Exceptional opportunity to own a fully leased 11-unit transitional housing property in the heart of Olympia, generating a strong $148,073 in annual NOI. Spread across three buildings, this triplex-configured asset delivers consistent performance with long-term tenancy and stable returns. Features include shared laundry and ample off-street parking—enhancing tenant retention in this central location. Residents benefit from close proximity to shopping, dining, and transit. This is an ideal acquisition for impact-focused buyers or investors seeking immediate cash flow and long-term potential. Don’t miss this rare opportunity to own a high-performing asset in one of Olympia’s most accessible neighborhoods.
Pending
Listed by: COMPASS • Lisa Le
$1,750,000
3532 Mary Elder Road NE, Olympia, WA 98506
20beds
10baths
7,163sqft
Triplex
Built in 1950
-- sqft lot
$-- Zestimate®
$244/sqft
$-- HOA
What's special
Ample off-street parkingShared laundry
- 483 days |
- 9 |
- 0 |
Zillow last checked:
Listing updated:
Listed by:
Lisa Le,
COMPASS,
Marius ion,
COMPASS
Source: NWMLS as distributed by MLS GRID,MLS#: 2339340
Facts & features
Interior
Bedrooms & bathrooms
- Bedrooms: 20
- Bathrooms: 10
Heating
- Baseboard, Electric
Cooling
- None
Features
- Flooring: Laminate, Vinyl, Carpet
- Has fireplace: No
Interior area
- Total structure area: 7,163
- Total interior livable area: 7,163 sqft
Property
Parking
- Total spaces: 8
- Parking features: Open
- Uncovered spaces: 8
Lot
- Size: 0.48 Acres
- Features: Paved, Fenced-Partially
Details
- Parcel number: 11818141600
- Zoning description: Multi-Family,Jurisdiction: County
- Special conditions: Standard
Construction
Type & style
- Home type: MultiFamily
- Architectural style: Tri-plex
- Property subtype: Triplex
Materials
- Wood Siding, Wood Products
- Foundation: Poured Concrete
- Roof: Composition
Condition
- Fair
- Year built: 1950
- Major remodel year: 1950
Utilities & green energy
- Sewer: Sewer Connected
- Water: Public
Community & HOA
Community
- Subdivision: Olympia
Location
- Region: Olympia
Financial & listing details
- Price per square foot: $244/sqft
- Tax assessed value: $1,059,000
- Annual tax amount: $9,920
- Date on market: 9/3/2025
- Cumulative days on market: 303 days
- Listing terms: Conventional,Rehab Loan
Estimated market value
Not available
Estimated sales range
Not available
$1,816/mo
Price history
| Date | Event | Price |
|---|---|---|
| 10/27/2025 | Pending sale | $1,750,000$244/sqft |
Source:  NWMLS as distributed by MLS GRID #2339340 Report a problem | ||
| 9/13/2025 | Listed for sale | $1,750,000$244/sqft |
Source: NWMLS as distributed by MLS GRID #2339340 Report a problem | ||
| 9/11/2025 | Pending sale | $1,750,000$244/sqft |
Source: NWMLS as distributed by MLS GRID #2339340 Report a problem | ||
| 3/6/2025 | Listed for sale | $1,750,000+28974.6%$244/sqft |
Source: NWMLS as distributed by MLS GRID #2339340 Report a problem | ||
| 9/15/2016 | Sold | $6,019-98.2%$1/sqft |
Source: Public Record Report a problem | ||
| 8/2/2004 | Sold | $335,000$47/sqft |
Source: Public Record Report a problem | ||
Public tax history
| Year | Property taxes | Tax assessment |
|---|---|---|
| 2024 | $11,210 +13.2% | $1,059,000 +4.1% |
| 2023 | $9,905 +26% | $1,017,000 +27.4% |
| 2022 | $7,861 +49.3% | $798,500 +82.9% |
| 2021 | $5,266 -24.4% | $436,600 -19.2% |
| 2020 | $6,967 +1.8% | $540,400 -13.8% |
| 2019 | $6,845 -17.7% | $626,900 +4.7% |
| 2018 | $8,316 +20.5% | $598,500 +12.3% |
| 2017 | $6,899 | $533,050 -10.5% |
| 2016 | $6,899 | $595,800 +9.4% |
| 2014 | $6,899 | $544,500 |
| 2011 | -- | -- |
| 2010 | -- | -- |
| 2009 | $4,333 | -- |
| 2008 | -- | -- |
| 2007 | $4,180 -24.7% | -- |
| 2006 | $5,555 +37.5% | -- |
| 2005 | $4,040 | -- |
| 2004 | -- | -- |
Find assessor info on the county website
Monthly payment
Est. payment$--/mo
Payment breakdown
Explore the cost of this home by adjusting the details. Changes won't be saved.All calculations are estimates and provided by Zillow, Inc. for informational purposes only. Actual amounts may vary.
HOA fees may include property taxes on listings classified as Co-Ops. Contact the listing agent and/or owner for fee details.
Mortgage interest rates are dependent on a number of factors, including credit score, down payment, and repayment length. Interest rate data provided by Zillow Group Marketplace, Inc. as of 1/1/1970 from various mortgage lenders with which we have lead or other similar arrangements; the Estimated Payment is an average of those rates.
See how much you could borrow to make a competitive offer.
Climate risks
Neighborhood: 98506
Nearby schools
GreatSchools rating
- 8/10South Bay Elementary SchoolGrades: PK-5Distance: 2.6 mi
- 5/10Chinook Middle SchoolGrades: 6-8Distance: 0.9 mi
- 7/10North Thurston High SchoolGrades: 9-12Distance: 0.7 mi
A local agent can set up tours, give advice and negotiate with sellers.
A local lender can help you make sure your offer is ready when you are.
- Washington
- Thurston County
- Olympia
- 98506
- 3532 Mary Elder Road NE
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