Courtesy of Virgil Adams Real Estate, Inc. and NWMLSNWMLS

OverviewEstate Overview - $575,000Closed

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2009 Water Street,

Olympia, WA 98501

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...See More

  • 0 Beds
  • 0 Baths
  • 1316 Sqft
  • Residential Income

OverviewListing Details

Status:Closed
Original Listing Price: $ 599,900
Listing Date: 04/03/2026
Days on dealty:Was on Dealty for 42 days
County:Thurston
MLS Type:NWMLSNWMLS
Built In:1940
Has HOA:No
Status Change Date:May 15, 2026
Pool:No
Cumulative Days on market:28 days
Last Updated:06/15/2026, 10:28:58 PM
*Please Contact Lister for more information.

FeaturesProperty Features

Design
  • Property subtype: Multi Family
  • Construction materials: Wood
  • Roof: Composition
Flooring
  • Hardwood
  • Vinyl
Interior Spaces
    --
Bedrooms & Bathrooms
  • 0 - Bedrooms
  • 0 - Bathrooms
Exteriors
  • Exterior features: Wood,
  • View: Lake, Territorial
Lot Details
  • Lot size: 0.6404 Acres / 27895 Square feet

AmenitiesAmenities

Utilities
  • Cooling - None
  • Heating - Baseboard, Stove/Free Standing
Laundry
    --
Parking
  • Garage Spaces: 0

HOAHOA & Financial

Primary HOA
    No
Second HOA
    No
Third HOA
    No

OverviewOpen House

* There are no open house dates scheduled at this time. Please reach out to the lister for an in person or virtual viewing.

Schools & Neighborhood

Schools
    --
Neighborhood
    --

NeighborhoodExplore The Area

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AgentListing Agent

Agent
Spence Weigand

(Virgil Adams Real Estate, Inc.)

MLS # NWM2499842

2009 Water Street

Olympia, WA 98501

$575,000
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FOR MORE PHOTOS VISIT
https://www.dealty.ai/buy/home/2009-water-street-olympia-wa-98501
Approx sqft
1316
Year Built
1940
Lot Size
27895 sqft/ 0.642 acres

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 ...(Visit the link to Get more info)

AGENT CONTACT

Northwest Multiple Listing Service

Based on information submitted to MLS Grid as of 06/15/2026, 10:28:58 PM. IDX information is provided exclusively for consumers’ personal, non-commercial use and may be used solely to identify prospective properties that consumers may be interested in purchasing. All data is deemed reliable but is not guaranteed by MLS Grid. All information should be independently reviewed and verified. Open house information is subject to change without notice. Properties may or may not be listed by the office or agent presenting the information.