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$1,100,000
2550741 MLS ⋅ PENDING INSPECTION Status
The Lacey 8 is an eight-unit apartment property in one of the South Sound’s most stable rental markets, offered as a true value-add opportunity. The property is made up of four two-bedroom/one- bathroom units and four one-bedroom/one-bathroom units, a mix that rents well and stays full. In-place rents are well below market, creating immediate and measurable upside for a new owner. The seller also does not currently bill back utilities, leaving a clear path to additional income through a RUBS or flat-fee utility program. Adding to the appeal, the seller is offering seller financing to qualified buyers at 5% interest-only for five years with 25% down. The property is in solid physical shape, which makes the value-add plan lower risk. It offers 14 on-site parking stalls, an on-site communal laundry facility, and newer roof systems installed with-in the last several years. The electrical panels have been updated throughout, the windows are double-pane vinyl, and the exterior siding is in good condition with no major deferred maintenance. The units are in mixed condition: some are still original, while others have already been moderately renovated with newer LVP flooring. Adding LVP flooring, stainless-steel appliances, in-unit dishwashers, and quartz countertops at turnover can drive both higher rents and long-term value.

5024 18th Avenue SE, Lacey

Listing courtesy of Westlake Associates, Inc..

$1,299,950
2534852 MLS ⋅ ACTIVE Status
Excellent quality newer investment opportunity offered substantially under assessed value. Two duplexes featuring 3 bedrooms, 2.5 bath each. All 4 units feature 2 car garages. Both duplexes feature extensive solid surface flooring granite counters throughout, stainless appliances, high efficiency mini split heat pump systems with air conditioning, and energy efficient insulation and lighting packages. Built in 2019 and exceptionally maintained. Long term leases in place and a great cap rate with room for continued growth. Exteriors feature custom accents and fenced yards. Close to all amenities and freeway access, with great schools nearby.

1214 Hall Street SE Unit #A&B, Lacey

Listing courtesy of Blue Summit Realty LLC.

$1,650,000
2503024 MLS ⋅ SOLD Status
Long Lake Luxury +Passive Income = Dream Waterfront Setup! Over 6500sqft & flex layouts to use as 1, 2 or 3 units. Airbnb with private entrance, stays furnished & grossed $25K last yr without summer bookings! Unit A has main floor primary 3BR + den, gym-ready basement and sauna. Unit B can stay whole or split again. All have waterproof luxury vinyl plank throughout, quartz counters, separate heatpumps, tankless H2O heaters & laundry. Outside, find gated entry, huge new driveway with room for guests & pickleball, 4-car garage, more covered parking, flat lawn, oversized patio, big deck, & yes, 2 docks + mooring whips! Minutes to I-5 & Costco, this one makes the math work with flexibility for your compound or small empire in the making!

7235 20th Avenue SE Unit #A&B, Lacey

Listing courtesy of Abbey Realty Inc. Selling Office: Abbey Realty Inc.

$2,650,000
2501659 MLS ⋅ ACTIVE Status
Rare add-value multifamily investment opportunity in Lacey! This well-maintained portfolio includes 3 tax parcels with 13 total units: one parcel features a single-family home and a 4-plex, while the other two parcels each include a 4-plex. All units are fully occupied with strong rental history. Conveniently located near I-5, JBLM, shopping, and schools. Great mix of unit types, stable income, and future upside. Ideal for both seasoned and new investors looking for scale and long-term growth in a strong rental market.

1608 Ruddell Road SE, Lacey

Listing courtesy of TS Property Management.

$1,175,000
2501685 MLS ⋅ ACTIVE Status
Rare add-value multifamily investment opportunity in Lacey! Features fully occupied a single-family home and a 4-plex with strong rental history. Conveniently located near I-5, JBLM, shopping, and schools. Great mix of unit types, stable income, and future upside. Ideal for both seasoned and new investors looking for scale and long-term growth in a strong rental market.

1608 Ruddell Road SE, Lacey

Listing courtesy of TS Property Management.

$1,550,000
3 Beds ⋅ 4 Baths ⋅ 2493736 MLS ⋅ ACTIVE Status
New Price!! 3+BR/3.5BA waterfront home with 2 kitchens on Long Lake in Lacey. 105 ft no-wake lakefront with dock and boat lift. Possible multi generational living. Ideal for swimming. Remodeled through 2025 with ADU. Now offered at $1,550,000, reduced from $1,690,000, this Long Lake waterfront home is an exceptional opportunity with 105 feet of bulk-head shoreline, a private dock, boat lift, boat and flexible living spaces. If you've been waiting for the right lakefront property, now is the time. 2nd W&D set to be located on the main floor. Other W&D on lower floor at ADU. The home was built in 1997 and updated through 2026, this 4,787 sq ft home features 3+ bedrooms, 3.5 baths, a chef's kitchen with quartz and granite surfaces, a new W&D hookup to be added to the main floor, open living areas with lake views, and a remodeled primary suite with heated floors and a soaking tub. The daylight basement offers a private entrance, second kitchen, and separate living area for guests or multi-generational living. Additional features include three fireplaces, a flex room, sauna, exercise room, geothermal HVAC, central A/C, wired generator capability, and a roof replaced around 2017-2018. Outside, enjoy a composite deck, terraced landscaping, stone bulkhead, private dock with boat and PWC lifts, a 3-bay garage, RV parking, public water, no HOA, and a one-year home warranty. Don't miss this rare opportunity to own one of Long Lake's premier waterfront homes at its newly reduced price.

7240 Holmes Island Road SE, Lacey

Listing courtesy of Blue Emerald Real Estate Co..

$725,000
6 Beds ⋅ 5 Baths ⋅ 2431477 MLS ⋅ SOLD Status
Spacious Living & Endless Potential in Lacey! With 10K towards Buyers closing costs this Hard-to-find 5-bed,3-bath home offers plenty of character & flexibility. 1 bd-1 bath ADU above the garage with kitchen, bath, & laundry its perfect rental, or multigenerational living. Features: Vaulted ceilings, skylights, 2 fireplaces, EV Charger ready, Country kitchen, breakfast bar island, W/In pantry, Wired for Gen & wraparound porch ideal for all seasons! Enjoy the level yard space to make it your private playground, 2-car garage + 2 covered spaces 1 under the breezeway & carport in the yard. Lifetime metal roof easy maintenance! Plenty of rental & income opportunity, STR, Traveling Nurses, Adult Care home, daycare. Pre Inspected & Septic Pumped.

1309 Livingston Street NE, Lacey

Listing courtesy of Timber Real Estate. Selling Office: Pointe3 Real Estate.

$600,000
4 Beds ⋅ 4 Baths ⋅ 2415787 MLS ⋅ SOLD Status
Amazing Long Lake Waterfront Opportunity! Massive estate home offers 4,800+ sq. ft. of living space, designed with entertaining in mind. Enjoy a spacious family rm with fireplace and expansive lake views, a grand living room with wet bar, a game room with wet bar, and a dedicated jacuzzi room. 5-car attached garage provides plenty of space for toys, and storage. Large wraparound deck overlooks the lake and leads to low-bank waterfront access, complete with your private boathouse and boat launch. Situated on a double lot, this property offers potential development opportunities. While the home does have deferred maintenance, it’s priced accordingly for its condition—making it a rare chance to own premium Long Lake home at exceptional value.

4145 Lorna Court SE, Lacey

Listing courtesy of John L. Scott Lacey. Selling Office: BHGRE - Northwest Home Team.

$1,000,000
5 Beds ⋅ 3 Baths ⋅ 2384320 MLS ⋅ SOLD Status
Escape to your 4,600 sqft haven on Long Lake! Enjoy 120 ft of waterfront with a private dock to aid in your favorite water activity. Vaulted wood-planked ceilings frame stunning lake, sunrise, and peek-a-boo Mt. Rainier views. Spacious living areas, primary suite w/ office, movie room, wet bar, exercise room, and dual stone fireplaces create an inviting retreat. Efficiency meets luxury w/ solar panels, 2 hot water tanks, 2 heat pumps (AC), and lake drawn irrigation. Entertain on the large deck or in the park-like backyard complete with fire pit. Practical as well w/ storage galore, utility room, tool bench, and an oversized two-car garage. All set on 2.5 acres with 5 bd septic for future ADU. Memories just waiting to be created!

2610 Carpenter Road SE, Lacey

Listing courtesy of Abbey Realty Inc. Selling Office: Crescent Realty powered by KW.

$950,000
2366792 MLS ⋅ SOLD Status
Great opportunity eight unit apartment with a laundry room. In the last five years the siding, windows, cadet heaters, electrical panels and water heaters were replaced. Just need some cosmetic updates on the inside and you will have a great investment.

1126 Sleater Kinney Road SE, Lacey

Listing courtesy of Cycle Real Estate Inc.. Selling Office: Van Dorm Realty, Inc.

$950,000
2364899 MLS ⋅ SOLD Status
This single-story building offers strong fundamentals with potential for value-add improvements. All six units have been moderately updated over the years, but there remain both operational and renovation opportunities for the next owner. The units feature carpet flooring, formica countertops, white appliances, dishwashers, and double-pane vinyl windows. While these finishes are clean and well-maintained, upgrading to LVP flooring, stainless steel appliances, and quartz countertops could significantly enhance rental income. Each unit includes a private patio and backyard area, along with off-street parking spaces.

1213 Cora Street SE, Lacey

Listing courtesy of Paragon Real Estate Advisors. Selling Office: Fairway Real Estate.

$1,610,000
4 Beds ⋅ 4 Baths ⋅ 2278361 MLS ⋅ SOLD Status
Discover 135' of prime Hicks Lake waterfront where the Sunrise Resort once stood. This nearly 1.3-acre estate features a stunning 4,000+ sq. ft. residence with three levels of breathtaking lake views. Enjoy year-round comfort with a new 98% efficient HVAC system and a Generac 10kW on-demand generator. Custom top-down/bottom-up blinds add elegance throughout. The property includes an attached 2-car garage, a detached 4-car garage, versatile flex space with an unfinished loft and a 12x30 boat house. Launch your watercraft from your own private boat launch lead to a beautiful dock. Lush landscaping with palm trees completes this lakeside retreat.

2201 Carpenter Road SE, Lacey

Listing courtesy of BHGRE - Northwest Home Team. Selling Office: John L. Scott, Inc..

$985,000
2217088 MLS ⋅ SOLD Status
Prime investment opportunity in the heart of Lacey! This immaculately maintained 4-Plex unit is nestled in a peaceful cul-de-sac in an 18 building complex. Each of the 4 units features 1000 square feet of living space, 2 bedrooms, 1 bathroom, and attached garage, with W/D hookups. Updated kitchens in all units, and all but 1 unit has laminate. Owner covers W/S split through the HOA. Unit B has just been updated with a brand new bathroom and is currently vacant. New 40 year roof was put on in 2022, with new gutters. Exterior of building was also repainted in 2022. This building is close to the busline, freeway, and minutes to JBLM. Very low turnovers during ownership.

6122 Glen Mary Lane SE Unit #A-D, Lacey

Listing courtesy of Realty One Group Bold. Selling Office: Realty One Group Orca.

$780,000
5 Beds ⋅ 3 Baths ⋅ 2196522 MLS ⋅ SOLD Status
Beautiful unique home with separate entrance to lower level ADU for easy access. This centrally located home is an easy commute to JBLM, Thurston County Fairgrounds, and a 15-minute commute to 3 community lakes, several local parks and golf course. Home features 5 bedrooms with tons of natural light throughout, 2 full kitchens, open concept family rooms, 3 newly remodeled bathrooms with dual sinks, large laundry room, pantry, storage rooms, wet bar, and a beautiful outdoor patio with a raised vegetable gardens, fruit trees, and vegetation to make this property your private oasis. Located on dead end street in a quiet neighborhood with no HOA, enables comfortable living and gatherings of all kinds. Come see this home today!

6618 36th Avenue SE, Lacey

Listing courtesy of eXp Realty. Selling Office: Realty One Group Bold.

$952,000
4 Beds ⋅ 4 Baths ⋅ 2182720 MLS ⋅ SOLD Status
An entertainers dream! Just shy of half an acre and tucked away in the peaceful and elegant Southlake Estates neighborhood, this 4,090 sqft well-designed home with granite counters, soft close cabinets, 4 bedrooms, 3.5 bath + a large bonus room right next to 32-acre nature creek reserve trails and 3 mins to Hicks/Long/Pattison lakes! 20min to JBLM. Tons of room for entertaining inside and out. Fully fenced back yard with 1500 sqft of covered entertainment space with an outdoor kitchen and gas fireplace. 26’ dia above ground pool with wrap around tanning deck. Even a separate fenced yard for your dog! Parking available for RV, Boat, and plenty of storage space in the oversized 3 car garage. New carpet and fresh exterior paint. Welcome Home!

3835 Lanier Court SE, Lacey

Listing courtesy of Blade Realty LLC. Selling Office: Realogics Sotheby's Int'l Rlty.

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