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2009 Water Street SW
Olympia, WA 98501
May 2026
SOLD
$575,000
Sold Price
1,316
Sqft
0.64
Acres
1940
Yr. Built
MLS# 2499842
Cumulative Days on Market: 125 · Includes prior listings · Currently listed since 04/03/26 · Data provided by the MLS.

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.

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Property Highlights

Sold Price
575000
Property Type
Residential Income
Property Sub Type
Multi Family
Acres
0.64
Year Built
1940
Condition
Very Good
Cumulative Days On Market
28

Location

Area
447 - Olympia North
City/Township
Olympia
View
Lake, Territorial
Subdivision
Olympia
County
Thurston

Property Details

Price
$575,000
Sold Price
575000
Condition
Very Good
Property Type
Residential Income
Property Sub Type
Multi Family

Building

Structure Type
Duplex
Stories
2
Total Area
1,316 Sqft

Community

Local Schools

Elementary School
Lincoln Elementary
Middle School
Wash Mid
High School
Olympia High
School District
Olympia

Interior Features

Area and Spaces

Number of Units
2

Interior Features

Flooring
Hardwood, Vinyl

Heating and Cooling

Heating Features
Baseboard, Stove/Free Standing

Building Details

Construction

Year Built
1940
Foundations
Poured Concrete

Materials

Construction Materials
Wood
Roof
Composition

Terms

Commercial

Cap Rate
5.37

Terms

Special Conditions
None
Special Terms
Cash, Conventional, Owner Will Carry, See Remarks
Cumulative Days On Market
28

Taxes

Tax

Tax (Annual)
$5,112

Heating, Cooling & Utilities

Cooling Features
None

Utilities

Sewer
Sewer Connected
Water Source
Public

Lot

Acres
0.64
Lot Size Area Sq Ft
27,895
Lot Features
Curbs, Paved, Sidewalk

Exterior Features

Exterior Features
Wood
Listing Data last updated 09/20/2026 08:40 pm
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Property History

3 days ago
Property information last updated
129 days ago
Date Sold
152 days ago
Date of last price change
170 days ago
Status Active. This is the date the listing was placed on market.
Cumulative Days on Market: 125 days (includes prior listings) · Currently listed since April 3, 2026. Data provided by the MLS.

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