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120 Water St. NW offers a strong overall renter experience, with an 8.7 rating supported by excellent value, standout amenities, and a highly convenient location. It features quartz countertops, in-unit washer and dryer, expansive windows, quality finishes, and a brick exterior, plus 50 photos and nearby services that support social life, fitness, and pet care.
Things you’ll love
ElevatorImages AvailableGreat for
Social life
Wellness
Pet owners| 0BR/1.0BA | Studio | 1 bath | 391 sqft | $1,300 /mo | 1 unit 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 both beauty and enduring strength. The Madrone Apartments will echo those qualities for the Percival Landing corner of State Ave. and Water St. in downtown Olympia to become the place that you want to call home. 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 roof top coming this summer! Limited parking for a monthly fee is also available. The Olympia locals agree that 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. North facing hard to find 2 bedroom 2 bath unit. One bedroom has on-suite bathroom. Kitchen has an eat at countertop, tons of cabinet storage, and the natural light is epic. NO carpet anywhere in the unit, window coverings are white roller shades for privacy, but you can still see out! All the walls are white, but wait until you see the kitchen in person, the color is fabulous! Air conditioning is installed with an energy efficient system. By the way 3rd/4th/5th floor has epic water and park views! •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 $35.00 CAT rent $50.00 •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 | |
| 1BR/1.0BA | 1 bed | 1 bath | 589+ sqft | $1,675–$1,750 /mo | 2 units available | Named for the tree found near coastal waters, the Pacific Madrone symbolizes both beauty and enduring strength. The Madrone Apartments will echo those qualities for the Percival Landing corner of State Ave. and Water St. in downtown Olympia to become the place that you want to call home. The Olympia locals agree that 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. Requirements include: •12-month lease required •Proof of renters insurance required •Minimum credit score of 680 •No smoking Additional Info: •Apartment Deposit: Equivalent to 1-months rent. (25% of this amount is due at approval process to secure unit). •Water/Sewer/Garbage: $120.00/month. •Pet Deposit: 25% of 1-months rent per pet. •Dog Pet Rent: $35.00/month. •Cat Pet Rent: $50.00/month. •Parking: $90.00/month. •City Parking Options: Paid annually through the https www olympiawa gov Apply online at: https www urbanolympia com Call Teri to Schedule a Tour: (360) 742-4877 | |
| 2BR/2.0BA | 2 bed | 2 bath | 875 sqft | $2,690 /mo | 1 unit available | Named for the tree found near coastal waters, the Pacific Madrone symbolizes both beauty and enduring strength. The Madrone Apartments will echo those qualities for the Percival Landing corner of State Ave. and Water St. in downtown Olympia to become the place that you want to call home. The Olympia locals agree that 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. Requirements include: •12-month lease required •Proof of renters insurance required •Minimum credit score of 680 •No smoking Additional Info: •Apartment Deposit: Equivalent to 1-months rent. (25% of this amount is due at approval process to secure unit). •Water/Sewer/Garbage: $120.00/month. •Pet Deposit: 25% of 1-months rent per pet. •Dog Pet Rent: $35.00/month. •Cat Pet Rent: $50.00/month. •Parking: $90.00/month. •City Parking Options: Paid annually through the https www olympiawa gov Apply online at: https www urbanolympia com Call Teri to Schedule a Tour: (360) 742-4877 |
Let's explore this property.
Apartment Amenities
| Air Conditioning | Large Windows |
Appliances
| Black/Stainless Appliances | Dishwasher |
| Garbage Disposal | Glass Top Range |
| In-Unit Laundry | Oven |
| Refrigerator | Stove/Oven |
| Washer and Dryer |
Building
| Bike Storage | Cats OK |
| Dogs OK | Elevator |
| Fitness Center | Onsite Gym |
| Rooftop Access |
Grounds
| Outdoor Pet Area | Smoke Free Community |
| Storage | Surface Parking Lot |
Services
| 24 Hour Emergency Maintenance |
Neighborhood
| Near Public Transportation |
One-time.
One-time. Refundable.
Questions about this property’s policies and fees?
| Units | 60 |
|---|
Named for the tree found near coastal waters, the Pacific Madrone symbolizes both beauty and enduring strength. The Madrone Apartments will echo those qualities for the Percival Landing corner of State Ave. and Water St. in downtown Olympia to become the place that you want to call home. The Olympia locals agree that 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. Requirements include: •12-month lease required •Proof of renters insurance required •Minimum credit score of 680 •No smoking Additional Info: •Apartment Deposit: Equivalent to 1-months rent. (25% of this amount is due at approval process to secure unit). •Water/Sewer/Garbage: $120.00/month. •Pet Deposit: 25% of 1-months rent per pet. •Dog Pet Rent: $35.00/month. •Cat Pet Rent: $50.00/month. •Parking: $90.00/month. •City Parking Options: Paid annually through the https www olympiawa gov Apply online at: https www urbanolympia com Call Teri to Schedule a Tour: (360) 742-4877
How 120 Water St. NW compares to other nearby properties.
Positives
Studio apartments at 120 Water St. NW cost about 4% more than the average rent price for studios in Downtown Olympia.
1-bedroom apartments here are priced 12% higher than 1-bedrooms in Downtown Olympia.
If you decide to upgrade your space, you can expect 2-bedrooms at 120 Water St. NW to be 31% more than the average for similarly sized apartments in Downtown Olympia.
| Month | Median Rent |
|---|---|
| August 2024 | $1,257 |
| September 2024 | $1,237 |
| October 2024 | $1,281 |
| 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 |
| Month | Median Rent |
|---|---|
| August 2024 | $1,300 |
| September 2024 | $1,290 |
| October 2024 | $1,299 |
| November 2024 | $1,265 |
| 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 |
Can I afford to live at 120 Water St Nw?
Bedrooms
Rent-to-income ratio
30%
$52,000/yr
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$1,600–$2,150
Downtown Olympia • 323 4th Ave E
Studio
$1,130
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1–3 Beds
$1,745–$2,595
Downtown Olympia • 321 Legion Way Se
1–2 Beds
$1,600–$2,150
