Craftsman Duplex with Lake
3203 Capitol Blvd SW, Tumwater, WA 98501
For Sale
$525,000
Two-level layout supports owner occupancy alongside rental income potential.
Property Size2,196 SF
Price / SF$239.07
Days on Market52
Property Features for 3203 Capitol Blvd SW
General Information
Standard status
Size
Property subtype
Additional Details
Highway Access
Multifamily Units
Amenities
crown molding
ceramic tile
wood-burning fireplace
Building Details
Year Built
Buildings
Construction
Listed By:
Ron Rougeaux
(360) 338-8355
Source:
Pnwhomesgroup
Added: Sep 18
Changed: Oct 26
Last Checked: Nov 8 at 5:13AM
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 Ron Rougeaux
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Investment Insights
Based on property information with market context.
Built in 1927, this 2,196-square-foot duplex combines a classic Craftsman design with a flexible residential layout. The property includes two bedrooms on the upper level and one bedroom downstairs, supporting separate living arrangements within the duplex. Interior character includes crown molding, ceramic tile, and a wood-burning fireplace.
Located at 3203 Capitol Blvd SW in Tumwater, the property overlooks Capitol Lake and the Deschutes Estuary. Shopping, I-5, downtown Olympia, and the State Capitol are all identified as nearby destinations. The configuration may suit an owner-occupant seeking a residence with an additional rental component.
Located at 3203 Capitol Blvd SW in Tumwater, the property overlooks Capitol Lake and the Deschutes Estuary. Shopping, I-5, downtown Olympia, and the State Capitol are all identified as nearby destinations. The configuration may suit an owner-occupant seeking a residence with an additional rental component.
Key Highlights
- 2,196‑square‑foot duplex built in 1927
- Two bedrooms upstairs and one bedroom downstairs
- Views of Capitol Lake and the Deschutes Estuary
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$29,869
Cap Rate
5.69%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$597,380
$597.4K
Cap Rate 7%
$426,700
$426.7K
Cap Rate 9%
$331,878
$331.9K
Market Conditions
NOI Build-Up for 2,196 SF
Gross rent
$44.8K $20.40/SF
− Vacancy
−$2.1K −$0.97/SF
EGI
$42.7K $19.43/SF
− OpEx
−$12.8K −$5.83/SF
NOI
$29.9K $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%
$597,380
Cap Rate 7%
$426,700
Cap Rate 9%
$331,878
Alternative Uses
Best Use
Multifamily LT 5
$426.7K
$373.4K – $497.8K
NOI $29,869 @ 7.0% cap · market cap 5.69%
Second Best
Apartment 5plus
$393.4K
$344.2K – $459.0K
NOI $27,538 @ 7.0% cap · market cap 5.25%
Theoretical Best
Office A
$643.0K
$562.6K – $750.2K
NOI $45,009 @ 7.0% cap · market cap 8.57%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
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Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
491
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
Frequently Asked Questions
What type of property is this?
Duplex - Two-level layout supports owner occupancy alongside rental income potential.
Where is this duplex located?
The property is located at 3203 Capitol Blvd SW Tumwater, WA.
What is the asking price?
The asking price for this property is $525,000.
What are key features of this property?
This property features: 2,196‑square‑foot duplex built in 1927; Two bedrooms upstairs and one bedroom downstairs; Views of Capitol Lake and the Deschutes Estuary
