3532 Mary Elder Road NE
Olympia, WA 98506
- – beds
- – baths
- 7,163 sqft
- ~1/2 acre lot
- $244 per sqft
- 1950 build
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.
Last checked:
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Last updated May 5, 2025
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MLS# 2339340 —
The Building
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Year Built:1950
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Year Built:1950
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Year Built Source:Public Records
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New Construction:false
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Structure Type:Triplex
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Roof:Composition
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Foundation Details:Poured Concrete
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Exterior Features:Wood, Wood Products
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Units In Building Total:11
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# of Units Total:10
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Stories Total:2
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Building Area Total:7163
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Building Area Units:Square Feet
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Calculated SqFt:7163
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SqFt Source:Public Records
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Construction Materials:Wood
Interior
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Interior Features:Laminate
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Flooring:Laminate, Vinyl, Carpet
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Fireplace:false
Financial & Terms
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Possession:Closing, Subject to Tenant Rights
Location
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Latitude:47.048207
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Longitude:-122.84523
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Directions:From I-5 exit 109, follow Martin Way, right turn on Lilly Rd and left onto Mary Elder Rd - property will be on the right
The Property
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Property Type:Residential Income
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Property Subtype:Multi Family
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Property Condition:Fair
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Parcel Number:11818141600
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Lot Features:Paved
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Lot Size Units:Square Feet
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Lot Size Acres:0.48
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Lot Size SqFt:20909
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Lot Size Source:Public Records
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Zoning Description:Multi-Family
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Zoning Jurisdiction:County
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View:false
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Waterfront:false
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Possible Use:Multi-Family
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Irrigation Water Rights:false
Listing Agent
- Contact info:
- Agent phone:
- (425) 242-6440
- Office phone:
- (425) 242-6440
Taxes
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Tax Year:2024
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Tax Annual Amount:9920
The Listing
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Special Listing Conditions:None
Heating & Cooling
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Cooling:false
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Heating:true
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Cooling:None
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Heating:Baseboard
Utilities
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Water Source:Public
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Sewer:Sewer Connected
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Water Sewer Garbage:10936
Schools
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High School District:North Thurston
The Community
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Subdivision Name:Olympia
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Amenities:Coin Op Laundry
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Senior Community:false
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Association:false
Parking
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Parking Total:8
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Parking Uncovered Spaces:8
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Open Parking:true
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Open Parking Spaces:8
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Carport:false
Listing courtesy of NWMLS / COMPASS
Walk Score®
Provided by WalkScore® Inc.
Walk Score is the most well-known measure of walkability for any address. It is based on the distance to a variety of nearby services and pedestrian friendliness. Walk Scores range from 0 (Car-Dependent) to 100 (Walker’s Paradise).
Bike Score®
Provided by WalkScore® Inc.
Bike Score evaluates a location's bikeability. It is calculated by measuring bike infrastructure, hills, destinations and road connectivity, and the number of bike commuters. Bike Scores range from 0 (Somewhat Bikeable) to 100 (Biker’s Paradise).
Transit Score®
Provided by WalkScore® Inc.
Transit Score measures a location's access to public transit. It is based on nearby transit routes frequency, type of route (bus, rail, etc.), and distance to the nearest stop on the route. Transit Scores range from 0 (Minimal Transit) to 100 (Rider’s Paradise).
Soundscore™
Provided by HowLoud
Soundscore is an overall score that accounts for traffic, airport activity, and local sources. A Soundscore rating is a number between 50 (very loud) and 100 (very quiet).
Sale history
| Date | Event | Source | Price | % Change |
|---|---|---|---|---|
|
3/6/25
Mar 6, 2025
|
Listed / Active | NWMLS | $1,750,000 | |
|
10/17/24
Oct 17, 2024
|
Listed / Active | NWMLS |
