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, Multi Family
Built in 1950
-- sqft lot
$-- Zestimate®
$244/sqft
$-- HOA
What's special
Ample off-street parkingShared laundry
- 551 days
- 10
- 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, Multi Family
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: 371 days
- Listing terms: Conventional,Rehab Loan
Estimated market value
Not available
Estimated sales range
Not available
$1,743/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
