1821 Water Street Southwest
Olympia, WA 98501
$625,000
Price
4
Beds
2.75
Baths
2,352 Sq. Ft.
$266 / Sq. Ft.
2,352
Sq. Ft.
$266
per Sq. Ft.
Open: 12/22 12:00PM - 02:00PM
Open: 12/22 12:00PM - 02:00PM
Listing provided courtesy of John L. Scott Olympia
Description
This property features two rentable units: a historic main home with tons of upside potential and a fully rebuilt accessory dwelling unit (ADU) that feels like a standalone fully functional home. The main home would rent well as is but also offers a great opportunity for value-add renovations to maximize rental income and drive sweat equity. The modern ADU, rebuilt in 2002, features high-end finishes, ADA accessibility, a functional floorplan, large windows, and a recently reinforced wraparound deck....This property features two rentable units: a historic main home with tons of upside potential and a fully rebuilt accessory dwelling unit (ADU) that feels like a standalone fully functional home. The main home would rent well as is but also offers a great opportunity for value-add renovations to maximize rental income and drive sweat equity. The modern ADU, rebuilt in 2002, features high-end finishes, ADA accessibility, a functional floorplan, large windows, and a recently reinforced wraparound deck. Both units can generate steady income, and the property’s prime location near Capitol Lake, downtown, and unique historic homes makes it a highly desirable location. Perfect for investors looking for strong rental demand and upside potential.
- Listed by Jake DeAtley • John L. Scott Olympia
Property Details for 1821 Water Street Southwest
Community Name
Capital Campus
School DistrictOlympia
ViewLake, Territorial
Number of Assigned Spaces4
Total Covered Parking0
Entry Date12-19-2024
Energy SourceElectric,Natural Gas
SewerSewer Connected
Open Houses
Sunday, Dec 22nd
12:00 PM - 2:00 PM
Public
LISTING UPDATED: 12/20/2024 01:00 PM
Property Details for 1821 Water Street Southwest
| Status | Active |
|---|---|
| MLS # | 2317503 |
| Days on Market | 3 |
| Cumulative Days on Market | 3 |
| Taxes | $5,852 / year |
| HOA Fees | - |
| Condo/Co-op Fees | - |
| Compass Type | Multi Family |
| MLS Type | Residential Income |
| Year Built | 1910 |
| Lot Size | 0.74 AC / 32,422 SF |
| County | Thurston County |
Building Information for 1821 Water Street Southwest
Stories2Residences2Year Built1910Building Size-Lot Size0.74 AC / 32,422 SF
Property Information for 1821 Water Street Southwest
Summary
Location and General Information
- Style: 52 - Duplex
- Site Features: Cable TV, Deck, High Speed Internet, Patio, RV Parking
- Area: 447 - Olympia North
- Elementary School: Buyer To Verify
- Middle Or Junior School: Buyer To Verify
- High School: Buyer To Verify
- Effective Year Built Source: Public Records
- Directions: Please use GPS :)
- Leased Items: None
- Property Sub Type: MULT
- View: Yes
- Waterfront: Yes
Taxes and HOA Information
- Tax Year: 2024
Parking
- Number of Carport Spaces: 0.0
- Carport: No
- Parking Type: RV Parking
- Open Parking Spaces: 4.0
- Open Parking: Yes
- Parking Features: RV Parking
Interior and Exterior Features
Bathroom Information
- Full Baths Upper: 0
- Three Quarter Baths Upper: 0
- Half Baths Upper: 0
- Main Level Bathrooms: 0
Bedroom Information
- Bedrooms Upper: 0
- Bedrooms Possible: 0
Interior Features
- Fireplaces Total: 0
- Floor Covering: Ceramic Tile, Hardwood, Laminate, Carpet
- Features: Ceramic Tile, Hardwood, Laminate, Wall to Wall Carpet
- Cooling: Yes
- Cooling: Heat Pump
- Fireplace: No
- Heating: Yes
- Heating: Ductless HP-Mini Split, Forced Air
- FIRPTA: No
Exterior Features
- Exterior: Cement Planked, Wood, Wood Products
- Roof: Composition
- Waterfront Description: Lake, No Bank
Property
Utilities
- Water Source: Public
- Water/Sewer/Garbage: 0
- Power Company: Puget Sound Energy
- Sewer Company: City of Olympia
- Water Company: City of Olympia
- Power Production Type: Electric, Natural Gas
Property and Assessments
- New Construction YN: No
- Zoning Jurisdiction: City
- Foundation: Poured Concrete
- Zoning Class: Residential
- First Right Of Refusal: false
- Possible Use: Residential
- Preliminary Title Ordered: Yes
- Senior Community: No
- Special Listing Conditions: None
- Year Built Effective: 1972
- Photos Count: 31
Lot Information
- Lot Details: Paved, Sidewalk
- Lot Size Source: Public Records
- Parcel Number Free Text: 60500200500
- Building Condition: Good
- Calculated Square Footage: 2352
- Structure Type: Duplex
- Square Footage Finished: 0
- Square Footage Unfinished: 0
- Building Area Total: 2352.0
- Building Area Units: Square Feet
- Property Type: Residential Income
- Elevation Units: Feet
- Irrigation Water Rights: No
Multi Family
Building Details
- Number of Uncovered Spaces: 4
- Number of Stories in Building: 2
- Vacancy Rate: 2
- Number Of Units Total: 2
- Units Below Grade: false
- Units In Building Total: 2
Financing / Income and Expenses
- Electric Expense: $0
- Total Expenses: 8552
- Gross Adjusted Income: 41160
- Gross Rent Multiplier: 14.88
- Gross Scheduled Income: $42,000
- Insurance Expense: $1,500
- Net Operating Income: $32,608
- Other Expenses: $1,200
- Total Monthly Income: 3500
- Fuel Expense: $0
Unit 1
- Washer/Dryer Unit 1: true
- Range/Oven Unit 1: true
- Refrigerator Unit 1: true
- Dishwasher Unit 1: true
- Square Feet Unit 1: 1428
- Rent Unit 1: $2,000.00
- Bedrooms Unit 1: 3
- Fireplaces Unit 1: 1
- Bathrooms Unit 1: 1
Unit 2
- Washer/Dryer Unit 2: false
- Range/Oven Unit 2: true
- Refrigerator Unit 2: true
- Dishwasher Unit 2: true
- Square Feet Unit 2: 924
- Rent Unit 2: $1,500.00
- Bedrooms Unit 2: 1
- Fireplaces Unit 2: 0
- Bathrooms Unit 2: 2
Rental
Rent Information
- Occupant Type: Vacant
- Leasable Area: 2352.0
- Leasable Area Units: Square Feet
Property History for 1821 Water Street Southwest
| Date | Event & Source | Price | Appreciation |
|---|
| Date | Event & Source | Price |
|---|
For completeness, Compass often displays two records for one sale: the MLS record and the public record.
Public Records for 1821 Water Street Southwest
Taxable ValueLand$149,900Additions$394,400Total$544,300
Tax Record2023$5,430 ($452 / month)
Home Facts
Beds2Baths3.8Total Finished SqFt1,428 SqFtAbove Ground SqFt1,428 SqFtStories2Lot Size32,234 SqFtStyleSingle Family ResidenceYear Built1910Year Renovated1972CountyTHURSTONAPN6050-02-00500Fireplace TypeHas Fireplace
Schools near 1821 Water Street Southwest
This home is within Olympia School District.
Rating | School | Type | Grades | Distance |
|---|---|---|---|---|
| Public - | K to 5 | |||
| Public - | 6 to 8 | |||
| Public - | 9 to 12 | |||
| Public - | 9 to 12 |
Rating | School | Distance |
|---|---|---|
Lincoln Elementary School PublicK to 5 | ||
Washington Middle School Public6 to 8 | ||
Olympia High School Public9 to 12 | ||
Avanti High School Public9 to 12 |
School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.
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No guarantee, warranty or representation of any kind is made regarding the completeness or accuracy of descriptions or measurements (including square footage measurements and property condition), such should be independently verified, and Compass expressly disclaims any liability in connection therewith. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. Offers of compensation are subject to change at the discretion of the seller. No financial or legal advice provided. Equal Housing Opportunity. Subject to change at any time. Compass makes no guarantee, warranty or representation regarding the accuracy of any waterfront feature, water view or waterfront view.
Listing Courtesy of John L. Scott Olympia
Listing provided courtesy of NWMLS, RMLS or Yakima MLS. The information contained in this listing has not been verified by Compass or the MLS and should be verified by the buyer. The DOM value represents the number of days this listing has been Active on this website.
