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$3,625,000
2552161 MLS ⋅ ACTIVE Status
Exceptional opportunity to acquire 4 brand-new duplexes in highly desirable West Olympia. Built for long-term, low-maintenance ownership, these turnkey investment properties offer modern construction with minimal capital expenditure concerns for years to come. Located in a strong rental market characterized by high demand, low vacancy rates, and attractive rental income potential, these duplexes are well-positioned for consistent cash flow and long-term appreciation. Situated at the end of a private dead-end street, the properties offer a quiet setting that appeals to quality tenants while remaining conveniently close to major employers, shopping, schools, and commuter routes. Whether you're looking to expand your portfolio or complete a 1031 exchange, this is a rare opportunity to invest in newly constructed multifamily assets in one of Olympia's most sought-after rental locations.

1624 Decatur Street SW, Olympia

Listing courtesy of Capitol Real Estate LLC.

$2,650,000
2501659 MLS ⋅ ACTIVE Status
Rare add-value multifamily investment opportunity in Lacey! This well-maintained portfolio includes 3 tax parcels with 13 total units: one parcel features a single-family home and a 4-plex, while the other two parcels each include a 4-plex. All units are fully occupied with strong rental history. Conveniently located near I-5, JBLM, shopping, and schools. Great mix of unit types, stable income, and future upside. Ideal for both seasoned and new investors looking for scale and long-term growth in a strong rental market.

1608 Ruddell Road SE, Lacey

Listing courtesy of TS Property Management.

$1,900,000
2513658 MLS ⋅ ACTIVE Status
Exceptional investment opportunity in West Olympia! This 4-plex features four spacious 3BD/2.5BA townhome-style units built in 2015. Each unit offers modern finishes, in-unit washer/dryer, stainless appliances, granite counters, and a 2-car garage. Strong rental income. 4.58% cap rate. Please do not disturb the tenants. Showings will be provided following an offer.

517 Oso Berry Street NW, Olympia

Listing courtesy of Pacific Residential Brokers.

$1,625,000
2545999 MLS ⋅ ACTIVE Status
Exceptional opportunity to acquire 2 brand-new duplexes in highly desirable West Olympia. Built for long-term, low-maintenance ownership, these turnkey investment properties offer modern construction with minimal capital expenditure concerns for years to come. Located in a strong rental market characterized by high demand, low vacancy rates, and attractive rental income potential, these duplexes are well-positioned for consistent cash flow and long-term appreciation. Situated at the end of a private dead-end street, the properties offer a quiet setting that appeals to quality tenants while remaining conveniently close to major employers, shopping, schools, and commuter routes. Whether you're looking to expand your portfolio or complete a 1031 exchange, this is a rare opportunity to invest in newly constructed multifamily assets in one of Olympia's most sought-after rental locations.

1620 Decatur Street SW, Olympia

Listing courtesy of Capitol Real Estate LLC.

$1,350,000
2543213 MLS ⋅ ACTIVE Status
Investor / Developer Opportunity – Approved 7-Lot Short Plat in Growing Lacey Market! Rare development opportunity on 1.28 acres with an existing duplex and enhanced short plat approval in place. Approved civil plans are available through the city, allowing the next owner to move forward with water and sewer extensions, sidewalks, and street tree improvements. The approved project creates a total of 7 separate lots, including: Conversion of the existing duplex into 2 townhouse lots, 5 additional single-family residential lots, 7 total buildable lots Washington State's current housing regulations may allow up to 2 ADUs per lot (buyer to verify), creating the potential for 7 primary residences plus up to 14 ADUs for significant density and income potential. Conveniently located approximately 1.5 miles from I-5, with major retail amenities including Costco and Home Depot nearby. Situated in the rapidly growing city of Lacey, home to approximately 60,000 residents, this property offers an exceptional opportunity for builders, developers, and investors seeking a shovel-ready project in a high-demand market.

8623 Steilacoom Road SE, Lacey

Listing courtesy of eXp Realty.

$1,299,950
2534852 MLS ⋅ ACTIVE Status
Excellent quality newer investment opportunity offered substantially under assessed value. Two duplexes featuring 3 bedrooms, 2.5 bath each. All 4 units feature 2 car garages. Both duplexes feature extensive solid surface flooring granite counters throughout, stainless appliances, high efficiency mini split heat pump systems with air conditioning, and energy efficient insulation and lighting packages. Built in 2019 and exceptionally maintained. Long term leases in place and a great cap rate with room for continued growth. Exteriors feature custom accents and fenced yards. Close to all amenities and freeway access, with great schools nearby.

1214 Hall Street SE Unit #A&B, Lacey

Listing courtesy of Blue Summit Realty LLC.

$1,175,000
2501685 MLS ⋅ ACTIVE Status
Rare add-value multifamily investment opportunity in Lacey! Features fully occupied a single-family home and a 4-plex with strong rental history. Conveniently located near I-5, JBLM, shopping, and schools. Great mix of unit types, stable income, and future upside. Ideal for both seasoned and new investors looking for scale and long-term growth in a strong rental market.

1608 Ruddell Road SE, Lacey

Listing courtesy of TS Property Management.

$1,050,000
2481889 MLS ⋅ ACTIVE Status
Unique Investor or Developer Opportunity in Downtown Olympia! Don't miss this one! Listing includes a duplex and 7-plex on one parcel and a leased parking lot. Under market rents, all tenants on month to month tenancy. Units offer a mix of studios and one-bedrooms. Parking spots lease for $30/mo with over 20 stalls! Close to downtown, waterfront, and shopping. Zoned UR (Urban Residential), allows for high-rise redevelopment or mixed-use opportunities!

906 908 Adams Street SE, Olympia

Listing courtesy of Olympic Sotheby's Int'l Realty.

$959,000
2546620 MLS ⋅ ACTIVE Status
LOOKING FOR SMALL BUSINESS SPACE ALONG WITH RENTALS? Rare INCOME PRODUCING Compound on nearly 6 Private Acres 3 INDIVIDUAL HOMES and extensive workshop space set up with BODY SHOP on one side and PAINT BOOTH on the other. Piped for air throughout, and includes compressor, water trap regulators and exhaust fans... - Live here, work here, and have tenant income to help pay the mortgage! Main House UNIT #1: 2478 sq ft - Equipped with a high-efficiency heat pump for year-round comfort & spacious living areas to stretch out in UNIT #2: 1344 Square Feet is independent country living with modern touches - features easy-care flooring throughout this comfortable mobile home with an electric furnace & a bonus woodstove for efficient rustic warmth UNIT #3 is the ultimate workshop hub offering a massive 3360 square foot shop with ample room for tools, hobbies, and classic cars. The one bedroom attached home has a charming interior finished with durable ceramic tile and engineered hardwood flooring, a cozy woodstove & an energy efficient heatpump. Hard to beat this versatile living arrangement: Perfect for extended living, guests, or income-producing rentals. PLUS a 2-Bay Machine Shed ready for your tractors, boats, vehicles, or heavy equipment - Freeze-proof faucets installed across the property for worry-free winters & a private well system equipped with a dedicated water treatment system. Come see it today

6144 Waldrick Road SE, Tenino

Listing courtesy of Realty One Group Bold.

$849,950
2528928 MLS ⋅ ACTIVE Status
Rare opportunity to own a newer duplex featuring 3 large bedrooms plus a bonus room, 2.5 baths and 1,742 sqft per unit, along with a 2-car garage. Gateway North neighborhood is well-kept w/ a cohesive look. Located in a very strong rental area, this duplex has great potential for positive cash flow. Units feature solid surface flooring throughout, granite counters throughout, stainless appliances, high efficiency mini split heat pump systems with air conditioning, and energy efficient insulation and lighting packages. Built in 2020 and exceptionally well maintained. Long term leases in place and a great cap rate with room for continued growth. Exterior features custom siding accents and fenced rear yards. Convenient to all amenities and freeway access.

3120 Ponderosa Street NE, Lacey

Listing courtesy of Blue Summit Realty LLC.

$849,950
2528936 MLS ⋅ ACTIVE Status
Rare opportunity to own a newer duplex featuring 4 large bedrooms, 2.5 baths and 1,742 sqft per unit, along with a 2-car garage. Gateway North neighborhood is well-kept w/ a cohesive look. Located in a very strong rental area, this duplex has great potential for positive cash flow. Units feature solid surface flooring throughout, granite counters throughout, stainless appliances, high efficiency mini split heat pump systems with air conditioning, and energy efficient insulation and lighting packages. Built in 2020 and exceptionally well maintained. Long term leases in place and a great cap rate with room for continued growth. Exterior features custom siding accents and fenced rear yards. Convenient to all amenities and freeway access.

3112 Ponderosa Street NE, Lacey

Listing courtesy of Blue Summit Realty LLC.

$849,950
2528933 MLS ⋅ ACTIVE Status
Rare opportunity to own a newer duplex featuring 4 large bedrooms, 2.5 baths and 1,742 sqft per unit, along with a 2-car garage. Gateway North neighborhood is well-kept w/ a cohesive look. Located in a very strong rental area, this duplex has great potential for positive cash flow. Units feature solid surface flooring throughout, granite counters throughout, stainless appliances, high efficiency mini split heat pump systems with air conditioning, and energy efficient insulation and lighting packages. Built in 2020 and exceptionally well maintained. Long term leases in place and a great cap rate with room for continued growth. Exterior features custom siding accents and fenced rear yards. Convenient to all amenities and freeway access.

3108 Ponderosa Street NE, Lacey

Listing courtesy of Blue Summit Realty LLC.

$829,990
2553422 MLS ⋅ ACTIVE Status
Rare find: 3 homes on 1.67 private acres. Perfect scenario for multi-generational living. Investor: It's a fantastic income producing property too. The main home is a custom 2,206sf rambler with delightful kitchen & Living room. Main bedroom w/ gorgeous bath & private patio. Another bedrm & 2 bonus rooms share a 2nd upgraded bath. Hardi plank exterior, metal roof, wood stove, heat pump, skylights, wood flrs, vaulted ceilings. Covered front porch & 2 covered decks in back. One owner/immaculate condition. Second home is 2 story, 1,160sf w/ large entry portico. Open concept kitchen, living &dining rooms. Main level bdrm, 3/4 bath & finished room on upper level. Furnace, mini split A/C, storage areas inside & out, private access to Pool. Third home is a sweet 360sf cottage. Functional & beautiful kitchen, living areas, 1bed, 3/4 bath. Mini split w/ A/C, granite counters, vinyl plank flrs, covered porch, Hardi plank exterior/metal roof. Main garage is 624sf w/shelving & attic storage. Water supply from private well. Fenced in 1,332sf concrete patio surrounds inground heated swimming pool w/solar & winter covers. Property is equipped w/ extensive underground sprinkler system. Oversized greenhouse, 18'x36', raised beds, fans, automated sprinklers. Fenced garden area, 21+ raised beds w/ automatic drip system...all organic. Several other outbuildings for storage &wood shed. No HOA fees. Close to shopping/amenities. JBLM is an easy commute. Don't miss this opportunity!

14913 Champion Estates Drive SE, Yelm

Listing courtesy of Yelm Windermere.

$825,000
2519652 MLS ⋅ ACTIVE Status
Attention investors! Incredible opportunity to own a well-established income-producing multi-family property with tremendous upside potential. Situated on nearly 5 usable acres, this unique property features three total residential buildings, including a one 4-plex, one duplex, and a separate 2-bedroom, 1-bath single-family home. With a strong rental history and long-term tenancy in place, this property offers immediate cash flow along with future income-growth opportunities. All units are single-story, a highly desirable feature for tenants that also helps simplify maintenance and long-term management. The expansive acreage provides additional possibilities for future improvements, including the potential to add tenant storage units or other income-producing amenities, subject to buyer verification. Located at the end of a quiet cul-de-sac, the property offers a peaceful and private setting while still being conveniently close to everyday amenities. Just minutes from town and approximately 20 minutes to the East Gate of JBLM, this location is ideal for attracting and retaining tenants seeking both convenience and privacy. Whether you are looking to expand your investment portfolio or secure a property with long-term upside and stable occupancy, this rare multi-family opportunity checks all the boxes.

17809 120th Avenue SE, Yelm

Listing courtesy of RE/MAX Country.

$819,000
2537956 MLS ⋅ ACTIVE Status
Exceptional opportunity to acquire brand-new duplexes in highly desirable West Olympia. Built for long-term, low-maintenance ownership, these turnkey investment properties offer modern construction with minimal capital expenditure concerns for years to come. Located in a strong rental market characterized by high demand, low vacancy rates, and attractive rental income potential, these duplexes are well-positioned for consistent cash flow and long-term appreciation. Situated at the end of a private dead-end street, the properties offer a quiet setting that appeals to quality tenants while remaining conveniently close to major employers, shopping, schools, and commuter routes. Whether you're looking to expand your portfolio or complete a 1031 exchange, this is a rare opportunity to invest in newly constructed multifamily assets in one of Olympia's most sought-after rental locations.

1610 Decatur Street SW, Olympia

Listing courtesy of Capitol Real Estate LLC.

$819,000
2537959 MLS ⋅ ACTIVE Status
Exceptional opportunity to acquire brand-new duplexes in highly desirable West Olympia. Built for long-term, low-maintenance ownership, these turnkey investment properties offer modern construction with minimal capital expenditure concerns for years to come. Located in a strong rental market characterized by high demand, low vacancy rates, and attractive rental income potential, these duplexes are well-positioned for consistent cash flow and long-term appreciation. Situated at the end of a private dead-end street, the properties offer a quiet setting that appeals to quality tenants while remaining conveniently close to major employers, shopping, schools, and commuter routes. Whether you're looking to expand your portfolio or complete a 1031 exchange, this is a rare opportunity to invest in newly constructed multifamily assets in one of Olympia's most sought-after rental locations.

1614 Decatur Street SW, Olympia

Listing courtesy of Capitol Real Estate LLC.

$799,900
2553735 MLS ⋅ ACTIVE Status
2 duplexes for a total of 4 rentals. Built in 2009, each has approx 800 sq.ft.. Great rental history. Each unit is 2 bdrms/1 bath and have electric fireplaces. Efficient design, EZ to maintain. Recent new roof on each building. Single car garages plus outside parking. Located offstreet on a private cul-de-sac. Just 5 minutes to I-5 access at exit 88. EZ commute to Olympia or Centralia. Short distance to restaurants. About 15 minutes to the gaming, restaurants and lounges at the Lucky Eagle Casino. Shopping at Safeway in Centralia less than 6 miles away or Costco in Tumwater just 20 minutes. Scheduled monthly income is $4,975. Only 1 unit is rented at market rate. All others are far below market and ample room for rent increases. Strong demand for rentals in this region. Purchasers Financial capability info needed for interior inspections.

6521 201st, Rochester

Listing courtesy of Dream Weavers Inc..

$795,000
2513663 MLS ⋅ ACTIVE Status
Solid investment opportunity in West Olympia! This fully occupied duplex features two spacious 3BD/2.5BA units with strong rental income. Solid 4.12% cap rate makes this an attractive addition to any investment portfolio. Both units tenant occupied — please do not disturb tenants. Showings following accepted offer.

3145 5th Avenue NW, Olympia

Listing courtesy of Pacific Residential Brokers.

$775,000
2501702 MLS ⋅ ACTIVE Status
Rare add-value multifamily investment opportunity in Lacey! Features fully occupied 4-plex with strong rental history. Conveniently located near I-5, JBLM, shopping, and schools. Great mix of unit types, stable income, and future upside. Ideal for both seasoned and new investors looking for scale and long-term growth in a strong rental market.

1701 Ruddell Road SE, Lacey

Listing courtesy of TS Property Management.

$775,000
2501707 MLS ⋅ ACTIVE Status
Rare add-value multifamily investment opportunity in Lacey! Features fully occupied 4-plex with strong rental history. Conveniently located near I-5, JBLM, shopping, and schools. Great mix of unit types, stable income, and future upside. Ideal for both seasoned and new investors looking for scale and long-term growth in a strong rental market.

1702 Judd Street SE, Lacey

Listing courtesy of TS Property Management.

$710,000
2542110 MLS ⋅ ACTIVE Status
Great Investment Opportunity! Well maintained Duplex. Excellent opportunity to add a proven income producing property to your portfolio. This well maintained duplex has a strong long term rental history Featuring Three bedrooms, two bathrooms per side, plus a one car garage and just minutes from I-5, providing convenient access for commuters. Large private patios, and an expansive back yard helps this property appeal to the potential tenants of all sorts. Don't miss this opportunity to own a quality multifamily investment in a desirable location. Both units are currently rented.

512 N 4th Avenue SW, Tumwater

Listing courtesy of Better Properties - Metro.

$710,000
2453019 MLS ⋅ ACTIVE Status
Great opportunity to add to your investment portfolio, offering potential for instant cash flow. This 2007 duplex features 2 townhomes, each w/2 bedrooms & 2.5 bathrooms. One unit includes a two-car garage, while the other offers a one-car garage w/additional storage; both units have driveway parking & private backyards. The homes offer thoughtfully designed open concept floor plans perfect for entertaining, w/soaring 18 ft. living room ceilings, gas fireplaces, & abundant natural light throughout each home. Incredible location making these a commuter's dream, close to schools, parks, groceries, gas stations, countless eateries & entertainment. Perfect first-time real estate investment.

420 Bungalow Drive NW, Olympia

Listing courtesy of RE/MAX Parkside Affiliates.

$699,950
2528865 MLS ⋅ ACTIVE Status
Like new investment opportunity in the heart of Olympia. This duplex style home features a 3 bedroom, 2.5 bath main home with an attached 2 bedroom, 1 bath ADU. Both homes features solid surface flooring throughout, granite counters throughout, stainless appliances, high efficiency mini split heat pump systems with air conditioning, and energy efficient insulation and lighting packages. Built in 2022 and exceptionally maintained. Long term leases in place and a great cap rate with room for continued growth. Exterior features custom accents and fenced rear yards. Close to all amenities and freeway access, with top rated Olympia schools nearby.

1815 Karen Frazier Road SE, Olympia

Listing courtesy of Blue Summit Realty LLC.

$699,950
2528879 MLS ⋅ ACTIVE Status
Like new investment opportunity in the heart of Olympia. This duplex style home features a 3 bedroom, 2.5 bath main home with an attached 2 bedroom, 1 bath ADU. Both homes features solid surface flooring throughout, granite counters throughout, stainless appliances, high efficiency mini split heat pump systems with air conditioning, and energy efficient insulation and lighting packages. Built in 2022 and exceptionally maintained. Long term leases in place and a great cap rate with room for continued growth. Exterior features custom accents and fenced rear yards. Close to all amenities and freeway access, with top rated Olympia schools nearby.

1819 Karen Frazier Road SE, Olympia

Listing courtesy of Blue Summit Realty LLC.

$699,950
2528804 MLS ⋅ ACTIVE Status
Like new investment opportunity in the heart of Olympia. This duplex style home features a 3 bedroom, 2.5 bath main home with an attached 2 bedroom, 1 bath ADU. Both homes features solid surface flooring throughout, granite counters throughout, stainless appliances, high efficiency mini split heat pump systems with air conditioning, and energy efficient insulation and lighting packages. Built in 2022 and exceptionally maintained. Long term leases in place and a great cap rate with room for continued growth. Exterior features custom accents and fenced rear yards. Close to all amenities and freeway access, with top rated Olympia schools nearby.

1823 Karen Frazier Road SE, Olympia

Listing courtesy of Blue Summit Realty LLC.

$680,000
2558449 MLS ⋅ ACTIVE Status
Opportunity meets flexibility in this well-maintained, rent-ready duplex located in a great Tumwater location! Each spacious unit offers 1,487 square feet, featuring 3 bedrooms, 2.5 bathrooms, a one-car garage, and additional parking, & fully fenced backyards. Thoughtfully designed floor plans provide plenty of living space, making them attractive to owner-occupants, and tenants alike. This property has seen significant recent improvements, including a brand-new roof, new furnaces and water heaters in both units, refreshed landscaping, and new carpet and LVP flooring in the vacant unit. These upgrades help minimize near-term maintenance expenses while providing peace of mind for years to come. The vacant unit (#7041) is move-in ready and offers immediate flexibility, whether you choose to occupy it yourself or capitalize on current market rents. The neighboring unit (#7039) is currently leased at $2,200 monthly and goes month to month on 10/1/26 creating reliable income today while preserving future options. Ideally situated near schools, shopping, dining, parks, and everyday essentials, with convenient access to major commuting routes, this duplex benefits from a location that continues to attract strong tenant demand. Whether your goal is generating cash flow, reducing housing costs, building equity, or growing your investment portfolio, this versatile property offers the rare combination of immediate income, major capital improvements in the sought-after Tumwater market.

7039 7041 Lazy Court SW, Tumwater

Listing courtesy of Epic Realty.

$675,000
2548425 MLS ⋅ ACTIVE Status
PRICE IMPROVEMENT!! Excellent Location & Strong Investment Opportunity! Well-maintained units in great condition, featuring thoughtful interior updates completed over the past few years. The property benefits from ongoing city road improvements along Fones Road, enhancing accessibility and long-term value. Ideally situated in a close-in location and very close to a freeway exit, this property offers easy commuting and excellent convenience. Enjoy stable and reliable rental income in a highly accessible area. Located within an Opportunity Zone, providing potential tax advantages and appealing estate planning considerations. Owner-occupancy may be possible in Unit A—adding flexibility for investors or owner-users alike. Recent upgrades include: New roof (2025) New water heater Updated flooring Upgraded electrical panel Don’t miss this unique investment opportunity!

1438 SE Fones Rd Unit #A&B, Olympia

Listing courtesy of Kelly Right RE of Seattle LLC.

$675,000
2537407 MLS ⋅ ACTIVE Status
Great income generating duplex in desirable Horizon Pointe neighborhood. Upstairs unit features 1443 sqft, 3bds, 2ba, primary suite w/private bath and walk-in closet. Fully fenced yard. Downstairs unit offers 919 sqft, 2bds, 1ba. Separate addresses, meters/utilities, entries, garages, and fenced yards for both living spaces. Both units have nice, engineered hardwood flooring, and tile countertops. Units currently rented, with great opportunity for investment property or owner occupancy!

5293 66th Avenue SE, Lacey

Listing courtesy of Riley Jackson Real Estate Inc..

$675,000
2528181 MLS ⋅ ACTIVE Status
Lovely duplex located in the heart of Yelm offering two spacious units, each featuring 3 bedrooms, 2.5 baths, and approximately 1,300 sq ft of comfortable living space. Each home includes a spacious primary suite with private full bath, pantry, washer and dryer, forced-air gas heat, abundant storage, and an attached 1-car garage with opener. The landscaped property also features partially fenced yards for added privacy. One unit has been beautifully remodeled with granite countertops, updated cabinetry, laminate flooring, and modern fixtures throughout. Situated in a quiet community with small-town charm, yet conveniently close to JBLM, shopping, restaurants, schools, parks, golf courses, Lacey, Olympia, and surrounding areas. This property is in an ideal location for both owner-occupants and investors alike.

15334 Berry Valley Drive SE Unit #15332, Yelm

Listing courtesy of Berkshire Hathaway HS NW.

$675,000
2472540 MLS ⋅ ACTIVE Status
Big-ticket improvements are already done! This spacious Lacey duplex features newer Hardie siding, exterior paint, septic system, drain field and pumping station, taking care of several major expenses for the next owner. Each unit offers 3 bedrooms, 1.5 baths, an attached garage, private fenced yard and separate driveway, all situated on a large .56-acre lot. Whether you're looking to add a rental property to your investment portfolio or live in one side and rent the other to help offset your monthly housing costs, this property offers flexibility and long-term potential. The two 3-bedroom units provide strong rental appeal, while the separate yards and garages give each side the feel and privacy of a home. Conveniently located near shopping, schools, parks and I-5. A great opportunity to own a duplex with significant improvements already completed and the ability to add value over time.

643 School Street SE, Lacey

Listing courtesy of Redfin.

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.
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