3532 Mary Elder Rd NE

Olympia, WA 98506

$1,750,000
Price
20
Beds
10
Baths
7,163 Sq. Ft.
$244 / Sq. Ft.
7,163
Sq. Ft.
$244
per Sq. Ft.
Listed By CompassPending
Listed By CompassPending
an aerial view of houses and roads
a car parked in front of a house with a yard
a backyard of a house with a garden
a view of a house with a big yard plants and large trees
a view of a house with a small entryway
a view of entryway with wooden floor
a kitchen with counter top space cabinets and stainless steel appliances
a living room with furniture and a flat screen tv
a kitchen with sink cabinets and window
a living room with furniture and a flat screen tv
a kitchen with a sink stainless steel appliances and cabinets
a living room with furniture and a window
a view of a car parked in front of a house
a view of a house with a yard
a backyard of a house with plants and trees
a front view of house with yard and trees around
Listing provided courtesy of COMPASS

Description

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...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.

Property Details for 3532 Mary Elder Road Northeast

Community Name
Olympia
School District
North Thurston
Number of Assigned Spaces
8
Total Covered Parking
0
Entry Date
03-06-2025
Energy Source
Electric
Sewer
Sewer Connected
LISTING UPDATED: 11/03/2025 02:16 PM

Property Details for 3532 Mary Elder Road Northeast

StatusPending
MLS #2339340
Days on Market231
Cumulative Days on Market231
Taxes$9,920 / year
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeResidential Income
Year Built1950
Lot Size0.48 AC / 20,909 SF
CountyThurston County
Buyer's Agent Compensation2.5%

Location

Listing Courtesy of COMPASS
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Building Information for 3532 Mary Elder Road Northeast

Stories2Residences10Year Built1950Building Size-Lot Size0.48 AC / 20,909 SF

Payment Calculator

$9,474 per month

30 year fixed, 6.28% Interest

Principal and Interest

$8,647

Property Taxes

$827

HOA Dues

$0

The Payment Calculator is for illustrative purposes only.

Property Information for 3532 Mary Elder Road Northeast

Summary
Location and General Information
  • Style: 53 - Tri-plex
  • Site Features: Fenced-Partially
  • Area: 447 - Olympia North
  • Effective Year Built Source: Public Records
  • 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
  • Leased Items: None
  • Property Sub Type: MULT
  • View: No
  • Waterfront: No
Taxes and HOA Information
  • Tax Year: 2024
Parking
  • Number of Carport Spaces: 0.0
  • Carport: No
  • Open Parking Spaces: 8.0
  • Open Parking: Yes
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, Vinyl, Carpet
  • Amenities: Coin Op Laundry
  • Cooling: No
  • Cooling: None
  • Fireplace: No
  • Heating: Yes
  • Heating: Baseboard
  • FIRPTA: No
Exterior Features
  • Exterior: Wood, Wood Products
  • Roof: Composition
  • Security Features: Partially Fenced
Property
Utilities
  • Water Source: Public
  • Water/Sewer/Garbage: 10936
  • Power Production Type: Electric
Property and Assessments
  • New Construction YN: No
  • Zoning Jurisdiction: County
  • Foundation: Poured Concrete
  • Zoning Remarks: Multi-Family
  • First Right Of Refusal: false
  • Possible Use: Multi-Family
  • MLS Square Footage Source: Public Records
  • Preliminary Title Ordered: Yes
  • Senior Community: No
  • Special Listing Conditions: None
  • Year Built Effective: 1950
  • Photos Count: 16
Lot Information
  • Lot Details: Paved
  • Lot Size Source: Public Records
  • Parcel Number Free Text: 11818141600
  • Building Condition: Fair
  • Calculated Square Footage: 7163
  • Structure Type: Triplex
  • Square Footage Finished: 0
  • Square Footage Unfinished: 0
  • Building Area Total: 7163.0
  • Building Area Units: Square Feet
  • Property Type: Residential Income
  • Elevation Units: Feet
  • Irrigation Water Rights: No
Multi Family
Building Details
  • Number of Uncovered Spaces: 8
  • Number of Stories in Building: 2
  • Vacancy Rate: 0
  • Number Of Units Total: 10
  • Units Below Grade: false
  • Units In Building Total: 11
Financing / Income and Expenses
  • Electric Expense: $10,936
  • Total Expenses: 66283
  • Gross Adjusted Income: 148073
  • Gross Rent Multiplier: 11.4
  • Gross Scheduled Income: $206,560
  • Insurance Expense: $7,800
  • Net Operating Income: $148,073
  • Other Expenses: $15,755
  • Total Monthly Income: 5280
  • Fuel Expense: $10,936
Unit 1
  • Name Unit 1: A2
  • Bedrooms Unit 1: 2
  • Bathrooms Unit 1: 1
Unit 2
  • Name Unit 2: A1
  • Bedrooms Unit 2: 3
  • Bathrooms Unit 2: 1
Unit 3
  • Name Unit 3: C4
  • Bedrooms Unit 3: 2
  • Bathrooms Unit 3: 1
Unit 4
  • Name Unit 4: C5
  • Bedrooms Unit 4: 2
  • Bathrooms Unit 4: 1
Unit 5
  • Name Unit 5: C6
  • Bedrooms Unit 5: 2
  • Bathrooms Unit 5: 1
Unit 6
  • Name Unit 6: C7
  • Bedrooms Unit 6: 1
  • Bathrooms Unit 6: 1
Unit 7
  • Name Unit 7: B8
  • Bedrooms Unit 7: 2
  • Bathrooms Unit 7: 1
Unit 8
  • Name Unit 8: B9
  • Bedrooms Unit 8: 2
  • Bathrooms Unit 8: 1
Unit 9
  • Name Unit 9: B10
  • Bedrooms Unit 9: 2
  • Bathrooms Unit 9: 1
Unit 10
  • Name Unit 10: B11
  • Bedrooms Unit 10: 2
  • Bathrooms Unit 10: 1
Rental
Rent Information
  • Occupant Type: Tenant
  • Leasable Area: 7163.0

Property History for 3532 Mary Elder Road Northeast

DateEvent & SourcePriceAppreciation
Oct 24, 2025

Pending

NWMLS #2339340

—
Mar 6, 2025

Listed (Active)

NWMLS #2339340

$1,750,000—
Sep 7, 2016

Sold (Public Record)

Public Record #578797438

$630,000

+5.4% / yr

Aug 2, 2004

Sold (Public Record)

Public Record #138322544

$335,000—
DateEvent & SourcePrice
10/24/2025

Pending

NWMLS #2339340

—
03/06/2025

Listed (Active)

NWMLS #2339340

$1,750,000
09/07/2016

Sold (Public Record)

Public Record #578797438

$630,000

+5.4% / yr

08/02/2004

Sold (Public Record)

Public Record #138322544

$335,000

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

Public Records for 3532 Mary Elder Road Northeast

Taxable ValueLand$315,000Additions$744,000Total$1,059,000
Tax Record2025$11,210 ($934 / month)
Home Facts
Baths3Total Finished SqFt4,430 SqFtAbove Ground SqFt3,131 SqFtFinished Basement SqFt1,299 SqFtStories2Lot Size20,909 SqFtStyleTriplexYear Built1950Year Renovated1986CountyTHURSTONAPN1181-81-41600Fireplace TypeHas Fireplace

Schools near 3532 Mary Elder Road Northeast

This home is within North Thurston Public Schools.
Rating
School
Type
Grades
Distance
Pleasant Glade Elementary School
Public - PK to 5
Chinook Middle School
Public - 6 to 8
North Thurston High School
Public - 9 to 12
Ignite Family Academy
Public - K 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

Ignite Family Academy
PublicK 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.

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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 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 COMPASS

Properties displayed may be listed or sold by various participants in the MLS. Based on information submitted to the MLS GRID as of 12/15/2025 03:57 PM. All data is obtained from various sources and may not have been verified by broker orMLS GRID. Supplied Open House Information is subject to change without notice. All informationshould be independently reviewed and verified for accuracy. Properties may or may not be listed bythe office/agent presenting the information.