Thurston WA Multi-Family Real Estate, Homes for Sale

Investor alert! Townhomes in the lovely community of Clearwood. 2 cozy residences at an affordable price. Live in one side and rent out the other or have steady rental income from both sides. One side is a 3 bedroom and the other is a 2 bedroom. Both sides have wood stoves for added heat and ambiance. Clearwood is a lovely gated community in Yelm. There are miles of hiking trails through the woods and around the 3 lakes. Swim, kayak, paddle board. So much to do! Enjoy the heated pool and hot tub. Many parks for leisure and BBQ's. along with sport courts. Short commute to JBLM

22339 Overlake Loop SE, Yelm

Listing courtesy of John L. Scott/Yelm.

$665,000

2577769 MLS ⋅ ACTIVE Status

Turnkey Duplex w/golf course views & Possible Owner Financing! This oversized duplex features 2 huge units w/spacious functional layouts. Unit 1 - w/3 bedrooms, 2 baths – 1443sqft, primary bedroom w/full primary bath, walk-in closet w/double door entry, large kitchen w/tile counter tops, dining room, oversized windows, natural light, laundry room, closet space & private garage. Unit 2 - w/2 bedrooms, 1 bath – 919sqft, large primary bedroom w/large closet, large kitchen w/tile counter tops, dining room, oversized windows, natural light, laundry room, closet space & private garage. Both units have nice, engineered hardwood flooring, and tile countertops. Each unit has a private fenced yard & private garage. Prime location close to Costco, Major shopping malls, parks, multiple lakes, walking trails, outdoor activities, golf courses, schools, restaurants, hospitals, sports courts, play areas & bus lines. Easy access to I-5 for commuters. Great cash flowing property for Investors, Owner occupied buyers, VA buyers & Possible Owner Financing.

6628 Bailey Street SE, Lacey

Listing courtesy of Skyline Properties, Inc..

$629,995

2575338 MLS ⋅ ACTIVE Status

This beautiful duplex is ready for its next owner. House is sound and has been lovingly updated with new flooring throughout, brand new windows (with transferable lifetime warranty), new fence, new water heater in 1327 and new tub in 1329. All appliances stay. Roof is less than 10 years old. This duplex is consistently rented with high occupancy percentage. Elementary school located right across the street. Great location, close to JBLM, shopping, and the I-5 corridor.

1327 Horne Street NE, Olympia

Listing courtesy of Real Broker LLC.

$479,000

2571995 MLS ⋅ ACTIVE Status

solid one level duplex in excellent Eastside location; equally walkable to downtown or the San Francisco Steet Bakery. Each unit has 2 bedrooms, 1.5 baths, a large, private fenced backyard, a secure attached garage plus additional off street parking, a laundry room with washer and dryer, well set back from the street, and no stairs. Building has a new roof and electrical service, and has been well maintained with a lot of recent updates.

1126 Puget Street NE, Olympia

Listing courtesy of RE/MAX Northwest.

$599,000

2570465 MLS ⋅ ACTIVE Status

TWO FOR ONE! Over 2,049 sq ft of multi-gen living space, or investment property across 2 separate homes, with 8 stalls for your horse friends! Enchanting bungalow #1 is bathed in light that pours through walls of windows. Unwind in your jetted tub, then head outside to gaze at postcard perfect views from your 655 sq ft wrap around deck, seamless indoor/outdoor living! All of this tucked into a lovely sprawling yard peppered with colors of a variety of ornamental trees. Newly roofed, 1987 stunning, 2 story log/cobblestone guest cabin offers 1125 sf of rustic charm & character, with a cozy loft & 2 fireplaces. 8 stalls are contained in 2 barns with plenty of storage for feed/shavings & tack. The fenced & cross-fenced acreage provides lush, quality grass across rolling pastures. Eclectic charming outbuildings house the well, tools & garden supplies. There is a beautiful cedar one room bunk-house for a guest or work/hobby shop. Cherry, plum, & apple trees create a park like setting around the raised bed garden. A unique berm underground root cellar is approximately 273sf. and is perfect for storing your home grown fruits and vegetables. Park your RV, tractor, horse trailer, and vehicles in a massive 864sf metal machine shop. Need storage? There is a 40 foot premium container. In all, the structures total approx. 6760 sf. This turnkey property is located a mile from Yelm on a sleepy dead-end lane. Live in one and rent the other, or possible horse boarding opportunity.

9601 El Camino Lane SE, Yelm

Listing courtesy of Yelm Windermere.

$639,000

2567540 MLS ⋅ ACTIVE Status

Great opportunity to acquire a freshly remodeled duplex in excellent condition with tremendous income producing potential. Or occupy one side and lease out the other to decrease your mortgage payment. Located on Olympia’s Eastside in the UGA, just outside city limits, this 2011-built duplex offers two established rental units plus potential to expand. The property includes a 3-bedroom, 2-bath unit with a 1-car garage and a fully remodeled 2-bedroom, 1-bath unit with a 1-car garage. The smaller unit has been extensively updated with LVP flooring, quartz countertops, new kitchen cabinets, appliances, doors, millwork, trim, and fresh paint. The nearly half-acre lot provides potential to develop an additional duplex, creating the possibility for four total units and increased income-producing capacity. Strong location, Olympia schools, existing rental income, and future possibilities for development. This is a great location within walking distance to most Eastside Olympia amenities, but has a rural feel of living in the country!

503 Devoe Street NE, Olympia

Listing courtesy of Capitol Real Estate LLC.

$590,000

2566324 MLS ⋅ ACTIVE Status

Beautiful side-by-side rambler duplex with territorial views in Tenino! Offered for sale as the owners retire, this well-maintained investment presents an exceptional opportunity for investors or owner-occupants alike. Each spacious unit features 3 bedrooms, 2 full bathrooms, and an attached 2-car garage, separated by the garages for added privacy. Situated on a level, dry 31,492 sq. ft. (.723-acre) lot, the property offers potential for additional units (buyer to verify) and includes RV power hookups. Live in one side while generating income from the other, or maximize your investment by renting both units. Enjoy inviting covered front porches, private rear patios with a privacy fence between units, and a peaceful setting with room to grow. Recently connected to city sewer, with NO HOA. Recent updates include new carpet in Unit A (2022), a new dishwasher in Unit A (2025), and a new dishwasher in Unit B (2020). All kitchen appliances are included; washers and dryers belong to the tenants, as does the refrigerator in Unit B. Sellers currently pay water, sewer, and garbage. Rarely does a duplex this clean, versatile, and well cared for become available—ask your broker to schedule a showing today!

149 N Wherrett Street, Tenino

Listing courtesy of John L. Scott Lacey.

$399,950

2566733 MLS ⋅ ACTIVE Status

Side-by-side duplex on a quiet dead-end road. Each unit features 1 bedroom and 1 bathroom, with a simple, functional layout. Both units offer a dedicated carport plus additional parking. Enjoy a convenient location close to shopping, town center, and everyday amenities, with easy access to bus lines and nearby freeways for commuters. **The 1-bedroom unit is currently vacant and available to show, providing an excellent opportunity for an owner-occupant ** Duplex next door is also for sale.

1508 1510 Fones Road SE, Olympia

Listing courtesy of Better Properties N. Proctor.

$550,000

2563101 MLS ⋅ ACTIVE Status

Turnkey Olympia duplex with solid cash flow and low owner expenses. Both units are rented month-to-month, producing $2,600/mo with owner costs of $512/mo, offering immediate income and stability. Well-maintained property in a quiet SE Olympia neighborhood close to shopping, parks, and commuter routes. Each unit features living spaces and dedicated parking. Ideal for investors or owner-occupants seeking reliable rental income.

606 & 608 Primrose Lane SE, Tumwater

Listing courtesy of RE/MAX Advantage.

$475,000

2555802 MLS ⋅ ACTIVE Status

Great rental potential in the coveted Bigelow neighborhood! Formerly a fully rented duplex, the current owners converted to SFR. Easily converted back to a duplex just by adding door by the living room to create a separate upstairs unit. Upstairs back room is still plumbed for a full kitchen, and you could add a ductless washer/dryer to the space for full functionality. Downstairs has a completely remodeled kitchen with smart appliances (combo oven with convection/steam/air fryer options and gas range with voice-activated hood!), butcher block counters, and USB outlets, large laundry/mud room, bedroom with walk-in closet, and full bath. Upstairs has a large living room with seasonal views of the capital dome, a bedroom, a potential kitchen/dining room, and full bath. Alley parking for downstairs unit, and free street parking for upstairs. Located just blocks from downtown Olympia, parks, restaurants, Swantown Marina, and the farmers market. Mixed-use zoning is perfect for a live/work lifestyle. Zoning would also allow commercial, so you could live upstairs and run a business from the main floor! Buyer to verify all possible uses. Preferred lender incentive available.

1128 State Avenue NE, Olympia

Listing courtesy of Redfin.

$799,900

2553735 MLS ⋅ ACTIVE Status

2 duplexes for a total of 4 rentals. Built in 2009, each has approx 800 sq.ft.. Great rental history. Each unit is 2 bdrms/1 bath and have electric fireplaces. Efficient design, EZ to maintain. Recent new roof on each building. Single car garages plus outside parking. Located offstreet on a private cul-de-sac. Just 5 minutes to I-5 access at exit 88. EZ commute to Olympia or Centralia. Short distance to restaurants. About 15 minutes to the gaming, restaurants and lounges at the Lucky Eagle Casino. Shopping at Safeway in Centralia less than 6 miles away or Costco in Tumwater just 20 minutes. Scheduled monthly income is $4,975. Only 1 unit is rented at market rate. All others are far below market and ample room for rent increases. Strong demand for rentals in this region. Purchasers Financial capability info needed for interior inspections.

6521 201st, Rochester

Listing courtesy of Dream Weavers Inc..

$829,990

2553422 MLS ⋅ ACTIVE Status

Rare find: 3 homes on 1.67 private acres. Perfect scenario for multi-generational living. Investor: It's a fantastic income producing property too. The main home is a custom 2,206sf rambler with delightful kitchen & Living room. Main bedroom w/ gorgeous bath & private patio. Another bedrm & 2 bonus rooms share a 2nd upgraded bath. Hardi plank exterior, metal roof, wood stove, heat pump, skylights, wood flrs, vaulted ceilings. Covered front porch & 2 covered decks in back. One owner/immaculate condition. Second home is 2 story, 1,160sf w/ large entry portico. Open concept kitchen, living &dining rooms. Main level bdrm, 3/4 bath & finished room on upper level. Furnace, mini split A/C, storage areas inside & out, private access to Pool. Third home is a sweet 360sf cottage. Functional & beautiful kitchen, living areas, 1bed, 3/4 bath. Mini split w/ A/C, granite counters, vinyl plank flrs, covered porch, Hardi plank exterior/metal roof. Main garage is 624sf w/shelving & attic storage. Water supply from private well. Fenced in 1,332sf concrete patio surrounds inground heated swimming pool w/solar & winter covers. Property is equipped w/ extensive underground sprinkler system. Oversized greenhouse, 18'x36', raised beds, fans, automated sprinklers. Fenced garden area, 21+ raised beds w/ automatic drip system...all organic. Several other outbuildings for storage &wood shed. No HOA fees. Close to shopping/amenities. JBLM is an easy commute. Don't miss this opportunity!

14913 Champion Estates Drive SE, Yelm

Listing courtesy of Yelm Windermere.

$3,625,000

2552161 MLS ⋅ ACTIVE Status

Exceptional opportunity to acquire 4 brand-new duplexes in highly desirable West Olympia. Built for long-term, low-maintenance ownership, these turnkey investment properties offer modern construction with minimal capital expenditure concerns for years to come. Located in a strong rental market characterized by high demand, low vacancy rates, and attractive rental income potential, these duplexes are well-positioned for consistent cash flow and long-term appreciation. Situated at the end of a private dead-end street, the properties offer a quiet setting that appeals to quality tenants while remaining conveniently close to major employers, shopping, schools, and commuter routes. Whether you're looking to expand your portfolio or complete a 1031 exchange, this is a rare opportunity to invest in newly constructed multifamily assets in one of Olympia's most sought-after rental locations.

1624 Decatur Street SW, Olympia

Listing courtesy of Capitol Real Estate LLC.

$1,625,000

2545999 MLS ⋅ ACTIVE Status

Exceptional opportunity to acquire 2 brand-new duplexes in highly desirable West Olympia. Built for long-term, low-maintenance ownership, these turnkey investment properties offer modern construction with minimal capital expenditure concerns for years to come. Located in a strong rental market characterized by high demand, low vacancy rates, and attractive rental income potential, these duplexes are well-positioned for consistent cash flow and long-term appreciation. Situated at the end of a private dead-end street, the properties offer a quiet setting that appeals to quality tenants while remaining conveniently close to major employers, shopping, schools, and commuter routes. Whether you're looking to expand your portfolio or complete a 1031 exchange, this is a rare opportunity to invest in newly constructed multifamily assets in one of Olympia's most sought-after rental locations.

1620 Decatur Street SW, Olympia

Listing courtesy of Capitol Real Estate LLC.

$665,000

2548425 MLS ⋅ ACTIVE Status

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!

1438 SE Fones Rd Unit #A&B, Olympia

Listing courtesy of Kelly Right RE of Seattle LLC.

$705,000

2547510 MLS ⋅ ACTIVE Status

Seller is a licensed broker. The entire building – inside and out – has new paint. Both units are vacant - new owner can select an owner's unit. 4408 has a new kitchen, new carpet and all new paint. Building has a new roof (4-years). Each unit has a garage with opener. Tenants pay all utilities. 4410 has an apple tree, a cherry tree, and a peach. Neighborhood is very well kept. Seller financing may be available.

4410 4408 Quail Drive SE, Lacey

Listing courtesy of Bob Guardino Real Estate Srvs.

$959,000

2546620 MLS ⋅ ACTIVE Status

LOOKING FOR SMALL BUSINESS SPACE ALONG WITH RENTALS? Rare INCOME PRODUCING Compound on nearly 6 Private Acres 3 INDIVIDUAL HOMES and extensive workshop space set up with BODY SHOP on one side and PAINT BOOTH on the other. Piped for air throughout, and includes compressor, water trap regulators and exhaust fans... - Live here, work here, and have tenant income to help pay the mortgage! Main House UNIT #1: 2478 sq ft - Equipped with a high-efficiency heat pump for year-round comfort & spacious living areas to stretch out in UNIT #2: 1344 Square Feet is independent country living with modern touches - features easy-care flooring throughout this comfortable mobile home with an electric furnace & a bonus woodstove for efficient rustic warmth UNIT #3 is the ultimate workshop hub offering a massive 3360 square foot shop with ample room for tools, hobbies, and classic cars. The one bedroom attached home has a charming interior finished with durable ceramic tile and engineered hardwood flooring, a cozy woodstove & an energy efficient heatpump. Hard to beat this versatile living arrangement: Perfect for extended living, guests, or income-producing rentals. PLUS a 2-Bay Machine Shed ready for your tractors, boats, vehicles, or heavy equipment - Freeze-proof faucets installed across the property for worry-free winters & a private well system equipped with a dedicated water treatment system. Come see it today

6144 Waldrick Road SE, Tenino

Listing courtesy of Realty One Group Bold.

$634,950

2545983 MLS ⋅ ACTIVE Status

Great investment opportunity! Nestled among a grove of mature trees for exceptional privacy, this well-maintained 2,550 sq ft duplex offers the perfect blend of peaceful living and income potential with scenic views of Pattison Lake. Each spacious unit features 1,275 sqft of comfortable living space with 2 bedrooms, 2 bathrooms, vaulted ceilings, central heat, and an attached one-car garage. Enjoy the beauty of lake living with public access just down the street and a nearby boat launch, making it easy to spend your days fishing, kayaking, or enjoying the water. Tucked away in a quiet neighborhood, this property offers a peaceful retreat while still being conveniently close to schools, shopping, restaurants, and everyday amenities. Whether you're looking to expand your portfolio or invest in a property with strong long-term potential, this duplex offers a rare combination of privacy, location, and lifestyle.

8111 58th Avenue SE, Olympia

Listing courtesy of Keller Williams Rty Tacoma.

$595,000

2543048 MLS ⋅ ACTIVE Status

Here is your opportunity to buy a duplex and become your own landlord, conveniently located on the Westside of Olympia. Both units are 2 beds / 1 bath and feature updated kitchens, appliances, water heaters, windows, and paint. Heat pumps for efficient heating and cooling, as well as real hardwood floors throughout the main living area. Individual garages, large private patios, and an expansive back yard helps this property appeal to the potential tenants of all sorts. Live in one side and have your tenant make half your mortgage payment or rent both, as it would cash flow. HOA maintained common area landscaping. Situated on a quiet dead-end street, this duplex is just minutes from schools, shopping, healthcare, HWY 101, and I5. Great long term tenant in one unit who would like to stay, other being kept vacant for sales purposes.

2015 2017 8th Court SW, Olympia

Listing courtesy of Windermere RE/Himlie.

$819,000

2537956 MLS ⋅ ACTIVE Status

Exceptional opportunity to acquire brand-new duplexes in highly desirable West Olympia. Built for long-term, low-maintenance ownership, these turnkey investment properties offer modern construction with minimal capital expenditure concerns for years to come. Located in a strong rental market characterized by high demand, low vacancy rates, and attractive rental income potential, these duplexes are well-positioned for consistent cash flow and long-term appreciation. Situated at the end of a private dead-end street, the properties offer a quiet setting that appeals to quality tenants while remaining conveniently close to major employers, shopping, schools, and commuter routes. Whether you're looking to expand your portfolio or complete a 1031 exchange, this is a rare opportunity to invest in newly constructed multifamily assets in one of Olympia's most sought-after rental locations.

1610 Decatur Street SW, Olympia

Listing courtesy of Capitol Real Estate LLC.

$819,000

2537959 MLS ⋅ ACTIVE Status

Exceptional opportunity to acquire brand-new duplexes in highly desirable West Olympia. Built for long-term, low-maintenance ownership, these turnkey investment properties offer modern construction with minimal capital expenditure concerns for years to come. Located in a strong rental market characterized by high demand, low vacancy rates, and attractive rental income potential, these duplexes are well-positioned for consistent cash flow and long-term appreciation. Situated at the end of a private dead-end street, the properties offer a quiet setting that appeals to quality tenants while remaining conveniently close to major employers, shopping, schools, and commuter routes. Whether you're looking to expand your portfolio or complete a 1031 exchange, this is a rare opportunity to invest in newly constructed multifamily assets in one of Olympia's most sought-after rental locations.

1614 Decatur Street SW, Olympia

Listing courtesy of Capitol Real Estate LLC.

$1,299,950

2534852 MLS ⋅ PENDING Status

Excellent quality newer investment opportunity offered substantially under assessed value. Two duplexes featuring 3 bedrooms, 2.5 bath each. All 4 units feature 2 car garages. Both duplexes feature extensive solid surface flooring granite counters throughout, stainless appliances, high efficiency mini split heat pump systems with air conditioning, and energy efficient insulation and lighting packages. Built in 2019 and exceptionally maintained. Long term leases in place and a great cap rate with room for continued growth. Exteriors feature custom accents and fenced yards. Close to all amenities and freeway access, with great schools nearby.

1214 Hall Street SE Unit #A&B, Lacey

Listing courtesy of Blue Summit Realty LLC.

$499,000

2532945 MLS ⋅ ACTIVE Status

Owning a 1940s 1-bedroom, 1-bathroom duplex in Olympia's Carlyon district offers a perfect blend of historic charm, high rental demand, and a premier neighborhood footprint. Located within the highly coveted Olympia School District, this type of property serves as both an architectural gem and a resilient real estate investment. Solid construction has been modernized with tasteful kitchen and bath renovations. HVAC, plumbing, wiring, and windows have all been updated as well. Cozy, clean 1-bed, 1-bath layout maximizes functionality and is a fan favorite for those in the know. The neighborhood vibe is known for its quiet, tree-lined streets, established gardens, and safe, walkable neighborhood atmosphere. Quick, seamless access to Health clubs, Golf, Olympia Farmers Market, local coffee shops, pubs, and waterfront parks. Easy access to Interstate 5 and state government campuses makes it ideal for many. Absolute simple liv'n house hack option in a great location.

902 North Street SE, Tumwater

Listing courtesy of RE/MAX Parkside Affiliates.

$539,000

2532420 MLS ⋅ ACTIVE Status

Looking for a smarter way to buy your next home? This duplex in Rochester offers the ideal owner-occupant opportunity, with one existing renter already in place to help generate income from day one. Live in one unit while the rental income from the other helps offset your monthly costs. Whether you’re house hacking, investing, or planning for multigenerational living, this property offers flexibility and long-term potential. Extensive updates completed in 2024-2025 include a full remodel, plus a new roof installed in 2023, giving the next owner the benefit of modern updates and added peace of mind. Conveniently located within walking distance of the grocery store and centrally positioned between Olympia, Centralia, Chehalis, and Elma, this property combines small-town convenience with easy access to surrounding communities.

10341 SW 184th Avenue, Rochester

Listing courtesy of Mountain View Realty Group.

$470,000

2510651 MLS ⋅ ACTIVE Status

Excellent rent-ready duplex in highly desirable West Side, Cooper Point location. Ideal for investors or buyers looking to live comfortably in while offsetting their mortgage. Each unit is 1,170 SF (including 1-car garage) with 2 bedrooms and 1 bathroom, guest parking on a quiet cul-de-sac. This cozy home features a large galley kitchen, dining room, spacious living room and a one-car garage with a laundry room and washer and dryer hookups. Double pane windows keep the elements at bay while the beautiful natural surroundings create a tranquil atmosphere. Both units are occupied. The first unit (#A) is month-to-month and rented at $1600/month. The second unit (#B) is occupied and rented at $1450/month on a month-to-month lease. Located close to schools, shopping, dining, parks and essential services, with easy access to major routes. Unit A: New septic tank (November 2024). Note: The other two duplexes in the cul-de-sac (4416 and 4420) are also available for sale.

4424 NW Ridgewood Court Unit #A & B, Olympia

Listing courtesy of The Rants Group.

$849,950

2528928 MLS ⋅ ACTIVE Status

Rare opportunity to own a newer duplex featuring 3 large bedrooms plus a bonus room, 2.5 baths and 1,742 sqft per unit, along with a 2-car garage. Gateway North neighborhood is well-kept w/ a cohesive look. Located in a very strong rental area, this duplex has great potential for positive cash flow. Units feature solid surface flooring throughout, granite counters throughout, stainless appliances, high efficiency mini split heat pump systems with air conditioning, and energy efficient insulation and lighting packages. Built in 2020 and exceptionally well maintained. Long term leases in place and a great cap rate with room for continued growth. Exterior features custom siding accents and fenced rear yards. Convenient to all amenities and freeway access.

3120 Ponderosa Street NE, Lacey

Listing courtesy of Blue Summit Realty LLC.

$849,950

2528936 MLS ⋅ ACTIVE Status

Rare opportunity to own a newer duplex featuring 4 large bedrooms, 2.5 baths and 1,742 sqft per unit, along with a 2-car garage. Gateway North neighborhood is well-kept w/ a cohesive look. Located in a very strong rental area, this duplex has great potential for positive cash flow. Units feature solid surface flooring throughout, granite counters throughout, stainless appliances, high efficiency mini split heat pump systems with air conditioning, and energy efficient insulation and lighting packages. Built in 2020 and exceptionally well maintained. Long term leases in place and a great cap rate with room for continued growth. Exterior features custom siding accents and fenced rear yards. Convenient to all amenities and freeway access.

3112 Ponderosa Street NE, Lacey

Listing courtesy of Blue Summit Realty LLC.

$849,950

2528933 MLS ⋅ PENDING Status

Rare opportunity to own a newer duplex featuring 4 large bedrooms, 2.5 baths and 1,742 sqft per unit, along with a 2-car garage. Gateway North neighborhood is well-kept w/ a cohesive look. Located in a very strong rental area, this duplex has great potential for positive cash flow. Units feature solid surface flooring throughout, granite counters throughout, stainless appliances, high efficiency mini split heat pump systems with air conditioning, and energy efficient insulation and lighting packages. Built in 2020 and exceptionally well maintained. Long term leases in place and a great cap rate with room for continued growth. Exterior features custom siding accents and fenced rear yards. Convenient to all amenities and freeway access.

3108 Ponderosa Street NE, Lacey

Listing courtesy of Blue Summit Realty LLC.

$699,950

2528865 MLS ⋅ ACTIVE Status

Like new investment opportunity in the heart of Olympia. This duplex style home features a 3 bedroom, 2.5 bath main home with an attached 2 bedroom, 1 bath ADU. Both homes features solid surface flooring throughout, granite counters throughout, stainless appliances, high efficiency mini split heat pump systems with air conditioning, and energy efficient insulation and lighting packages. Built in 2022 and exceptionally maintained. Long term leases in place and a great cap rate with room for continued growth. Exterior features custom accents and fenced rear yards. Close to all amenities and freeway access, with top rated Olympia schools nearby.

1815 Karen Frazier Road SE, Olympia

Listing courtesy of Blue Summit Realty LLC.

$699,950

2528879 MLS ⋅ ACTIVE Status

Like new investment opportunity in the heart of Olympia. This duplex style home features a 3 bedroom, 2.5 bath main home with an attached 2 bedroom, 1 bath ADU. Both homes features solid surface flooring throughout, granite counters throughout, stainless appliances, high efficiency mini split heat pump systems with air conditioning, and energy efficient insulation and lighting packages. Built in 2022 and exceptionally maintained. Long term leases in place and a great cap rate with room for continued growth. Exterior features custom accents and fenced rear yards. Close to all amenities and freeway access, with top rated Olympia schools nearby.

1819 Karen Frazier Road SE, Olympia

Listing courtesy of Blue Summit Realty LLC.

$699,950

2528804 MLS ⋅ ACTIVE Status

Like new investment opportunity in the heart of Olympia. This duplex style home features a 3 bedroom, 2.5 bath main home with an attached 2 bedroom, 1 bath ADU. Both homes features solid surface flooring throughout, granite counters throughout, stainless appliances, high efficiency mini split heat pump systems with air conditioning, and energy efficient insulation and lighting packages. Built in 2022 and exceptionally maintained. Long term leases in place and a great cap rate with room for continued growth. Exterior features custom accents and fenced rear yards. Close to all amenities and freeway access, with top rated Olympia schools nearby.

1823 Karen Frazier Road SE, Olympia

Listing courtesy of Blue Summit Realty LLC.

$650,000

2528181 MLS ⋅ ACTIVE Status

Well cared for duplex located in the heart of Yelm offering two spacious units, each featuring 3 bedrooms, 2.5 baths, and 1,311 sq ft of comfortable living space. Each home includes a spacious primary suite with private full bath, pantry, washer and dryer, forced-air gas heat, abundant storage, and an attached 1-car garage with opener. The landscaped property also features partially fenced yards for added privacy. One unit has been beautifully remodeled with granite countertops, updated cabinetry, laminate flooring, and modern fixtures throughout. Situated in a quiet community with small-town charm, yet conveniently close to JBLM, shopping, restaurants, schools, parks, golf courses, Lacey, Olympia, and surrounding areas. An excellent investment opportunity with established, stable tenants already in place in both units.

15334 Berry Valley Drive SE Unit #15332, Yelm

Listing courtesy of Berkshire Hathaway HS NW.

$825,000

2519652 MLS ⋅ PENDING Status

Attention investors! Incredible opportunity to own a well-established income-producing multi-family property with tremendous upside potential. Situated on nearly 5 usable acres, this unique property features three total residential buildings, including a one 4-plex, one duplex, and a separate 2-bedroom, 1-bath single-family home. With a strong rental history and long-term tenancy in place, this property offers immediate cash flow along with future income-growth opportunities. All units are single-story, a highly desirable feature for tenants that also helps simplify maintenance and long-term management. The expansive acreage provides additional possibilities for future improvements, including the potential to add tenant storage units or other income-producing amenities, subject to buyer verification. Located at the end of a quiet cul-de-sac, the property offers a peaceful and private setting while still being conveniently close to everyday amenities. Just minutes from town and approximately 20 minutes to the East Gate of JBLM, this location is ideal for attracting and retaining tenants seeking both convenience and privacy. Whether you are looking to expand your investment portfolio or secure a property with long-term upside and stable occupancy, this rare multi-family opportunity checks all the boxes.

17809 120th Avenue SE, Yelm

Listing courtesy of RE/MAX Country.

$484,000

2510603 MLS ⋅ ACTIVE Status

Duplex Investment Opportunity in Olympia! Well-located duplex in the Cooper Point area offering flexibility for both investors and owner-occupants. This single-story property features two 2-bedroom, 1-bath units, each approximately 904 square feet, for a total of 1,808 square feet of living space. Unit A is currently occupied, providing immediate rental income, while Unit B is vacant and available for occupancy or lease-up. Each unit includes a functional layout with kitchen appliances (range/oven, refrigerator, dishwasher) and comfortable living spaces. Situated on a spacious ~0.33-acre lot in a cul-de-sac setting, the property offers a residential environment with convenient access to local amenities, services, and transportation routes. List of Recent Improvements: Re-roof (2025) Unit A: Refinished shower (April 2025), Unit A: New dryer (November 2024) Unit A: new kitchen appliances (November 2024) Unit B: New kitchen appliances (November 2025) Unit B: New carpets and vinyl (October 2024) Note: The other two duplexes in the cul-de-sac (4420 and 4424) are also available for sale.

4416 Ridgewood Court NW Unit #A & B, Olympia

Listing courtesy of The Rants Group.

$499,950

2517453 MLS ⋅ ACTIVE Status

RARE OLYMPIA INVESTMENT + DEVELOPMENT OPPORTUNITY! Two 2-bedroom, 1-bath rental homes PLUS a separate adjacent 5,779 sq. ft. building lot—all offered together at $499,950. Live in one, rent both, or explore future development possibilities while maintaining existing rental income. 523 Boulevard Rd SE is 769 sq. ft., built in 1962, and features a newer roof, siding and flooring. It was rented for $1,670/month. 521 is 839 sq. ft., built in 1965, and offers additional upside with some TLC; current rent is well below market at $787.50/month on a month-to-month basis. Each home includes a carport. The adjacent lot offers exciting potential for investors and developers. Explore building while retaining rental income, or investigate condominiumization or short-plat possibilities for individual resale. Alley access may provide additional flexibility (buyer to verify). Each lot is approximately 5,779 sq. ft. and zoning allows 4–8 units per acre. Commercial zoning is nearby on the other side of the street. Recent property-management inspections are available upon request. Combined square footage of both residences is reflected in the listing. Taxes: $4,658.11 for 521/523 and $1,824.27 for the additional lot. Please do not disturb tenants. Interior viewing of 521 upon mutual acceptance. Two homes. Two lots. Existing income. Future potential—all for $499,950!! The cap rate, GSI, etc., are based on unit 521 being rented at the same amount as 523.

521 & 523 Boulevard Road SE, Olympia

Listing courtesy of Keller Williams Realty PS.

$795,000

2513663 MLS ⋅ ACTIVE Status

Solid investment opportunity in West Olympia! This fully occupied duplex features two spacious 3BD/2.5BA units with strong rental income. Solid 4.12% cap rate makes this an attractive addition to any investment portfolio. Both units tenant occupied — please do not disturb tenants. Showings following accepted offer.

3145 5th Avenue NW, Olympia

Listing courtesy of Pacific Residential Brokers.

$1,900,000

2513658 MLS ⋅ ACTIVE Status

Exceptional investment opportunity in West Olympia! This 4-plex features four spacious 3BD/2.5BA townhome-style units built in 2015. Each unit offers modern finishes, in-unit washer/dryer, stainless appliances, granite counters, and a 2-car garage. Strong rental income. 4.58% cap rate. Please do not disturb the tenants. Showings will be provided following an offer.

517 Oso Berry Street NW, Olympia

Listing courtesy of Pacific Residential Brokers.

$2,650,000

2501659 MLS ⋅ ACTIVE Status

Rare add-value multifamily investment opportunity in Lacey! This well-maintained portfolio includes 3 tax parcels with 13 total units: one parcel features a single-family home and a 4-plex, while the other two parcels each include a 4-plex. All units are fully occupied with strong rental history. Conveniently located near I-5, JBLM, shopping, and schools. Great mix of unit types, stable income, and future upside. Ideal for both seasoned and new investors looking for scale and long-term growth in a strong rental market.

1608 Ruddell Road SE, Lacey

Listing courtesy of TS Property Management.

$1,175,000

2501685 MLS ⋅ ACTIVE Status

Rare add-value multifamily investment opportunity in Lacey! Features fully occupied a single-family home and a 4-plex with strong rental history. Conveniently located near I-5, JBLM, shopping, and schools. Great mix of unit types, stable income, and future upside. Ideal for both seasoned and new investors looking for scale and long-term growth in a strong rental market.

1608 Ruddell Road SE, Lacey

Listing courtesy of TS Property Management.

$775,000

2501702 MLS ⋅ ACTIVE Status

Rare add-value multifamily investment opportunity in Lacey! Features fully occupied 4-plex with strong rental history. Conveniently located near I-5, JBLM, shopping, and schools. Great mix of unit types, stable income, and future upside. Ideal for both seasoned and new investors looking for scale and long-term growth in a strong rental market.

1701 Ruddell Road SE, Lacey

Listing courtesy of TS Property Management.

$775,000

2501707 MLS ⋅ ACTIVE Status

Rare add-value multifamily investment opportunity in Lacey! Features fully occupied 4-plex with strong rental history. Conveniently located near I-5, JBLM, shopping, and schools. Great mix of unit types, stable income, and future upside. Ideal for both seasoned and new investors looking for scale and long-term growth in a strong rental market.

1702 Judd Street SE, Lacey

Listing courtesy of TS Property Management.

$998,000

2481889 MLS ⋅ ACTIVE Status

Unique Investor or Developer Opportunity in Downtown Olympia! Don't miss this one! Listing includes a duplex and 7-plex on one parcel and a leased parking lot. Under market rents, all tenants on month to month tenancy. Units offer a mix of studios and one-bedrooms. Parking spots lease for $30/mo with over 20 stalls! Close to downtown, waterfront, and shopping. Zoned UR (Urban Residential), allows for high-rise redevelopment or mixed-use opportunities!

906 908 Adams Street SE, Olympia

Listing courtesy of Olympic Sotheby's Int'l Realty.

$429,950

2480270 MLS ⋅ ACTIVE Status

Opportunity knocks with this side by side duplex located on a quiet dead end road. Each unit offers a simple, functional layout with 2 bedrooms, 1 bathroom on one side and 1 bedroom 1 bathroom on the other side. They each have dedicated carport plus additional parking. Excellent location—close to shopping, the town center, and everyday conveniences. Commuters will appreciate the easy access to the bus line and nearby freeways. **The one bedroom unit is vacant and available for showing, or owner occupancy options**

1512 1514 Fones Road SE, Olympia

Listing courtesy of Better Properties N. Proctor.

$525,000

2476490 MLS ⋅ PENDING INSPECTION Status

Well-maintained duplex tucked away on a quiet street in a highly desirable Lacey location, conveniently close to schools, shopping, and everyday amenities. This side-by-side property features two spacious 2-bedroom, 1-bath units, each with an attached garage and private fenced yard — an attractive setup for both tenants and owner-occupants. Designed with a functional, conventional layout, each unit offers a large living area, generous kitchen with direct backyard access, and in-unit washer and dryer. Strong rental history with recent upgrades. This desirable investment creates flexibility for investors or those looking to offset their mortgage through house hacking. With consistent rental performance, fair-market rents, and solid construction, this property presents an excellent opportunity to add a reliable asset to your investment portfolio. Units A and B are currently rented for $2,100 apiece!

7438 Mullen Road SE Unit #A-B, Lacey

Listing courtesy of Realty One Group Bold.

$675,000

2472540 MLS ⋅ PENDING Status

Big-ticket improvements are already done! This spacious Lacey duplex features newer Hardie siding, exterior paint, septic system, drain field and pumping station, taking care of several major expenses for the next owner. Each unit offers 3 bedrooms, 1.5 baths, an attached garage, private fenced yard and separate driveway, all situated on a large .56-acre lot. Whether you're looking to add a rental property to your investment portfolio or live in one side and rent the other to help offset your monthly housing costs, this property offers flexibility and long-term potential. The two 3-bedroom units provide strong rental appeal, while the separate yards and garages give each side the feel and privacy of a home. Conveniently located near shopping, schools, parks and I-5. A great opportunity to own a duplex with significant improvements already completed and the ability to add value over time.

643 School Street SE, Lacey

Listing courtesy of Redfin.

$549,900

2465092 MLS ⋅ ACTIVE Status

A great opportunity for investors or owner-occupants seeking a highly accessible location. Well-maintained one-level duplex tucked away at the end of a quiet cul-de-sac, just a short walk to Rainier Vista Park. Each unit offers 825 sq ft, featuring a fenced yard, private patio, and one-car garage with additional driveway parking. Ideal location with easy access to I-5 and JBLM. Plus nearby schools, medical, restaurants, golf courses, Chehalis Western Trail and grocery stores for everyday convenience. Bus service available on Ruddell Rd, makes for an easy commute. (Living room & bedrooms are virtually staged)

4938 Wilshire Court SE Unit #A & B, Lacey

Listing courtesy of Century 21 Van Dorm Realty.

$710,000

2453019 MLS ⋅ ACTIVE Status

Great opportunity to add to your investment portfolio, offering potential for instant cash flow. This 2007 duplex features 2 townhomes, each w/2 bedrooms & 2.5 bathrooms. One unit includes a two-car garage, while the other offers a one-car garage w/additional storage; both units have driveway parking & private backyards. The homes offer thoughtfully designed open concept floor plans perfect for entertaining, w/soaring 18 ft. living room ceilings, gas fireplaces, & abundant natural light throughout each home. Incredible location making these a commuter's dream, close to schools, parks, groceries, gas stations, countless eateries & entertainment. Perfect first-time real estate investment.

420 Bungalow Drive NW, Olympia

Listing courtesy of RE/MAX Parkside Affiliates.

$498,500

2390066 MLS ⋅ ACTIVE Status

Attention Investors: Nice duplex near city of Lacey amenities within walking distance to groceries, restaurants and bigger shopping center. This duplex is located at the end street offering privacy. Spacious fenced backyard with some trees. Nice responsible and established tenants who wish to stay. A well-maintained single-story duplex, each unit offers 2-beds, 1-bath, utility room with washer and dryer, refrigerator. Living room/entry way offers a small wood burning fireplace and a single car garage.

1414 Hensley Street NE Unit #1412, Lacey

Listing courtesy of Networks Real Estate LLC.

$1,750,000

2339340 MLS ⋅ PENDING Status

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.

3532 Mary Elder Road NE, Olympia

Listing courtesy of COMPASS.

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