Duplex with Private
7523 7525 10th Way SE, Lacey, WA 98503
For Sale
$698,500
Two separate residences offer flexible bonus rooms, individual garages, and outdoor space on a landscaped parcel.
Property Size2,488 SF
Lot Size0.39 Acres
Price / SF$280.75
Days on Market44
Property Features for 7523 7525 10th Way SE
General Information
Standard status
Size
Total Parking Spaces
Lot size
Property subtype
Units
Unit Mix
Multifamily Units
Additional Details
Tenant in Place
Amenities
fireplaces
Trex decks
laundry rooms
storage
bonus rooms
landscaping
wood fencing
private backyards
garage
driveway
covered storage
Building Details
Year Built
Buildings
Stories
Listing Agency:
Abbey Realty Inc
(360) 459-0428
Listed By:
Jami R. Downing · License #49938
(360) 485-5511
Source:
Dalewalters
Added: Sep 25
Changed: Nov 6
Last Checked: Nov 7 at 7:03AM
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 Abbey Realty Inc
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Investment Insights
Based on property information with market context.
This one-story duplex contains two 1,244-square-foot residences, each with two bedrooms and a flexible bonus room that can serve as a den or bedroom. Vintage details include carved wood entry doors, routed wood cabinetry, select period lighting, and a fireplace in each unit. Updates include newer electric forced-air furnaces with heat pumps, vinyl windows, interior and exterior paint, Trex decks, and a roof replaced in 2017. Both homes have laundry rooms, storage, and kitchens with appliances included.
The 0.39-acre property features separate fenced backyards, mature landscaping, and an extra-long driveway. Each residence has an automatic-door garage with a tandem bay, providing four covered parking spaces in total. Additional covered storage is located at the rear of the property.
One long-term tenant may remain or move, according to the owner’s stated terms. The duplex is less than 20 minutes from downtown Olympia and JBLM, and is near RAC, a dog park, lakes, and Hawks Prairie restaurants and shopping.
The 0.39-acre property features separate fenced backyards, mature landscaping, and an extra-long driveway. Each residence has an automatic-door garage with a tandem bay, providing four covered parking spaces in total. Additional covered storage is located at the rear of the property.
One long-term tenant may remain or move, according to the owner’s stated terms. The duplex is less than 20 minutes from downtown Olympia and JBLM, and is near RAC, a dog park, lakes, and Hawks Prairie restaurants and shopping.
Key Highlights
- Two 1,244‑square‑foot residences, each with 2 bedrooms and a flexible bonus room
- 0.39‑acre landscaped parcel with separate fenced backyards
- Fireplaces in both residences, including a floor‑to‑ceiling brick fireplace with slate hearth
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$33,841
Cap Rate
4.84%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$676,820
$676.8K
Cap Rate 7%
$483,443
$483.4K
Cap Rate 9%
$376,011
$376.0K
Market Conditions
NOI Build-Up for 2,488 SF
Gross rent
$50.8K $20.40/SF
− Vacancy
−$2.4K −$0.97/SF
EGI
$48.3K $19.43/SF
− OpEx
−$14.5K −$5.83/SF
NOI
$33.8K $13.60/SF
Area
Thurston County, WA
Vacancy
4.75%
Lease Rate
$20.40 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$676,820
Cap Rate 7%
$483,443
Cap Rate 9%
$376,011
Alternative Uses
Best Use
Multifamily LT 5
$483.4K
$423.0K – $564.0K
NOI $33,841 @ 7.0% cap · market cap 4.84%
Second Best
Apartment 5plus
$445.7K
$390.0K – $520.0K
NOI $31,200 @ 7.0% cap · market cap 4.47%
Theoretical Best
Office A
$728.5K
$637.4K – $849.9K
NOI $50,994 @ 7.0% cap · market cap 7.30%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
137
Businesses Nearby
Explore this area
Business Placement
Demographics for 98503, WA
40,346
Population
18,375
Households
2.2
Avg Household Size
38
Median Age
31%
College-Educated
93%
High-School Grad
11.1 sq mi
ZIP Area
3,635
Density / Sq Mi
$87,515
Median Household Income
$47,554
Median Earnings
$1,673
Median Rent
$407,700
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Duplex - Two separate residences offer flexible bonus rooms, individual garages, and outdoor space on a landscaped parcel.
Where is this duplex located?
The property is located at 7523 7525 10th Way SE Lacey, WA.
What is the asking price?
The asking price for this property is $698,500.
What are key features of this property?
This property features: Two 1,244‑square‑foot residences, each with 2 bedrooms and a flexible bonus room; 0.39‑acre landscaped parcel with separate fenced backyards; Fireplaces in both residences, including a floor‑to‑ceiling brick fireplace with slate hearth
