8623 Steilacoom Road SE, Olympia, WA, 98513
About This Home
Investor / Developer Opportunity – Approved 7-Lot Short Plat in Growing Lacey Market! Rare development opportunity on 1.28 acres with an existing duplex and enhanced short plat approval in place. Approved civil plans are available through the city, allowing the next owner to move forward with water and sewer extensions, sidewalks, and street tree improvements. The approved project creates a total of 7 separate lots, including: Conversion of the existing duplex into 2 townhouse lots, 5 additional single-family residential lots, 7 total buildable lots Washington State's current housing regulations may allow up to 2 ADUs per lot (buyer to verify), creating the potential for 7 primary residences plus up to 14 ADUs for significant density and income potential. Conveniently located approximately 1.5 miles from I-5, with major retail amenities including Costco and Home Depot nearby. Situated in the rapidly growing city of Lacey, home to approximately 60,000 residents, this property offers an exceptional opportunity for builders, developers, and investors seeking a shovel-ready project in a high-demand market.
Getting Around
Car-Dependent
Some Transit
Somewhat BikeableSchools
Construction
Condition
- Year built: 1979
Materials
- Foundation: Poured Concrete
- Roof: Composition
- Construction materials: Wood Products
Type & Style
- Home type: MultiFamily
- Architectural style: Duplex
- Property subType: Duplex,Multi Family
Interior
Bedrooms & Bathrooms
- Bedrooms: 4
- Bathrooms: 2
Features
- Window features: Thermal Windows
- Flooring: Vinyl,Carpet
Heating & Cooling
- Heating features: Forced Air,Electric
- Cooling features: None
Interior Area
- Total structure area: 0
Property
Details
- Parcel number: 11813241002
- Zoning description: Multi-Family,Residential,See Remarks,Jurisdiction: City
- Special condition: Standard
Lot
- Lot size: 1.28 Acres
- Features: Corner Lot,Fenced-Partially
Parking
- Total spaces: 10
- Parking features: Garage
- Attached garage spaces: 2
- Covered spaces: 4
- Uncovered spaces: 6
- Carport spaces: 2
Climate Risk is Financial Risk
Every home has a financial story beyond the listing price. Below, you’ll see the climate risks that could affect this property — and in Bills & Affordability, how those risks may influence repairs, insurance, utilities, and long-term value.
Biggest Threats for This Home
- Earthquake
- Heat Wave
- Inland Flooding
How This Home’s Risks Compare
FEMA Declared Disasters in Thurston County and Washington
Understanding the Costs
Financial advisors generally recommend spending no more than 30% of your gross household income on housing costs. In practice, many households stretch to 35% or beyond — especially in high-cost markets.
Estimated Costs Today
| Monthly | Annual | |
|---|---|---|
| Mortgage | $6,826 | $81,912 |
| Home Insurance * | $296 | $3,552 |
| Property Taxes | $1,123 | $13,476 |
| Electricity | $149 | $1,793 |
| Total | $8,394 | $100,728 |
Income You'd Need if You Spent...
Washington FAIR Plan Programs
How Costs Could Change Over Time
Climate risk is quickly impacting all of the major home ownership costs. Adjust the growth rates and percentage of income spent on housing below to see how your housing costs could change over the next 10 years — and what income you'd need to keep up.
Comparing Against the Market
Price Per Sq Ft
vs Other Active Listings
Avg $/sqft
vs Homes Sold Last Month
Median $/sqft
Current Market Trends
Median Price Per Square Foot
The median price per square foot of homes sold in this area each month. Compare this to this listing's price per square foot to gauge whether the home is priced in line with recent sales.
Historicals for This Listing
Zestimate History ($/sqft)
Price History
| Date | Event | Price |
|---|---|---|
| 2026-06-19 | Listed for sale | $1,350,000 |
| 2011-01-21 | Listing removed | $285,000 |
| 2010-04-24 | Listed for sale | $285,000 |
| 2004-07-14 | Sold | $217,500 |
| 1996-10-15 | Sold | $126,700 |
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