1128 State Avenue NE, Olympia, WA 98506
- $475,000
- 1,620
- SqFt
Listing courtesy of Redfin.
- List Price
- $475,000
- Status
- ACTIVE
- MLS#
- 2555802
- Price Change
- ▼ $54,000 1786601981
- Days on Market
- 137
- Style
- 52 - Duplex
- Building Condition
- Updated/Remodeled
- Finished SqFt
- 1,620
- Lot Size (sq ft)
- 6,300
- Short Sale
- Yes
Property Description
Great rental potential in the coveted Bigelow neighborhood! Formerly a fully rented duplex, the current owners converted to SFR. Easily converted back to a duplex just by adding door by the living room to create a separate upstairs unit. Upstairs back room is still plumbed for a full kitchen, and you could add a ductless washer/dryer to the space for full functionality. Downstairs has a completely remodeled kitchen with smart appliances (combo oven with convection/steam/air fryer options and gas range with voice-activated hood!), butcher block counters, and USB outlets, large laundry/mud room, bedroom with walk-in closet, and full bath. Upstairs has a large living room with seasonal views of the capital dome, a bedroom, a potential kitchen/dining room, and full bath. Alley parking for downstairs unit, and free street parking for upstairs. Located just blocks from downtown Olympia, parks, restaurants, Swantown Marina, and the farmers market. Mixed-use zoning is perfect for a live/work lifestyle. Zoning would also allow commercial, so you could live upstairs and run a business from the main floor! Buyer to verify all possible uses. Preferred lender incentive available.
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Additional Information
- List Date
- 2026-05-01 01:28:11
- Community
- Olympia
- Potential Terms
- Cash, Conventional, FHA, VA Loan
- Year Built
- 1912
- Roof
- Composition
- Site Features
- Fenced-Partially, Gas Available, Outbuildings, Patio
- School District
- Olympia
- Elementary School
- Roosevelt Elementary
- Middle School
- Reeves Mid
- High School
- Olympia High
- Total Monthly Income
- $3,000
- Gross Scheduled Income
- $36,000
- Gross Adjusted Income
- $30,921
- Tax Year
- 2026
- Total Expenses
- $5,079
- Net Operating Income
- $25,842
- Gross Rent Multiplier
- 14.69
- Cap Rate
- 4.89
Mortgage Calculator
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.