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    Triplex Development with Utilities Stubbed Title is generated by Realmo AI

    4808-4812 15th Avenue Southeast, Lacey, WA 98503

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    For Sale
    $505,000

    Updated rental unit plus build-ready lot with water, sewer, power stubbed for additional duplex units.

    Type:Land
    Added:
    May 26, 2026
    Days on Market:
    12
    Last Refresh:
    Jun 6 at 2:47 am

    Property Features for 4808-4812 15th Avenue Southeast

    General Information

    Standard status
    Active
    Property subtype
    Land

    We can help!

    Listing Contact
    John Stormans

    Listing agent John Stormans License #130340

    Listing office Olympic Sotheby's Int'l Realty

    Listing date May 26, 2026

    Source Compass

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    All listing content including descriptions, pricing, images are the copyrighted material of Olympic Sotheby's Int'l Realty

    HighLights

    • Fully updated single‑family rental unit with 1 unit already rented
    • Utilities stubbed to the back of the lot for a second building site: water, sewer, and power
    • Vacant lot is 7,500+/- SF, with water, sewer, and power stubbed for future development
    • Build‑ready lot approved for a 2,500+/- SF duplex
    • Total development plan includes 3 units across the updated rental and additional building sites, with approvals needed for 2 other building sites

    Overview

    This one-of-a-kind development property includes a fully updated single-family rental with water, sewer, and power stubbed to the back of the lot for a second building site. In addition, there is a 7,500+/- square foot vacant lot that is stubbed with water, sewer, and power, described as build ready and approved for a 2,500+/- square foot duplex. The overall configuration supports three units total, with 1 updated unit already rented and 2 additional building sites that only need building plan approvals.

    Located in the heart of Lacey, the property is positioned close to amenities and provides convenient north/south travel access via I-5.

    For developers and investors, the appeal is the combination of an already-updated rental component and additional, utilities-prepped building opportunities on the same property. With part of the development already approved for the duplex and the remaining building sites requiring plan approvals, the site is structured for a staged path from approvals to construction while maintaining an existing rented unit.
    Location Intelligence

    Current Use by Public Records

    Triplexes

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Lacey
    County
    Thurston
    State
    Washington
    Longitude
    -122.8190531
    Latitude
    47.0330532

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    FAQs

    What type of property is this?
    Triplex - Updated rental unit plus build-ready lot with water, sewer, power stubbed for additional duplex units.
    Where is this triplex located?
    The property is located at 4808-4812 15th Avenue Southeast Lacey, WA.
    What is the asking price?
    The asking price for this property is $505,000.
    What are key features of this property?
    This property features: Fully updated single‑family rental unit with 1 unit already rented; Utilities stubbed to the back of the lot for a second building site: water, sewer, and power; Vacant lot is 7,500+/- SF, with water, sewer, and power stubbed for future development
    (360) 528-4160
    We can help!
    Listing Contact
    John Stormans
    Real Estate License ID: 130340
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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    4808-4812 15th Avenue Southeast, Lacey, WA 98503
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