1821 Water Street SW, Olympia, WA 98501
- $600,000
- 2,352
- SqFt
Listing courtesy of John L. Scott Lacey. Selling Office: Pettit Realty LLC.
- Sold Price
- $600,000
- List Price
- $625,000
- Status
- SOLD
- MLS#
- 2317503
- Closing Date
- Jan 30, 2025
- Days on Market
- 5
- Style
- 52 - Duplex
- Building Condition
- Good
- Finished SqFt
- 2,352
- Area Total SqFt
- 2352
- Annual Tax Ammount
- 5852
- Internet Provider
- Xfinity
- Lot Size (sq ft)
- 32,422
- Sewer
- Sewer Connected
Property 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. 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.
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Additional Information
- List Date
- 2025-01-25 00:00:00
- Community
- Capital Campus
- Net Operating Income
- $32,608
- Gross Adjusted Income
- $41,160
- Gross Scheduled Income
- $42,000
- Total Monthly Income
- $3,500
- Insurance Expenses
- $1,500
- Gross Rent Multiplier
- 14.88
- Total Expenses
- $8,552
- Cap Rate
- 5.22
- Vacancy Rate
- 2
- Total Number of Units
- 2
- Unit Name
- 1821
- Potential Terms
- Cash Out, Conventional, FHA, State Bond, VA Loan
- Year Built
- 1910
- Waterfront
- Yes
- View
- Lake, Territorial
- Roof
- Composition
- Site Features
- Cable TV, Deck, High Speed Internet, Patio, RV Parking
- Other Expenses
- 1200
- Energy Source
- Electric, Natural Gas
- School District
- Olympia
- Elementary School
- Buyer To Verify
- Middle School
- Buyer To Verify
- High School
- Buyer To Verify
- Total Monthly Income
- $3,500
- Gross Scheduled Income
- $42,000
- Vacancy Rate
- 2
- Gross Adjusted Income
- $41,160
- Tax Year
- 2024
- Insurance Expense
- $1,500
- Total Expenses
- $8,552
- Net Operating Income
- $32,608
- Gross Rent Multiplier
- 14.88
- Cap Rate
- 5.22
Based on information submitted to the MLS GRID as of . All data is obtained from various sources and may not have been verified by broker or MLS GRID. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.IDX information is provided exclusively for consumers’ personal noncommercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.