Duplex with Attached
New
For Sale
$674,950
1823 Karen Frazier Road SE, Olympia, WA 98501
The main residence and attached accessory dwelling unit offer separate living spaces with updated finishes and heat pump systems.
Property Size2,207 SF
Price / SF$305.82
Days on Market5
Property Features for 1823 Karen Frazier Road SE
General Information
Standard status
Active
Size
2,207 SF
Total Parking Spaces
4
Property subtype
Multi-Family
Net Operating Income
$40,468
Units
Unit Mix
1 x 3BR/2.5BA, 1 x 2BR/1BA
Multifamily Units
2
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$7,661
Amenities
solid surface flooring
granite counters
stainless appliances
mini split heat pump systems with air conditioning
energy efficient insulation and lighting packages
fenced rear yards
Vinyl Plank
Yes
No
2
Electric
Curbs,Paved,Sidewalk
Cable TV,Fenced-Partially,High Speed Internet,Patio
4
0.1182
Cement/Concrete,Wood,Wood Products
Poured Concrete
2207
Building Details
Building Size
2,207 SF
Year Built
2022
Stories
2
Listing Agency:
Knight Realty Group LLC
(971) 979-1647
Listed By:
Randi Thompson
(503) 793-3587
Source:
Premierepropertygroup
Added: Oct 11
Changed: Oct 13
Last Checked: Oct 14 at 8:31PM
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 Knight Realty Group LLC
Investment Insights
Based on property information with market context.
Built in 2022, this duplex-style property combines a three-bedroom, 2.5-bath main home with an attached two-bedroom, one-bath ADU. Both living spaces have solid-surface flooring, granite counters, stainless steel appliances, and high-efficiency mini-split heat pumps with air conditioning. Energy-efficient insulation and lighting are also installed, and long-term leases are in place.
The exterior includes fenced rear yards and a patio. The property is in Olympia, with freeway access and schools nearby.
The exterior includes fenced rear yards and a patio. The property is in Olympia, with freeway access and schools nearby.
Key Highlights
- 2,207 SF property with a three‑bedroom, 2.5‑bath main home and attached two‑bedroom, one‑bath ADU
- Built in 2022
- Long‑term leases in place
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$30,019
Cap Rate
4.45%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$600,380
$600.4K
Cap Rate 7%
$428,843
$428.8K
Cap Rate 9%
$333,544
$333.5K
Market Conditions
NOI Build-Up for 2,207 SF
Gross rent
$45.0K $20.40/SF
− Vacancy
−$2.1K −$0.97/SF
EGI
$42.9K $19.43/SF
− OpEx
−$12.9K −$5.83/SF
NOI
$30.0K $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%
$600,380
Cap Rate 7%
$428,843
Cap Rate 9%
$333,544
Alternative Uses
Best Use
Multifamily LT 5
$428.8K
$375.2K – $500.3K
NOI $30,019 @ 7.0% cap · market cap 4.45%
Second Best
Apartment 5plus
$395.4K
$346.0K – $461.3K
NOI $27,676 @ 7.0% cap · market cap 4.10%
Theoretical Best
Office A
$646.2K
$565.4K – $753.9K
NOI $45,235 @ 7.0% cap · market cap 6.70%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
160
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 - The main residence and attached accessory dwelling unit offer separate living spaces with updated finishes and heat pump systems.
Where is this duplex located?
The property is located at 1823 Karen Frazier Road SE Olympia, WA.
What is the asking price?
The asking price for this property is $674,950.
What are key features of this property?
This property features: 2,207 SF property with a three‑bedroom, 2.5‑bath main home and attached two‑bedroom, one‑bath ADU; Built in 2022; Long‑term leases in place
