1438 Fones Rd SE, Unit A&B

3
Baths
2,383 Sq. Ft.
$283 / Sq. Ft.
2,383
Sq. Ft.
$283
per Sq. Ft.

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...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!
  1. Listed by Sateesh Kanchukatla • Kelly Right RE of Seattle LLC
    P: (206)-525-5235 satish.kanchukatla@gmail.com

Property Details for 1438 Fones Road Southeast, Unit A&B

Community Name
Olympia
School District
North Thurston
Number of Assigned Spaces
4
Total Covered Parking
2
Entry Date
07-01-2026
Energy Source
Electric
Sewer
Sewer Connected
LISTING UPDATED: 07/01/2026 11:58 AM

Property Details for 1438 Fones Road Southeast, Unit A&B

StatusActive
MLS #2548425
Days on Market3
Cumulative Days on Market58
Taxes$6,996 / year
HOA Fees-
Condo/Co-op Fees-
Property TypeMulti Family
MLS TypeResidential Income
Year Built1955
Lot Size0.35 AC / 15,268 SF
CountyThurston County

Location

Listing Courtesy of Kelly Right RE of Seattle LLC
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Building Information for 1438 Fones Road Southeast, Unit A&B

Stories1Residences2Year Built1955Building Size-Lot Size0.35 AC / 15,268 SF

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Property Information for 1438 Fones Road Southeast, Unit A&B

Summary
Location and General Information
  • Style: 52 - Duplex
  • Area: 448 - Olympia South
  • Elementary School: Buyer To Verify
  • Middle Or Junior School: Buyer To Verify
  • High School: Buyer To Verify
  • Effective Year Built Source: Public Records
  • Directions: Take exit 107 from I-5 and Turn onto Pacific Ave SE and Turn right onto Fones Rd SE
  • Leased Items: None
  • Property Sub Type: MULT
  • View: No
  • Waterfront: No
Taxes and HOA Information
  • Tax Year: 2025
Parking
  • Garage Spaces: 2.0
  • Number of Carport Spaces: 0.0
  • Carport: No
  • Open Parking: No
Interior and Exterior Features
Bathroom Information
  • Full Baths Upper: 0
  • Three Quarter Baths Upper: 0
  • Half Baths Upper: 0
  • Main Level Bathrooms: 0
Bedroom Information
  • Bedrooms Upper: 0
Interior Features
  • Fireplaces Total: 0
  • Floor Covering: Laminate, Carpet
  • Amenities: Thermal Windows
  • Cooling: No
  • Cooling: None
  • Fireplace: No
  • Heating: Yes
  • Heating: Baseboard
Exterior Features
  • Exterior: Brick, Wood, Wood Products
  • Roof: Composition
Property
Utilities
  • Water Source: Public
  • Water/Sewer/Garbage: 2800
  • Power Company: PSE
  • Sewer Company: City of Olympia
  • Water Company: City Of Olympia
  • Power Production Type: Electric
Property and Assessments
  • New Construction YN: No
  • Construction Methods: Standard Frame
  • MLS Square Footage Source: County
  • Preliminary Title Ordered: Yes
  • Senior Community: No
  • Special Listing Conditions: None
  • Year Built Effective: 1987
  • Photos Count: 18
Lot Information
  • Lot Details: Corner Lot
  • Lot Size Source: County
  • Parcel Number Free Text: 11819140300
  • Calculated Square Footage: 2383
  • Structure Type: Duplex
  • Square Footage Finished: 0
  • Square Footage Unfinished: 0
  • Building Area Total: 2383.0
  • Building Area Units: Square Feet
  • Property Type: Residential Income
  • Elevation Units: Feet
  • Irrigation Water Rights: No
  • Green Energy Efficient: Thermal Windows
Multi Family
Building Details
  • Total Uncovered Parking: 2
  • Number of Stories in Building: 1
  • Unit Number: A&B
  • Vacancy Rate: 5
  • Number Of Units Total: 2
  • Units Below Grade: false
  • Units In Building Total: 2
Financing / Income and Expenses
  • Electric Expense: $0
  • Total Expenses: 11746
  • Gross Adjusted Income: 51100
  • Gross Rent Multiplier: 13
  • Gross Scheduled Income: $50,600
  • Insurance Expense: $1,200
  • Net Operating Income: $38,853
  • Other Expenses: $750
  • Total Monthly Income: 4120
  • Fuel Expense: $0
Unit 1
  • Name Unit 1: A
  • Washer/Dryer Unit 1: true
  • Range/Oven Unit 1: true
  • Refrigerator Unit 1: true
  • Dishwasher Unit 1: true
  • Square Feet Unit 1: 780
  • Rent Unit 1: $1,950.00
  • Bedrooms Unit 1: 2
  • Fireplaces Unit 1: 0
  • Bathrooms Unit 1: 1
Unit 2
  • Name Unit 2: B
  • Washer/Dryer Unit 2: true
  • Range/Oven Unit 2: true
  • Refrigerator Unit 2: true
  • Dishwasher Unit 2: true
  • Square Feet Unit 2: 1603
  • Rent Unit 2: $2,270.00
  • Bedrooms Unit 2: 3
  • Fireplaces Unit 2: 1
  • Bathrooms Unit 2: 2
Rental
Rent Information
  • Occupant Type: Tenant
  • Leasable Area: 2383.0

Property History for 1438 Fones Road Southeast, Unit A&B

DateEvent & SourcePriceAppreciation
Jul 1, 2026

Listed (Active)

NWMLS #2548425

$675,000
Jun 20, 2025

Sold

NWMLS #2321579

$600,000
May 5, 2025

Pending

NWMLS #2321579

DateEvent & SourcePrice
07/01/2026

Listed (Active)

NWMLS #2548425

$675,000
06/20/2025

Sold

NWMLS #2321579

$600,000
05/05/2025

Pending

NWMLS #2321579

For completeness, we often displays two records for one sale: the MLS record and the public record.

Schools near 1438 Fones Road Southeast, Unit A&B

This home is within North Thurston Public Schools.
Rating
School
Type
Grades
Distance
Public - PK to 5
Public - 6 to 8
Public - 9 to 12
Public - 6 to 8
Rating
School
Distance
Pleasant Glade Elementary School
PublicPK to 5

Chinook Middle School
Public6 to 8

North Thurston High School
Public9 to 12

Salish Middle School
Public6 to 8

School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.

Similar Homes

1438 Fones Road Southeast, Unit A&B is a multi-family home for sale in Olympia, WA 98501. This property was listed for sale on July 1, 2026 by Kelly Right RE of Seattle LLC, it's currently listed at $675,000. It has been on the market for a total of 3 days and was last sold on June 20, 2025. This listing's school district is North Thurston Public Schools. Nearby schools include Pleasant Glade Elementary School, Chinook Middle School and North Thurston High School. 1438 Fones Road Southeast, Unit A&B is a 5-bed, 3-bath, 2,383 sqft multi-family home built in 1955.

No guarantee, warranty or representation of any kind is made regarding the completeness or accuracy of any information, descriptions or measurements (including square footage measurements and property condition), such should be independently verified through appropriate means, including, but not limited to, in person inspection and public records, and Compass International Holdings, its subsidiaries, affiliates and independently owned and operated franchisees, and their affiliated agents and associated third parties expressly disclaim any liability in connection therewith. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. Offers of compensation are subject to change at the seller's discretion. No financial or legal advice provided. Equal Housing Opportunity.

Listing Courtesy of Kelly Right RE of Seattle LLC

Based on information submitted to the MLS GRID as of 07/01/2026 11:58 AM. 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. Properties displayed may be listed or sold by various participants in the MLS. IDX information is provided exclusively for consumers’ personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. The data is deemed reliable but is not guaranteed by MLS GRID. Use of the MLS GRID data may be subject to an end user license agreement prescribed by the applicable MLS of the Member Participant, if any, and as amended from time to time.