Listed by Julia Galleher of Keller Williams Realty PS
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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Listing data courtesy of NWMLS as provided by MLS Grid as of October 1, 2026 11:33 PM UTC . All data is obtained from various sources and has not been, and will not be, verified by broker or NWMLS. All information should be independently reviewed and verified for accuracy.  Properties may or may not be listed by the office/agent presenting the information. Supplied Open House Information is subject to change without notice. Many homes contain recording devices, and buyers should be aware they may be recorded during a showing. Listing data shown with the three tree icon are provided courtesy of NWMLS. Some IDX listings have been excluded from this website. IDX information is provided exclusively for consumers’ personal non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.  The data is deemed reliable but is not guaranteed.

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