Side-by-Side
For Sale
$429,950
1512 1514 Fones Rd SE, Olympia, WA 98501
Two-unit property with separate carports, additional parking, and convenient access to shopping, transit, and nearby freeways.
Property Size1,406 SF
Price / SF$305.80
Days on Market48
Property Features for 1512 1514 Fones Rd SE
General Information
Standard status
Active
Size
1,406 SF
Property subtype
Multi-Family
Building Details
Year Built
1963
Listing Agency:
Better Properties N. Proctor
Listed By:
Josh J. Carlson · License #73962
(253) 761-8888
Source:
Chehalisvalleyrealty
Added: Aug 29
Changed: Oct 12
Last Checked: Oct 7 at 2:41PM
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 Better Properties N. Proctor
Investment Insights
Based on property information with market context.
This side-by-side duplex at 1512 1514 Fones Rd SE includes 1,406 square feet across two residential units. The floor plans provide a two-bedroom, one-bath unit and a one-bedroom, one-bath unit, with each side assigned its own carport. Additional parking is also available on site. Built in 1963, the property sits on a dead-end road in Olympia. Shopping, the town center, and everyday services are nearby, while bus-line and freeway access support local commuting. The one-bedroom unit is vacant and available for showing, with owner occupancy identified as an option.
Key Highlights
- 1,406‑square‑foot side‑by‑side duplex
- Unit mix includes 2 bedrooms and 1 bathroom on one side; 1 bedroom and 1 bathroom on the other
- Built in 1963
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$19,124
Cap Rate
4.45%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$382,480
$382.5K
Cap Rate 7%
$273,200
$273.2K
Cap Rate 9%
$212,489
$212.5K
Market Conditions
NOI Build-Up for 1,406 SF
Gross rent
$28.7K $20.40/SF
− Vacancy
−$1.4K −$0.97/SF
EGI
$27.3K $19.43/SF
− OpEx
−$8.2K −$5.83/SF
NOI
$19.1K $13.60/SF
Area
Thurston County, WA
Vacancy
4.75%
Lease Rate
$20.40 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$382,480
Cap Rate 7%
$273,200
Cap Rate 9%
$212,489
Alternative Uses
Best Use
Multifamily LT 5
$273.2K
$239.1K – $318.7K
NOI $19,124 @ 7.0% cap · market cap 4.45%
Second Best
Apartment 5plus
$251.9K
$220.4K – $293.9K
NOI $17,631 @ 7.0% cap · market cap 4.10%
Theoretical Best
Office A
$411.7K
$360.2K – $480.3K
NOI $28,817 @ 7.0% cap · market cap 6.70%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Duplex - Two-unit property with separate carports, additional parking, and convenient access to shopping, transit, and nearby freeways.
Where is this duplex located?
The property is located at 1512 1514 Fones Rd SE Olympia, WA.
What is the asking price?
The asking price for this property is $429,950.
What are key features of this property?
This property features: 1,406‑square‑foot side‑by‑side duplex; Unit mix includes 2 bedrooms and 1 bathroom on one side; 1 bedroom and 1 bathroom on the other; Built in 1963
