The Olive Residence is a good example of the type of residential buildings constructed in Saint John following the Great Fire of 1877. Erected at 138 Princess Street by John Nugent in 1879, this wooden residence exhibits Italianate architecture. This style is best seen in the square massing's overhanging cornice, the entablatures over the symmetrical windows, and the central entrance with a wooden door and a single window above it.
 
Originally, John Nugent lived here with his wife. Following Nugent's death in the 1890s, his widow permitted Charles F. Olive to live with her. Between Charles and his son Otty, the Olive family would stay in this residence for over 70 years. In 1874, Charles became a founding member of the Mutuals, Saint John's first baseball team. The team, consisting of Charles and several of his friends, helped introduce the sport to the region. Additionally, Charles was a longtime clerk in the Long Room of the Custom House, and he later worked as a shipping editor, reporter, and proofreader for some local Saint John newspapers.
 
After Charles died in 1916, his son Otty inherited the residence. A sugar refinery salesman, Otty lived here until his own death in the 1960s.