2009 Water Street Sw, Olympia, Washington 98501

WA, Olympia
$575,000
  • 1,316 Sqft
  • Residential Income Property Type
  • 1940 Year Built
  • Active Status
Property Description

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.

Source: NWMLS
Basic Details
  • Property Type: Residential Income
  • Listing Type: For Sale
  • Listing ID: 2499842
  • Price: $575,000
  • View: Lake,Territorial
  • Square Footage: 1,316 Sqft
  • Year Built: 1940
  • Lot Area: 0.64 Acre
  • Status: Active
  • Office Name: Virgil Adams Real Estate, Inc.
  • Agent Name: Spence Weigand
  • Property Sub Type: Multi Family
  • Roof: Composition
Features
  • Heating System Baseboard, Stove/Free Standing
  • Cooling System None
  • Exterior Features Wood
  • Flooring Hardwood, Vinyl
  • Sewer Sewer Connected
Address Map
  • Country US
  • State WA
  • County Thurston
  • City Olympia
  • Zipcode 98501
  • Street: Water
  • Street Number: 2009
  • Street Suffix: Street
  • Longitude: W123° 5' 43''
  • Latitude: N47° 1' 49.8''
  • Directions: South on Capitol Way from downtown, right on 20th, left on Water to home on right.
  • Mls Area Major: 447 - Olympia North
  • Street Dir Suffix: SW
Neighborhood
  • Elementary School: Lincoln Elementary
  • High School: Olympia High
  • High School District: Olympia
  • Middle School: Wash Mid
Additional Information
  • Water Source: Public
  • Stories Total: 2
  • On Market Date: 2026-04-03
  • Number Of Units Total: 2
  • Lot Features: Paved, Curbs, Sidewalk
  • Foundation Details: Poured Concrete
  • Construction Materials: Wood
Financial
  • Tax Annual Amount: 5112
Listing Information
  • Co List Agent Full Name: Nate Burgher
  • Co List Agent Mls Id: 139197
  • Co List Office Mls Id: 100
  • Co List Office Name: Virgil Adams Real Estate, Inc.
  • List Agent Mls Id: 775232
  • List Office Mls Id: 100
  • Listing Term: Cash,Conventional,Owner Will Carry,See Remarks
  • Mls Status: Active
  • Modification Timestamp: 2026-04-22T20:43:12Z
  • Originating System Name: NWMLS
  • Special Listing Conditions: None
  • Status Change Timestamp: 2026-04-03T19:08:42Z
Rene  Orona
Rene Orona SKYLINE PROPERTIES, INC.
  • +1-425-891-8162
  • rene@brokerofrealestate.com
  • 50 116TH AVE SE STE 120 Bellevue, WA 98004, United States
  • +1-425-732-9211

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