2009 Water Street SW, Olympia, WA 98501 (MLS # 2499842)
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Listing provided courtesy of Northwest MLS; Virgil Adams Real Estate, Inc.
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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.
| LAST UPDATED | 4/3/2026 | TRACT | Olympia |
|---|---|---|---|
| YEAR BUILT | 1940 | COMMUNITY | Olympia |
| COUNTY | Thurston | STATUS | Active |
| PROPERTY TYPE(S) | Multi Family |
| Elementary School | Lincoln Elementary |
|---|---|
| Jr. High School | Wash Mid |
| High School | Olympia High |
| ADDITIONAL DETAILS | |
| AIR | None |
|---|---|
| AREA | 448 - Olympia South |
| CONSTRUCTION | Wood Siding |
| HEAT | Baseboard, Electric, Wood |
| LOT | 0.6404 acre(s) |
| LOT DESCRIPTION | Curbs, Paved, Sidewalk |
| MLS STATUS | Active |
| STORIES | 2 |
| STYLE | 52 - Duplex |
| SUBDIVISION | Olympia |
| TAXES | 5112 |
| UTILITIES | Cable Available, Sewer Connected |
| VIEW | Yes |
| VIEW DESCRIPTION | Lake, Territorial |
| WATER | Public |
| SATELLITE VIEW |
| / | |
Properties with the 
icon are courtesy of Northwest MLS.
Listings courtesy of Northwest MLS as distributed by MLS GRID. Based on information submitted to the MLS GRID as of 4/3/26 6:12 PM PDT. All data is obtained from various sources and may not have been verified by broker or MLS GRID. IDX information is provided exclusively for consumers’ personal noncommercial use, that it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. 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.
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