Browse All 53 - Tri-plex Style Properties for Sale

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.

3532 Mary Elder Road NE, Olympia

Listing Broker: COMPASS; Lisa Le; 206-734-9044; lisa.le@compass.com

2505 Conger Avenue NW Unit #A-C, Olympia

$1,010,000

2194596 MLS ⋅ SOLD Status

Rare investment opportunity with great rental cap rate, offering the potential for instant positive cash flow. Buyers & tenants will love calling this place home, perfectly situated in sought after NW Olympia, nestled in the forest. 2008 built tri-plex consisting of three townhomes, each with 3 bedrooms, 2 bathrooms, a private garage, additional parking space & personal decks. Thoughtful open floorplans allowing ease of living & maximized privacy. Incredible location making these homes a commuter's dream, a stone's throw from parks, groceries, gas stations, countless eateries & entertainment. This will make a great owner-occupied investment or addition to a real estate portfolio. New roof & Hardi plank siding in 2022. Invest in your future.

2505 Conger Avenue NW Unit #A-C, Olympia

Listing Broker: Windermere RE West Campus Inc; Pete Warren; ; Selling Office: eXp Realty.

$600,000

2180926 MLS ⋅ SOLD Status

8% Cap Rate! 3 units on 2/3 acre on Olympia's Westside. Duplex plus single family home. Unit A: 1 bed / 1 full bath w/ attached carport; Unit B: Studio Apt w/ full bath. Unit C: 2 bed / 1 full bath & loft. Updated interiors. Property has wide circular driveway w/ 4 additional parking spaces. Accessibility cannot be beat! One block to bus stop and 1/4 mile to 101 freeway. Owner will pay for professional placement of new tenants for all units. All units are currently operating as a 4.78-star Airbnbs. Furnishings can be purchased outside of closing for $10,000. Please do not disturb guests. Tours available - must be accompanied by an agent.

507 Kaiser Road NW, Olympia

Listing Broker: Kenzie Properties LLC; Julie Brannberg; ; Selling Office: Better Properties N. Proctor.

$685,000

2170301 MLS ⋅ SOLD Status

Wow... Look at this turn key investment opportunity! Very well maintained 2 bedroom 1 bath units built in 1986. This property has been updated recently with new roof (2019), all new windows throughout (2019) and all 3 units have mini split heat pumps. Unit #2 was just updated with all new flooring, countertops, appliances, kitchen and bath cabinets. Great location being close to shopping, entertainment and easy I-5 access for your daily commute. Rent is below market in #3 with longtime tenant. Check out this great investment opportunity for yourself!

6646 Kinwood Park Lane SE, Olympia

Listing Broker: WEICHERT, Realtors Reynolds RE; Nick Condon; ; Selling Office: Berkshire Hathaway HS NW.

$510,000

2141748 MLS ⋅ SOLD Status

Remodeled Tri-Plex on large lot in Central Olympia. Easy walking distance to Downtown, the Capitol and Waterfront. New windows, exterior paint, roof and gutters. All units have been freshly painted and new floor covering installed when current tenants moved in. All units have private yards. Each unit has 3 parking spaces, plus extra parking off alley. Please do not disturb the tenants!!! Tenants pay all utilities. Great cash flow 7.9 cap rate. Interior inspection with 48-hour notice. NO Sign. All units have washer dryer hookups.

1200 10th Avenue SE, Olympia

Listing Broker: Green Path Real Estate; Richard Maxwell; ; Selling Office: Skyline Properties, Inc..

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Olympia WA Triplexes for Sale

Find three-unit investment properties in Olympia. The saved IDX search and its active, pending and sold statuses, sorting and filters are preserved; listing results appear above this guide.

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Buying a three-Unit Property in Olympia

Olympia's downtown, Westside and Eastside rental settings differ in access, building age and tenant preferences. Compare the specific neighborhood, local lease evidence, parking and ongoing maintenance before estimating returns.

Three potential rent streams can diversify income, but vacancy in one unit can have an outsized impact. Confirm the property's legally permitted unit count before relying on its listing classification.

Review Real Operating Numbers

Ask for leases, rent roll, deposits, collection history, utility allocation, property taxes, insurance, repairs, reserves and vacancy records. Test returns using actual expenses rather than advertised gross rents.

Inspect and Verify

Review permits, zoning, roof and systems, meters, parking, safety requirements and any rental restrictions. Discuss appraisal and occupancy requirements with the lender before making assumptions about financing.

2-4 Residential Units vs. 5+ Commercial Units

Duplexes, triplexes and fourplexes commonly use residential 2-4-unit financing programs, subject to qualifications. Five or more units are typically considered commercial multifamily. Compare apartment buildings with 5+ units separately.

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