521 & 523 Boulevard Road SE, Olympia, WA, 98501
About This Home
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!
Getting Around
Very Walkable
Some Transit
Biker's ParadiseSchools
Construction
Condition
- Year built: 1962
Materials
- Roof: Composition
- Construction materials: Wood Siding
Type & Style
- Home type: SingleFamily
- Architectural style: 1 Story
- Property subType: Single Family Residence
Interior
Appliances
- Appliances included: Refrigerator,Stove(s)/Range(s),Refrigerator(s),Water Heater: Electric,Water Heater Location: Kitchen
Basement
- Basement: None
Bathroom Full
- Level: Main
Bathroom Full
- Level: Main
Bedroom
- Level: Main
Bedroom
- Level: Main
Bedroom
- Level: Main
Bedrooms & Bathrooms
- Bedrooms: 4
- Bathrooms: 2
- Full bathrooms: 2
- Main level bathrooms: 2
- Main level bedrooms: 4
Entry Hall
- Level: Main
Features
- Flooring: Vinyl,Vinyl Plank,Carpet
Heating & Cooling
- Heating features: Baseboard,Electric
- Cooling features: None
Interior Area
- Total structure area: 1,588
- Total interior livable area: 1,588 sqft
Kitchen Without Eating Space
- Level: Main
Living Room
- Level: Main
Master Bedroom
- Level: Main
Utility Room
- Level: Main
Property
Details
- Parcel number: 48800100900
- Zoning: R-4-8
- Zoning description: Jurisdiction: City
- Special condition: Standard
Features
- Levels: One
- Stories: 1
- Entry location: Main
- Patio & porch: Water Heater
- Has view: Yes
- View description: Territorial
- Topography of land: Level
Lot
- Lot size: 0.27 Acres
- Features: Paved,Outbuildings
- Lot size dimensions: 110 x 53 & 110 x 53
Parking
- Total spaces: 2
- Parking features: Attached Carport
- Covered spaces: 2
- Carport: Yes
- Carport spaces: 2
Climate Risk is Financial Risk
Every home has a financial story beyond the listing price. Below, you’ll see the climate risks that could affect this property — and in Bills & Affordability, how those risks may influence repairs, insurance, utilities, and long-term value.
Biggest Threats for This Home
- Earthquake
- Heat Wave
- Inland Flooding
How This Home’s Risks Compare
FEMA Declared Disasters in Thurston County and Washington
Understanding the Costs
Financial advisors generally recommend spending no more than 30% of your gross household income on housing costs. In practice, many households stretch to 35% or beyond — especially in high-cost markets.
Estimated Costs Today
| Monthly | Annual | |
|---|---|---|
| Mortgage | $2,776 | $33,312 |
| Home Insurance * | $125 | $1,500 |
| Property Taxes | $375 | $4,500 |
| Electricity | $149 | $1,793 |
| Total | $3,425 | $41,100 |
Income You'd Need if You Spent...
Washington FAIR Plan Programs
How Costs Could Change Over Time
Climate risk is quickly impacting all of the major home ownership costs. Adjust the growth rates and percentage of income spent on housing below to see how your housing costs could change over the next 10 years — and what income you'd need to keep up.
Comparing Against the Market
Price Per Sq Ft
vs Other Active Listings
Avg $/sqft
vs Homes Sold Last Month
Median $/sqft
Current Market Trends
Median Price Per Square Foot
The median price per square foot of homes sold in this area each month. Compare this to this listing's price per square foot to gauge whether the home is priced in line with recent sales.
Historicals for This Listing
Zestimate History ($/sqft)
Price History
| Date | Event | Price |
|---|---|---|
| 2026-05-01 | Listed for sale | $599,950 |
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