Two-Unit Multifamily
1438 SE Fones Rd # A&B, Olympia, WA 98501
For Sale
New
$649,900
Interior improvements include updated flooring, with owner occupancy noted as a possibility in Unit A.
Property Size2,383 SF
Price / SF$272.72
Days on Market3
Property Features for 1438 SE Fones Rd # A&B
General Information
Standard status
Size
Total Parking Spaces
Property subtype
Net Operating Income
Site & Location
Highway Access
Road Access
Additional Details
Opportunity Zone
Taxes and HOA fees
Annual Taxes
Amenities
Laminate,Carpet
Yes
No
1
Electric
Corner Lot
Public
4
2
0.3505
Brick,Wood,Wood Products
2383
Building Details
Building Size
Year Built
Stories
Listing Agency:
Kelly Right RE of Seattle LLC
(206) 525-5235
Listed By:
Sateesh Kanchukatla
(917) 515-8665
Source:
Premierepropertygroup
Added: Nov 8
Last Checked: Nov 10 at 5:53AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Kelly Right RE of Seattle LLC
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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This 2,383-square-foot multifamily property at 1438 SE Fones Rd includes Units A and B. Interior work includes updated flooring, and Unit A may allow owner occupancy. The building was constructed in 1955.
A new roof was installed in 2025, alongside a new water heater and an upgraded electrical panel. City road work is underway along Fones Road, and the property is close to a freeway exit. It is located within an Opportunity Zone.
A new roof was installed in 2025, alongside a new water heater and an upgraded electrical panel. City road work is underway along Fones Road, and the property is close to a freeway exit. It is located within an Opportunity Zone.
Key Highlights
- 2,383‑square‑foot multifamily property with Units A and B
- New roof installed in 2025
- New water heater and upgraded electrical panel
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$29,883
Cap Rate
4.60%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$597,660
$597.7K
Cap Rate 7%
$426,900
$426.9K
Cap Rate 9%
$332,033
$332.0K
Market Conditions
NOI Build-Up for 2,383 SF
Gross rent
$57.2K $24.00/SF
− Vacancy
−$2.9K −$1.20/SF
EGI
$54.3K $22.80/SF
− OpEx
−$24.4K −$10.26/SF
NOI
$29.9K $12.54/SF
Area
Thurston County, WA
Vacancy
5.00%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$597,660
Cap Rate 7%
$426,900
Cap Rate 9%
$332,033
Alternative Uses
Best Use
Apartment 5plus
$426.9K
$373.5K – $498.1K
NOI $29,883 @ 7.0% cap · market cap 4.60%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$697.7K
$610.5K – $814.0K
NOI $48,842 @ 7.0% cap · market cap 7.52%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
358
Businesses Nearby
Explore this area
Business Placement
Demographics for 98501, WA
45,274
Population
19,969
Households
2.3
Avg Household Size
40
Median Age
48%
College-Educated
97%
High-School Grad
34.9 sq mi
ZIP Area
1,297
Density / Sq Mi
$95,695
Median Household Income
$55,909
Median Earnings
$1,600
Median Rent
$485,200
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Average Price Trend$/SF for Multifamily properties in Thurston County, WA
Properties on Market for Multifamily properties in Thurston County
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Multifamily property - Interior improvements include updated flooring, with owner occupancy noted as a possibility in Unit A.
Where is this multifamily property located?
The property is located at 1438 SE Fones Rd # A&B Olympia, WA.
What is the asking price?
The asking price for this property is $649,900.
What are key features of this property?
This property features: 2,383‑square‑foot multifamily property with Units A and B; New roof installed in 2025; New water heater and upgraded electrical panel
