Remodeled Duplex with
For Sale
$615,000
503 Devoe St NE, Olympia, WA 98506
Two established rental units include separate garages, with one residence extensively renovated for current occupancy.
Property Size2,422 SF
Price / SF$253.92
Days on Market64
Property Features for 503 Devoe St NE
General Information
Standard status
Active
Size
2,422 SF
Property subtype
Multi-Family
Building Details
Year Built
2011
Listing Agency:
Capitol Real Estate LLC
Listed By:
Keenan French
(360) 489-6439
Source:
Nfrrealty
Added: Aug 21
Changed: Oct 3
Last Checked: Oct 7 at 1:01PM
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 Capitol Real Estate LLC
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Investment Insights
Based on property information with market context.
Built in 2011, this duplex contains two established rental residences: a three-bedroom, two-bath unit with a one-car garage and a two-bedroom, one-bath unit with its own one-car garage. The smaller residence has received extensive interior work, including LVP flooring, quartz countertops, kitchen cabinetry, appliances, doors, millwork, trim, and fresh paint.
The property sits on a nearly half-acre lot in Olympia’s Eastside UGA, just outside the city limits. Its setting offers access to Eastside amenities within walking distance while retaining a rural residential character. The site also carries stated potential for an additional duplex, which could bring the total to four units, subject to applicable approvals. Olympia schools serve the property.
The property sits on a nearly half-acre lot in Olympia’s Eastside UGA, just outside the city limits. Its setting offers access to Eastside amenities within walking distance while retaining a rural residential character. The site also carries stated potential for an additional duplex, which could bring the total to four units, subject to applicable approvals. Olympia schools serve the property.
Key Highlights
- 2011‑built duplex with two established rental units
- 3‑bedroom, 2‑bath residence with a 1‑car garage
- 2‑bedroom, 1‑bath residence with a 1‑car garage
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$32,943
Cap Rate
5.36%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$658,860
$658.9K
Cap Rate 7%
$470,614
$470.6K
Cap Rate 9%
$366,033
$366.0K
Market Conditions
NOI Build-Up for 2,422 SF
Gross rent
$49.4K $20.40/SF
− Vacancy
−$2.3K −$0.97/SF
EGI
$47.1K $19.43/SF
− OpEx
−$14.1K −$5.83/SF
NOI
$32.9K $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%
$658,860
Cap Rate 7%
$470,614
Cap Rate 9%
$366,033
Alternative Uses
Best Use
Multifamily LT 5
$470.6K
$411.8K – $549.1K
NOI $32,943 @ 7.0% cap · market cap 5.36%
Second Best
Apartment 5plus
$433.9K
$379.7K – $506.2K
NOI $30,372 @ 7.0% cap · market cap 4.94%
Theoretical Best
Office A
$709.2K
$620.5K – $827.4K
NOI $49,641 @ 7.0% cap · market cap 8.07%
Zoning and permitted uses should be independently verified with authorities.
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Location Intelligence
Trade Area within ½ mile
579
Businesses Nearby
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Business Placement
Demographics for 98506, WA
19,198
Population
9,041
Households
2.1
Avg Household Size
44
Median Age
51%
College-Educated
96%
High-School Grad
22.4 sq mi
ZIP Area
857
Density / Sq Mi
$93,968
Median Household Income
$50,388
Median Earnings
$1,431
Median Rent
$469,700
Median Home Value
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Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Duplex - Two established rental units include separate garages, with one residence extensively renovated for current occupancy.
Where is this duplex located?
The property is located at 503 Devoe St NE Olympia, WA.
What is the asking price?
The asking price for this property is $615,000.
What are key features of this property?
This property features: 2011‑built duplex with two established rental units; 3‑bedroom, 2‑bath residence with a 1‑car garage; 2‑bedroom, 1‑bath residence with a 1‑car garage
