$325,000
Est. $1,679/mo2 bd•1 ba•1,056 sq ft
1604 Fones Road Se, Olympia, WA 98501
• Listed 2026-07-15•5 days on market
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DEVELOPMENT & INVESTMENT OPPORTUNITY! Unlock the potential of this strategically positioned property in a rapidly evolving corridor with strong future multifamily development potential. Situated on a valuable parcel, the property offers investors the opportunity to acquire and hold today while creating additional value through future redevelopment. The existing 2-bedroom, 1-bath home provides flexibility for interim rental income or personal use while exploring development plans, entitlements, or redevelopment opportunities. This unique combination of current income potential and long-term land value makes the property an attractive option for investors seeking multiple exit strategies. Ideal for investors, builders, and developers looking to capitalize on an area experiencing ongoing infrastructure improvements and growth. Generate potential income today, hold for appreciation, and position yourself for future multifamily development. A compelling opportunity to invest in the property’s current value while planning for its greater future potential.
Listed by Ken Crotts • eXp Realty
Listing updated: September 2, 2026 at 02:17pm
RexMont checked: moments ago
Source: NWMLS as Distributed by MLS Grid #2553249
Open houses
No upcoming open houses scheduled for this property.
1604 Fones Road Se, Olympia, WA 98501
Estimates only and not guaranteed. Consult a RexMont agent for accurate, personalized guidance before making an offer. RexMont OfferEdge™ · © 2026 RexMont Real Estate. Proprietary tool.
Neighborhood mobility
North Thurston School District
Assigned schools for this property per the listing's MLS data. School district boundaries change — verify the exact assigned schools with the district before purchasing.
6 programs may be available to provide you with up to $55,000 in down payment assistance, depending on your specific information.
$1,984 per month
Great rateTakes about 5 minutes & won't affect your credit
Get pre-approvedEstimate only. Actual payment depends on credit, lender, and program. PMI not included for down payments below 20%.
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Olympia is a seller's market.
Inventory is low and competition is high. Sellers have more negotiating power.
Offer insight: Many homes get multiple offers, some with waived contingencies.
List to sale price: The average home sells very close to list price.
Time on market: The average home goes pending in around 11 days.
Want a deeper read on this market?
Ask a RexMont agentMarket data from MLS GRID / NWMLS · Updated Sep 2026
MLS GRID Disclaimer
Based on information submitted to the MLS GRID as of September 2, 2026 at 02:17pm (date and time MLS GRID Data was obtained). All data is obtained from various sources and may not have been verified by broker or MLS GRID. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
Listing information courtesy of Northwest Multiple Listing Service (NWMLS). The listing data relating to real estate for sale on this web site comes in part from the Northwest Multiple Listing Service. Real estate listings held by brokerage firms other than RexMont Real Estate are marked with the “Listing courtesy of NWMLS” designation. Information provided is for the consumer’s personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.
© 2026 Northwest Multiple Listing Service. All rights reserved.
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$394,000
+$69,000 over list price
Nearby comparable homes
RexMont uses 5 strongest recent nearby sales, priced between $200K and $450K.
Rental earnings
$1,175/mo
Screening estimate from the comp-supported value. Verify with rent comps before underwriting.
$340,000Last sold price
3526 17th Way Se, Olympia, WA 98501
$200,000Last sold price
1815 Amhurst Street Se, Olympia, WA 98501
Estimate is a comp-supported screen, not an appraisal or broker price opinion. Ask RexMont for a property-specific pricing review before writing or accepting an offer.
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