$1,450,000
Est. $7,493/mo3 bd•2.75 ba•3,329 sq ft
5508 South Bay Terrace Drive Ne, Olympia, WA 98516
• Listed 2026-09-03•3 days on market
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Discover a rare 1.3-acre dual-parcel legacy estate in coveted South Bay Terrace. This 3,329-SF luxury home offers ~160 feet of low-bank saltwater frontage, a private bulkhead, and sweeping views across serene Henderson Inlet, up through Dana Passage. Ideally located near Boston Harbor and Woodard Bay Conservation Area, this sanctuary offers unrivaled access to Puget Sound’s most beautiful protected waters. Designed to frame the water from nearly every room, the home features a gourmet chef’s kitchen with granite countertops, hardwood finishes, a professional Viking range, and premium KitchenAid appliances. Expansive living areas are filled with natural light, while the daylight basement offers flexible space for multi-generational living, a home theater, or alfresco entertaining with direct access to the waterfront grounds. The finished garage features epoxy flooring with ample hobby-craft space. Fully landscaped grounds include new premium wood and wrought iron fencing, a vegetable garden, and a private orchard with mature apple, pear, and cherry trees. The children's area ensures fun for all. Rare, grandfathered assets include a floating boat dock and fully owned tidelands—providing exceptional privacy. A brand-new architectural roof and professionally permitted Generac standby generator with a 240-gallon propane system provide lasting peace of mind-whatever the season. Only minutes from Olympia's dynamic urban core, this is truly an incomparable waterfront property.
Listed by James Clerget • Realty One Group Bold
Listing updated: September 4, 2026 at 05:02am
RexMont checked: moments ago
Source: NWMLS as Distributed by MLS Grid #2572068
5508 South Bay Terrace Drive Ne, Olympia, WA 98516
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
School information is unavailable for this listing. School boundaries can change, so verify the assigned schools with the district before purchasing.
$8,736 per month
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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 10 days.
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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 4, 2026 at 05:02am (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.
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Open houses
No upcoming open houses scheduled for this property.
Nearby open houses (2)
See more →
Open Tue, Sep 8$1,461,000
+$11,000 over list price
Nearby comparable homes
RexMont uses 5 strongest recent nearby sales, priced between $775K and $1.29M.
Rental earnings
$4,375/mo
Screening estimate from the comp-supported value. Verify with rent comps before underwriting.
$775,000Last sold price
5415 Johnson Point Road Ne, Olympia, WA 98516
$1,250,000Last sold price
4425 65th Avenue Ne, Olympia, WA 98516
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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