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120 Water St. NW offers a strong overall rental experience, with an 8.7 Zumper Expert Rating supported by excellent value, standout amenities, and a highly convenient location. Notable features include quartz countertops, stainless steel appliances, air conditioning, large windows, and onsite parking, while nearby fitness and wellness options, pet resources, and a solid photo set add to its appeal.
Things you’ll love
Middle school nearbyMore spaceElevatorGreat for
Pet owners
Wellness| 0BR/1.0BA | Studio | 1 bath | 438+ sqft | $1,350–$1,400 /mo | 2 units available | Call to see this unit today! (360) 742-4877 or email **** Special Offer! Apply now and receive one month free! The Madrone is 10/10 walkability to local business, shopping, and numerous food options. You won’t be let down by the convenient location boasting the views of Budd Inlet, Capitol Lake, and the Capitol Rotunda Peak. Quality finishes include, brick exterior, expansive windows for the view, trending dual colored cabinetry, quartz countertops, in unit washer and dryer, and don't forget, air conditioning in every unit. Pet friendly building with a dog walking station on the rooftop, along with the rooftop community area featuring furniture, fire pits, barbecue grill, and amazing views of the water and Capitol! Limited onsite parking is also available for rent. This studio is tucked on the back SE side. This studio has a efficient kitchen and is ADA accessible. Huge bathroom, No carpet anywhere in unit, AC unit, stackable washer and dryer, high ceilings. GYM access to all tenants 24/7. The Madrone Features: • Air-Conditioning • In-Unit Washer and Dryer • Pet-Friendly • Luxury Vinyl Flooring, NO Carpet • Beautiful Water Views in Select Units • Large Windows • Quartz Countertops and Stainless Appliances • Elevator Access • Dog-Walk Area • Rooftop Community Area, Includes Seating + Fire Pit. Amazing Views of the Puget Sound, The Capitol Building, and Downtown Olympia. • Onsite Parking Available for Rent • Gym Downstairs with 24/7 Access Requirements include: •No smoking •12-month lease required •Application fee: $50.00 (non-refundable) •Deposit: 1 months’ rent. 25% of this amount is due at approval process to secure unit. •Pet Friendly with deposit: 25% of 1 months’ rent PER ANIMAL. •ANIMAL RENT: $50.00 monthly per cat, $35.00 monthly per dog •Cats and Dogs only. NO other animal approved. •Tenants pay water/sewer/garbage $120.00 (monthly) •Parking: $90.00 monthly through building if available OR annually through the cityofolympia. org view their boundary map and fees. •Proof of renters insurance required Minimum credit score of 680 Can apply online @ urbanolympia. com Call Teri to schedule 360-742-4877 | |
| 2BR/2.0BA | 2 bed | 2 bath | 870 sqft | $2,395–$2,450 /mo | 2 units available | LIVING BETTER IS EVERYONE'S DREAM and we found the DREAM view location! Named for the tree found near coastal waters, the Pacific Madrone symbolizes beauty and enduring strength. The Madrone Apartments bring those qualities to the corner of State Ave. and Water St. in downtown Olympia, creating a place you’ll want to call home. Quality finishes include a brick exterior, expansive windows, two-tone cabinetry, quartz countertops, in-unit washer and dryer, and air conditioning in every home. The building is pet-friendly, with a rooftop dog-walking station coming this summer. Limited parking is also available for a monthly fee. With 10/10 walkability, you’re just steps from local shops, restaurants, and everything downtown Olympia has to offer. Enjoy convenient access to Budd Inlet, Capitol Lake, and views of the Capitol Rotunda. This hard-to-find north-facing 2-bedroom, 2-bathroom home features an en-suite bathroom, eat-at kitchen counter, ample cabinet storage, and incredible natural light. There’s no carpet anywhere in the unit, and white roller shades provide privacy while still letting you enjoy the views. And don’t miss the kitchen—its color and finishes are even better in person. Efficient air conditioning keeps the home comfortable year-round, while select 3rd-, 4th-, and 5th-floor homes offer exceptional water and park views. The Madrone Features • Air-Conditioning • In-Unit Washer/Dryer • Peninsula Kitchen with Bar Seating + Ample Cabinet Storage • Luxury Vinyl Flooring • Quartz Countertops • Stainless Steel Appliances • Pet-Friendly • Elevator Access • Onsite Parking • Onsite Fitness Center • Rooftop Community Area + Dog Walk • Barbecue Grill • Stunning Waterfront Views + Capitol Views Rental Terms •No smoking •12 month lease required •Application fee: $50.00 (non refundable) •Deposit: 1 months rent+ 25% due at approval process to secure unit. (take off market) •Pet Friendly with deposit: 25% of 1 months rent per pet • DOG rent $35. CAT rent $50 monthly •Tenants pay water/sewer/garbage $120.00 (monthly) •Parking: $90.00 monthly through building if available OR (annually through the cityofolympia.org)1 spot per unit maximum, limited spots to less then ½ the building. •Proof of renters insurance required Minimum credit score of 680 Call to inquire about this unit today! (360) 742-4877 |
Let's explore this property.
Apartment Amenities
| Air Conditioning | Elevator Access |
Appliances
| Dishwasher | Garbage Disposal |
| In-Unit Laundry | Oven |
| Range | Refrigerator |
| Stove/Oven | Washer and Dryer |
Building
| Cats OK | Dogs OK |
| Onsite Fitness Center | Onsite Gym |
| Rooftop Access |
Grounds
| Assigned Parking | Barbecue/Grill |
| Outdoor Pavilion |
Neighborhood
| Waterfront |
One-time.
One-time. Refundable.
Assigned Parking
Questions about this property’s policies and fees?
| Units | 60 |
|---|
LIVING BETTER IS EVERYONE'S DREAM and we found the DREAM view location! Named for the tree found near coastal waters, the Pacific Madrone symbolizes beauty and enduring strength. The Madrone Apartments bring those qualities to the corner of State Ave. and Water St. in downtown Olympia, creating a place you’ll want to call home. Quality finishes include a brick exterior, expansive windows, two-tone cabinetry, quartz countertops, in-unit washer and dryer, and air conditioning in every home. The building is pet-friendly, with a rooftop dog-walking station coming this summer. Limited parking is also available for a monthly fee. With 10/10 walkability, you’re just steps from local shops, restaurants, and everything downtown Olympia has to offer. Enjoy convenient access to Budd Inlet, Capitol Lake, and views of the Capitol Rotunda. This hard-to-find north-facing 2-bedroom, 2-bathroom home features an en-suite bathroom, eat-at kitchen counter, ample cabinet storage, and incredible natural light. There’s no carpet anywhere in the unit, and white roller shades provide privacy while still letting you enjoy the views. And don’t miss the kitchen—its color and finishes are even better in person. Efficient air conditioning keeps the home comfortable year-round, while select 3rd-, 4th-, and 5th-floor homes offer exceptional water and park views. The Madrone Features • Air-Conditioning • In-Unit Washer/Dryer • Peninsula Kitchen with Bar Seating + Ample Cabinet Storage • Luxury Vinyl Flooring • Quartz Countertops • Stainless Steel Appliances • Pet-Friendly • Elevator Access • Onsite Parking • Onsite Fitness Center • Rooftop Community Area + Dog Walk • Barbecue Grill • Stunning Waterfront Views + Capitol Views Rental Terms •No smoking •12 month lease required •Application fee: $50.00 (non refundable) •Deposit: 1 months rent+ 25% due at approval process to secure unit. (take off market) •Pet Friendly with deposit: 25% of 1 months rent per pet • DOG rent $35. CAT rent $50 monthly •Tenants pay water/sewer/garbage $120.00 (monthly) •Parking: $90.00 monthly through building if available OR (annually through the cityofolympia.org)1 spot per unit maximum, limited spots to less then ½ the building. •Proof of renters insurance required Minimum credit score of 680 Call to inquire about this unit today! (360) 742-4877
How 120 Water St. NW compares to other nearby properties.
Positives
Considerations
Studio apartments at 120 Water St. NW cost about 6% more than the average rent price for studios in Downtown Olympia.
If you decide to upgrade your space, you can expect 2-bedrooms at 120 Water St. NW to be 11% more than the average for similarly sized apartments in Downtown Olympia.
| Month | Median Rent |
|---|---|
| November 2024 | $1,281 |
| December 2024 | $1,284 |
| January 2025 | $1,288 |
| February 2025 | $1,285 |
| March 2025 | $1,288 |
| April 2025 | $1,275 |
| May 2025 | $1,280 |
| June 2025 | $1,256 |
| July 2025 | $1,255 |
| August 2025 | $1,294 |
| September 2025 | $1,314 |
| October 2025 | $1,292 |
| November 2025 | $1,306 |
| December 2025 | $1,299 |
| January 2026 | $1,277 |
| February 2026 | $1,271 |
| March 2026 | $1,250 |
| April 2026 | $1,238 |
| May 2026 | $1,252 |
| June 2026 | $1,295 |
| July 2026 | $1,281 |
| August 2026 | $1,282 |
| September 2026 | $1,269 |
| October 2026 | $1,292 |
| Month | Median Rent |
|---|---|
| November 2024 | $1,252 |
| December 2024 | $1,266 |
| January 2025 | $1,276 |
| February 2025 | $1,278 |
| March 2025 | $1,280 |
| April 2025 | $1,275 |
| May 2025 | $1,275 |
| June 2025 | $1,275 |
| July 2025 | $1,275 |
| August 2025 | $1,281 |
| September 2025 | $1,291 |
| October 2025 | $1,282 |
| November 2025 | $1,297 |
| December 2025 | $1,284 |
| January 2026 | $1,271 |
| February 2026 | $1,239 |
| March 2026 | $1,205 |
| April 2026 | $1,211 |
| May 2026 | $1,250 |
| June 2026 | $1,268 |
| July 2026 | $1,244 |
| August 2026 | $1,260 |
| September 2026 | $1,244 |
| October 2026 | $1,265 |
Can I afford to live at 120 Water St Nw?
Bedrooms
Rent-to-income ratio
30%
$54,000/yr
7299 new market st sw bldge e
tumwater, WA, 98501
411 6th ave ne
lacey, WA, 98516
305 college st ne
lacey, WA, 98516
111 tumwater blvd se
tumwater, WA, 98501
6530 33rd ave nw
olympia, WA, 98502
4822 Rural Road Southwest
1–3 Beds
$1,745–$2,595
Fees may apply. The price shown reflects base rent. Complete fee information is not available from the property, so additional fees may increase the total monthly cost.
Downtown Olympia • 323 4th Ave E
1 Bed
$1,190–$1,225
Fees may apply. The price shown reflects base rent. Complete fee information is not available from the property, so additional fees may increase the total monthly cost.
Downtown Olympia • 322 5th Ave Se
Studio–1 Bed
$1,275–$1,725
Fees may apply. The price shown reflects base rent. Complete fee information is not available from the property, so additional fees may increase the total monthly cost.Downtown Olympia • 215 Columbia St Nw
Studio–1 Bed
$1,300–$1,525
Fees may apply. The price shown reflects base rent. Complete fee information is not available from the property, so additional fees may increase the total monthly cost.Downtown Olympia • 321 Legion Way Se
Studio–2 Beds
$1,300–$2,150
Fees may apply. The price shown reflects base rent. Complete fee information is not available from the property, so additional fees may increase the total monthly cost.1330 Fones Rd Se
3 Beds
$2,600
Fees may apply. The price shown reflects base rent. Complete fee information is not available from the property, so additional fees may increase the total monthly cost.1619 Trosper Rd Sw
3 Beds
$2,299–$2,345
Fees may apply. The price shown reflects base rent. Complete fee information is not available from the property, so additional fees may increase the total monthly cost.2820 Tuscany Ln Sw
1–2 Beds
$1,580–$1,790
Fees may apply. The price shown reflects base rent. Complete fee information is not available from the property, so additional fees may increase the total monthly cost.4822 Rural Road Southwest
1–3 Beds
$1,745–$2,595
Fees may apply. The price shown reflects base rent. Complete fee information is not available from the property, so additional fees may increase the total monthly cost.Downtown Olympia • 323 4th Ave E
1 Bed
$1,190–$1,225
Fees may apply. The price shown reflects base rent. Complete fee information is not available from the property, so additional fees may increase the total monthly cost.Downtown Olympia • 322 5th Ave Se
Studio–1 Bed
$1,275–$1,725
Fees may apply. The price shown reflects base rent. Complete fee information is not available from the property, so additional fees may increase the total monthly cost.Downtown Olympia • 215 Columbia St Nw
Studio–1 Bed
$1,300–$1,525
Fees may apply. The price shown reflects base rent. Complete fee information is not available from the property, so additional fees may increase the total monthly cost.Downtown Olympia • 321 Legion Way Se
Studio–2 Beds
$1,300–$2,150
Fees may apply. The price shown reflects base rent. Complete fee information is not available from the property, so additional fees may increase the total monthly cost.1330 Fones Rd Se
3 Beds
$2,600
Fees may apply. The price shown reflects base rent. Complete fee information is not available from the property, so additional fees may increase the total monthly cost.1619 Trosper Rd Sw
3 Beds
$2,299–$2,345
Fees may apply. The price shown reflects base rent. Complete fee information is not available from the property, so additional fees may increase the total monthly cost.2820 Tuscany Ln Sw
1–2 Beds
$1,580–$1,790
Fees may apply. The price shown reflects base rent. Complete fee information is not available from the property, so additional fees may increase the total monthly cost.
