RARE OLYMPIA INVESTMENT + DEVELOPMENT OPPORTUNITY! Two 2-bedroom, 1-bath rental homes PLUS a separate adjacent 5,779 sq. ft. building lot—all offered together at $499,950. Live in one, rent both, or explore future development possibilities while maintaining existing rental income. 523 Boulevard Rd SE is 769 sq. ft., built in 1962, and features a newer roof, siding and flooring. It was rented for $1,670/month. 521 is 839 sq. ft., built in 1965, and offers additional upside with some TLC; current rent is well below market at $787.50/month on a month-to-month basis. Each home includes a carport. The adjacent lot offers exciting potential for investors and developers. Explore building while retaining rental income, or investigate condominiumization or short-plat possibilities for individual resale. Alley access may provide additional flexibility (buyer to verify). Each lot is approximately 5,779 sq. ft. and zoning allows 4–8 units per acre. Commercial zoning is nearby on the other side of the street. Recent property-management inspections are available upon request. Combined square footage of both residences is reflected in the listing. Taxes: $4,658.11 for 521/523 and $1,824.27 for the additional lot. Please do not disturb tenants. Interior viewing of 521 upon mutual acceptance. Two homes. Two lots. Existing income. Future potential—all for $499,950!
Active
Listed by: Keller Williams Realty PS • Julia Galleher
Price cut: $20.1K (8/30)
$499,950
521 & 523 Boulevard Road SE, Olympia, WA 98501
4beds
1,588sqft
Single Family Residence
Built in 1962
0.27 Acres Lot
$490,100 Zestimate®
$315/sqft
$-- HOA
What's special
Newer roof
- --
- on Zillow
- 445
- views
- 32
- saves
Zillow last checked:
Listing updated:
Listed by:
Julia Galleher,
Keller Williams Realty PS
Source: NWMLS as distributed by MLS GRID,MLS#: 2516854
Facts & features
Interior
Bedrooms & bathrooms
- Bedrooms: 4
- Bathrooms: 2
- Full bathrooms: 2
- Main level bathrooms: 2
- Main level bedrooms: 4
Primary bedroom
- Level: Main
Bedroom
- Level: Main
Bedroom
- Level: Main
Bedroom
- Level: Main
Bathroom full
- Level: Main
Bathroom full
- Level: Main
Entry hall
- Level: Main
Kitchen without eating space
- Level: Main
Living room
- Level: Main
Utility room
- Level: Main
Heating
- Baseboard, Electric
Cooling
- None
Appliances
- Included: Refrigerator, Stove(s)/Range(s), Refrigerator(s), Water Heater: Electric, Water Heater Location: Kitchen
Features
- Flooring: Vinyl, Vinyl Plank, Carpet
- Basement: None
- Has fireplace: No
Interior area
- Total structure area: 1,588
- Total interior livable area: 1,588 sqft
Property
Parking
- Total spaces: 2
- Parking features: Attached Carport
- Carport spaces: 2
Features
- Levels: One
- Stories: 1
- Entry location: Main
- Patio & porch: Water Heater
- Has view: Yes
- View description: Territorial
Lot
- Size: 0.27 Acres
- Dimensions: 110 x 53 & 110 x 53
- Features: Paved, Outbuildings
- Topography: Level
Details
- Parcel number: 48800100900
- Zoning: R-4-8
- Zoning description: Jurisdiction: City
- Special conditions: Standard
Construction
Type & style
- Home type: SingleFamily
- Architectural style: 1 Story
- Property subtype: Single Family Residence
Materials
- Wood Siding
- Roof: Composition
Condition
- Year built: 1962
Utilities & green energy
- Electric: Company: PSE
- Sewer: Sewer Connected, Company: City of Olympia
- Water: Public, Company: City of Olympia
Community & HOA
Community
- Subdivision: Olympia
Location
- Region: Olympia
Financial & listing details
- Price per square foot: $315/sqft
- Annual tax amount: $6,482
- Date on market: 5/1/2026
- Listing terms: Conventional
- Inclusions: Refrigerator(s), Stove(s)/Range(s)
Estimated market value
$490,100
$466,000 - $515,000
$2,683/mo
Price history
| Date | Event | Price |
|---|---|---|
| 8/30/2026 | Price change | $499,950-3.9%$315/sqft |
Source:  NWMLS as distributed by MLS GRID #2516854 Report a problem | ||
| 8/26/2026 | Price change | $520,000+15.3%$327/sqft |
Source: NWMLS as distributed by MLS GRID #2516854 Report a problem | ||
| 7/31/2026 | Price change | $450,950-17.9%$284/sqft |
Source: NWMLS as distributed by MLS GRID #2562735 Report a problem | ||
| 7/22/2026 | Price change | $549,000-4.5%$346/sqft |
Source: NWMLS as distributed by MLS GRID #2516854 Report a problem | ||
| 5/20/2026 | Price change | $575,000-4.2%$362/sqft |
Source: NWMLS as distributed by MLS GRID #2516854 Report a problem | ||
| 5/1/2026 | Listed for sale | $599,950$378/sqft |
Source: NWMLS as distributed by MLS GRID #2516854 Report a problem | ||
Public tax history
Tax history is unavailable.
Monthly payment
Est. payment
Payment breakdown
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Neighborhood: Eastside
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