2009 Water St SW

Olympia, WA 98501

$575,000
Last Sold Price
2
Beds
2
Baths
1,316 Sq. Ft.
$437 / Sq. Ft.
1,316
Sq. Ft.
$437
per Sq. Ft.
Get preapproved with Rocket Mortgage1
Sold 5/15/26
Sold 5/15/26
Listing provided courtesy of Virgil Adams Real Estate, Inc., Group 7 Inc., Real Estate Serv
Source: Northwest MLS

Description

Rare opportunity in the prestigious South Capitol neighborhood! This renovated duplex is located on a quiet street just 5 blocks from the State Capitol campus and minutes from the markets and restaurants of downtown Olympia. Situated next to a serene pocket park, the property offers a peaceful setting with a strong cap rate and ATTRACTIVE OWNER FINANCING. Large picture windows provide fantastic natural light and beautiful territorial views with pleasant spots to gaze at Capitol Lake through the surrounding...Rare opportunity in the prestigious South Capitol neighborhood! This renovated duplex is located on a quiet street just 5 blocks from the State Capitol campus and minutes from the markets and restaurants of downtown Olympia. Situated next to a serene pocket park, the property offers a peaceful setting with a strong cap rate and ATTRACTIVE OWNER FINANCING. Large picture windows provide fantastic natural light and beautiful territorial views with pleasant spots to gaze at Capitol Lake through the surrounding tall trees. The upper unit features gorgeous refinished red oak floors and a working wood stove for cozy evenings. The lower unit includes a private deck perfect for relaxing. Both units are small and highly practical, offering 1 bedroom and 1 bathroom each. The kitchens are bright with new countertops, plenty of storage, and dedicated eating spaces. Modern upgrades include new water heaters and stacked washer and dryer systems in both units. With rents increased in the last year, this is a turnkey investment or an ideal primary residence with rental income to offset the mortgage. Enjoy being close to everything the city has to offer while living in one of Olympia's most sought-after areas. This property combines charm, modern amenities, and a prime location for any savvy buyer. Don't miss out on this versatile duplex in the heart of South Capitol. Access to upper unit only, lower unit will be accessible upon signed purchase and sale agreement.
  1. Listed by Spence Weigand • Virgil Adams Real Estate, Inc.
    P: 205-360-352-3756 spenceweigand@comcast.net
  2. Listed by Nate Burgher • Virgil Adams Real Estate, Inc.
    P: (360)-352-3756 Nate@VirgilAdamsRE.com

Property Details for 2009 Water Street Southwest

Community Name
Olympia
School District
Olympia
View
Lake, Territorial
Number of Assigned Spaces
0
Total Covered Parking
0
Entry Date
04-03-2026
Energy Source
Electric,Wood
Sewer
Sewer Connected
LISTING UPDATED: 05/15/2026 04:13 PM

Property Details for 2009 Water Street Southwest

StatusSold
MLS #2499842
Days on Market28
Cumulative Days on Market28
Taxes$5,112 / year
HOA Fees-
Condo/Co-op Fees-
Property TypeMulti Family
MLS TypeResidential Income
Year Built1940
Lot Size0.64 AC / 27,895 SF
CountyThurston County
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Location

Listing Courtesy of Virgil Adams Real Estate, Inc.

Sold By Group 7 Inc., Real Estate Serv

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Building Information for 2009 Water Street Southwest

Stories2Residences2Year Built1940Building Size-Lot Size0.64 AC / 27,895 SF

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$3,291 per month

30 year fixed, 6.36% Interest

Principal and Interest

$2,865

Property Taxes

$426

HOA Dues

$0

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Property Information for 2009 Water Street Southwest

Summary
Location and General Information
  • Style: 52 - Duplex
  • Site Features: Cable TV, Deck, Gas Available, High Speed Internet, Patio
  • Area: 447 - Olympia North
  • Elementary School: Lincoln Elementary
  • Middle Or Junior School: Wash Mid
  • High School: Olympia High
  • Directions: South on Capitol Way from downtown, right on 20th, left on Water to home on right.
  • Leased Items: None
  • Property Sub Type: MULT
  • View: Yes
  • Waterfront: No
Taxes and HOA Information
  • Tax Year: 2026
Parking
  • Garage Spaces: 0.0
  • 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: Hardwood, Vinyl
  • Cooling: No
  • Cooling: None
  • Fireplace: No
  • Heating: Yes
  • Heating: Baseboard, Stove/Free Standing
  • FIRPTA: No
Exterior Features
  • Exterior: Wood
  • Roof: Composition
Property
Utilities
  • Water Source: Public
  • Water/Sewer/Garbage: 2609
  • Power Company: PSE
  • Sewer Company: City of Olympia
  • Water Company: City of Olympia
  • Power Production Type: Electric, Wood
Property and Assessments
  • New Construction YN: No
  • Zoning Jurisdiction: City
  • Foundation: Poured Concrete
  • First Right Of Refusal: false
  • MLS Square Footage Source: Assessor
  • Preliminary Title Ordered: Yes
  • Senior Community: No
  • Special Listing Conditions: None
  • Photos Count: 32
Lot Information
  • Lot Details: Curbs, Paved, Sidewalk
  • Lot Size Source: Assessor
  • Parcel Number Free Text: 60500201300
  • Building Condition: Very Good
  • Calculated Square Footage: 1316
  • Structure Type: Duplex
  • Square Footage Finished: 0
  • Square Footage Unfinished: 0
  • Building Area Total: 1316.0
  • Building Area Units: Square Feet
  • Property Type: Residential Income
  • Elevation Units: Feet
  • Irrigation Water Rights: No
Multi Family
Building Details
  • Total Uncovered Parking: 0
  • Number of Stories in Building: 2
  • Vacancy Rate: 0
  • Number Of Units Total: 2
  • Units Below Grade: true
  • Units In Building Total: 2
Financing / Income and Expenses
  • Electric Expense: $0
  • Total Expenses: 8983
  • Gross Adjusted Income: 39840
  • Gross Rent Multiplier: 15
  • Gross Scheduled Income: $39,840
  • Insurance Expense: $1,262
  • Net Operating Income: $30,857
  • Other Expenses: $0
  • Total Monthly Income: 3320
  • Fuel Expense: $0
Unit 1
  • Name Unit 1: Top
  • Washer/Dryer Unit 1: true
  • Range/Oven Unit 1: true
  • Refrigerator Unit 1: true
  • Dishwasher Unit 1: false
  • Square Feet Unit 1: 658
  • Rent Unit 1: $1,800.00
  • Bedrooms Unit 1: 1
  • Fireplaces Unit 1: 1
  • Bathrooms Unit 1: 1
Unit 2
  • Name Unit 2: Bottom
  • Washer/Dryer Unit 2: true
  • Range/Oven Unit 2: true
  • Refrigerator Unit 2: true
  • Dishwasher Unit 2: false
  • Square Feet Unit 2: 658
  • Rent Unit 2: $1,520.00
  • Bedrooms Unit 2: 1
  • Fireplaces Unit 2: 0
  • Bathrooms Unit 2: 1
Rental
Rent Information
  • Occupant Type: Tenant
  • Leasable Area: 1316.0

Property History for 2009 Water Street Southwest

DateEvent & SourcePriceAppreciation
May 15, 2026

Sold

NWMLS #2499842

$575,000—
May 1, 2026

Pending

NWMLS #2499842

—
Apr 3, 2026

Listed (Active)

NWMLS #2499842

$599,900—
DateEvent & SourcePrice
05/15/2026

Sold

NWMLS #2499842

$575,000
05/01/2026

Pending

NWMLS #2499842

—
04/03/2026

Listed (Active)

NWMLS #2499842

$599,900

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

Schools near 2009 Water Street Southwest

This home is within Olympia School District.
Rating
School
Type
Grades
Distance
Lincoln Elementary School
Public - K to 5
Washington Middle School
Public - 6 to 8
Olympia High School
Public - 9 to 12
Avanti High School
Public - 9 to 12
Rating
School
Distance
Lincoln Elementary School
PublicK to 5

Washington Middle School
Public6 to 8

Olympia High School
Public9 to 12

Avanti High School
Public9 to 12

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.

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No guarantee, warranty or representation of any kind is made regarding the completeness or accuracy of descriptions or measurements (including square footage measurements and property condition), such should be independently verified, and Compass, Inc., its subsidiaries, affiliates and their agents and associated third parties expressly disclaims 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 discretion of the seller. No financial or legal advice provided. Equal Housing Opportunity.

Listing Courtesy of Virgil Adams Real Estate, Inc.

Based on information submitted to the MLS GRID as of 05/15/2026 04:13 PM. 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.