1438 SE Fones Rd Unit #A&B, Olympia, WA 98501

$675,000
2,383
SqFt

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Listing courtesy of Kelly Right RE of Seattle LLC.

List Price
$675,000
Status
ACTIVE
MLS#
2548425
Days on Market
80
Style
52 - Duplex
Finished SqFt
2,383
Area Total SqFt
2383
Annual Tax Ammount
6996
Lot Size (sq ft)
15,268
Sewer
Sewer Connected

Property Description

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!

Additional Information

List Date
2026-05-07 20:43:16
Community
Olympia
Net Operating Income
$38,853
Gross Adjusted Income
$51,100
Gross Scheduled Income
$50,600
Total Monthly Income
$4,120
Insurance Expenses
$1,200
Water/Sewer/Garbage Expenses
$2,800
Gross Rent Multiplier
13
Total Expenses
$11,746
Cap Rate
5.5
Vacancy Rate
5
Total Number of Units
2
Unit Name
1438
Potential Terms
Cash, Conventional, FHA, VA Loan
Year Built
1955
Roof
Composition
Other Expenses
750
Energy Source
Electric
School District
North Thurston
Elementary School
Buyer To Verify
Middle School
Buyer To Verify
High School
Buyer To Verify
Total Monthly Income
$4,120
Gross Scheduled Income
$50,600
Vacancy Rate
5
Gross Adjusted Income
$51,100
Tax Year
2025
Insurance Expense
$1,200
W/S/G Expenses
$2,800
Total Expenses
$11,746
Net Operating Income
$38,853
Gross Rent Multiplier
13
Cap Rate
5.5
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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