreement.

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Multi-Family Active

Price

$ 599,900

Bedrooms

Studio

Property Type

Multi-Family

Taxes

$ 5,112

Style

Duplex

Lot Size

0.6404

Year Built

1940

Town/City

Olympia

County/Region

Thurston

MLS | Web ID

2499842

Features
General
Living Area 0
Sewer Sewer Connected
Heating Baseboard Stove/Free Standing
Cooling None
Possession Subject To Tenant Rights
Roof Composition
HOA Fee 0
Garage Spaces 0
Year Built 1940
View Lake Territorial
Property Subtype Multi Family
Tax Year 2026
County Thurston
Net Operating Income 30857
Insurance Expense 1262
New Construction N
Property Type Residential Income
HOA N
Subdivision Name Olympia
Special Listing Conditions None
Status Active
Directions South on Capitol Way from downtown right on 20th left on Water to home on right.
High School Olympia High
City Olympia
Senior Community Y/N N
High School District Olympia
Number Of Units Total 2
MLS Area 447 - Olympia North
Lot Size Units Square Feet
Lot Size Square Feet 27895
Carport Spaces 0
Carport Y/N N
Listing Terms Cash Conventional Owner Will Carry See Remarks
Elementary School Lincoln Elementary
Tax Annual Amount 5112
Electric Expense 0
Fuel Expense 0
Middle/Junior High School Wash Mid
Property Condition Very Good
Public Remarks Rare opportunity in the prestigious South Capitol neighborhood! This renovated duplex is located on a quiet street just 5 blocks from the State Capitol campus and minutes from the markets and restaur
Leasable Area 1316
Structure Type Duplex
Building Area Units Square Feet
Standard Status Active
Water Company City of Olympia
Units Below Grade true
Units In Building Total 2
Water Sewer Garbage 2609
Property Style 52 - Duplex
Cap Rate 5.14
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Exterior
Exterior Amenities Wood
Lot Features Curbs Paved Sidewalk
Water Source Public
Total Parking 0
Foundation Details Poured Concrete
Building Area Total 1316
Lot Size Acres 0.6404
Waterfront Y/N N
Covered Spaces 0
Irrigation Water Rights Y/N N
Site Features Cable TV Deck Gas Available High Speed Internet Patio
Parking Uncovered Total 0
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Interior
Flooring Hardwood Vinyl
Total Fireplaces 0
Total Stories 2
Air Conditioning Y/N N
Heating Y/N Y
Fireplace Y/N N
Power Production Type Electric Wood
Baths Three Quarter Upper 0
Bedrooms Upper 0
Baths Half Upper 0
Baths Full Upper 0
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Internal Only
OriginalMLSID NWM2499842
Street Number 1 2009
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* Excluded Features
List By
Spence Weigand

Listing Agent

Virgil Adams Real Estate, Inc.

Broker

Affordability Calculator

$4,120
Per Month
90%
10%
0%
Monthly Principal & Interest
$3,694
Monthly Property Taxes
$426
Monthly Home Insurance
--
Default based on a 30-year fixed rate of 6.25% with 20% down. The estimated payment is offered for convenience and is not an offer of credit. Due to market fluctuations, interest rates are subject to change at any time and without notice. Your individual rate may vary. Rates may differ for FHA, VA or jumbo loans.
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Nearby
4032182 Elementary School
257240 Middle School
Olympia High High School
Pricing History
DatePricePrice ChangeDescription
4/3/2026$599,900 Listed Price

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2009 Water Street SW, Olympia, WA, 98501 is a Multi-Family Home for sale at $599,900 with 1,316 sqft and a lot size of 0.6404. 2009 Water Street SW is a studio with 0.0 baths and was built in 1940. The property's zip code is 98501 which is in Olympia, WA