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521 Boulevard Road Se, 
Olympia, WA 98501

$575,000

—

Bed

—

Bath

1,588

Sq Ft

Multi-Family

Active

Listed by

Julia Galleher

Keller Williams Realty Ps

Last updated:

June 6, 2026, 11:05 AM

MLS#

2517453

Source:

NWMLS

About This Home

521 Boulevard Road Se

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.

Home Facts

Multi-Family

Built in 1962

Price Summary

575,000

$362 per Sq. Ft.

MLS #:

2517453

Last Updated:

June 6, 2026, 11:05 AM

Rooms & Interior

Interior

Living Area:

1,588 Sq. Ft.

Structure

Structure

Building Area:

1,588 Sq. Ft.

Year Built:

1962

Lot

Lot Size (Sq. Ft):

11,558

Finances & Disclosures

Finances

Price:

$575,000

Price per Sq. Ft:

$362 per Sq. Ft.

MLS Logo
Listings courtesy of Northwest MLS as distributed by MLS GRID. Based on information submitted to the MLS GRID as of June 6, 2026. All data is obtained from various sources and may not have been verified by broker or MLS GRID. 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. Listing information is provided for consumers' personal, non-commercial use, solely to identify prospective properties for potential purchase; all other use is strictly prohibited and may violate relevant federal and state law. Information deemed reliable but not guaranteed. Copyright © 2026 MLS GRID. All Rights Reserved.

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Contact an Agent

Yes, I would like more information. Please use and/or share my information with a Coldwell Banker ® affiliated agent to contact me about my real estate needs. By clicking Contact, I request to be contacted by phone or text message and consent to being contacted by automated means. I understand that my consent to receive calls or texts is not a condition of purchasing any property, goods, or services. Alternatively, I understand that I can access real estate services by email or I can contact the agent myself.

If a Coldwell Banker affiliated agent is not available in the area where I need assistance, I agree to be contacted by a real estate agent affiliated with another brand owned or licensed by Anywhere Real Estate (BHGRE®, CENTURY 21®, Corcoran®, ERA®, or Sotheby's International Realty®). I acknowledge that I have read and agree to the terms of use and privacy notice.