Rare opportunity in Lacey—two detached single-family homes on one lot, each with its own charm and privacy. Both homes are currently rented, offering consistent occupancy and strong cash flow with an estimated 6.3% cap rate. One tenant is long-term, adding stability to this solid income-producing property. Located in a desirable area close to amenities, this is a smart addition to any investor’s portfolio. Whether you're growing your rental holdings or seeking a low-maintenance investment, this unique setup delivers dependable returns in a high-demand market.
Source: Northwest Multiple Listing Service (NWMLS)
MLS#: 2378337
Property Details
Home Type
Multi-Family
Est. Annual Taxes
$5,151
Year Built
Built in 1962
Lot Details
8,640 Sq Ft Lot
Street terminates at a dead end
Partially Fenced Property
Home Design
Duplex
Poured Concrete
Composition Roof
Vinyl Construction Material
Wood Composite
Interior Spaces
2,448 Sq Ft Home
1-Story Property
Flooring
Carpet
Vinyl Plank
Vinyl
Bedrooms and Bathrooms
8 Bedrooms
4 Bathrooms
Parking
6 Parking Spaces
Open Parking
Schools
Mountain View Elementary School
Komachin Mid Middle School
North Thurston High School
Utilities
High Speed Internet
Cable TV Available
Community Details
No Home Owners Association
Lacey Subdivision
Listing and Financial Details
Assessor Parcel Number 43350001200
Property Details
Home Type
Multi-Family
Est. Annual Taxes
$5,151
Year Built
Built in 1962
Lot Details
0
Listing Details
Property Type: Residential Income
Property Sub Type: Multi Family
StyleCode: 52 - Duplex
Year Built: 1962
MLS Status: Pending Inspection
Prev Status: Pending
New Construction: No
CalculatedSquareFootage: 2448
EffectiveYearBuiltSource: Public Records
Special Features: None
Cumulative Days on Market: 95
Interior Features
Fireplace: No
Flooring: Vinyl, Vinyl Plank, Carpet
Stories: 1
SquareFootageFinished: 0
SquareFootageUnfinished: 0
BathsFullUpper: 0
BathsHalfUpper: 0
BathsThreeQuarterUpper: 0
BedroomsUpper: 0
Exterior Features
Roof: Composition
Lot Features: Dead End Street, Paved
View: No
Waterfront: No
Construction Type: Metal/Vinyl, Wood
Exterior Features: Metal/Vinyl, Wood Products
Foundation Details: Poured Concrete
Structure Type: Duplex
Garage/Parking
Carport Y N: No
Open Parking Spaces: 6
Open Parking: Yes
Total Parking Spaces: 6
ParkingUncoveredSpaces: 6
Utilities
Sewer: Sewer Connected
Water Source: Public
Security: Partially Fenced
Cooling: None
Cooling Y N: No
Heating: Wall Unit(s)
Heating Yn: Yes
PowerCompany: Puget Sound Energy
SewerCompany: City of Lacey
WaterCompany: City of Lacey
WaterSewerGarbage: 0
Condo/Co-op/Association
Senior Community: No
Association: No
Schools
Junior High Dist: North Thurston
High School: North Thurston High
Middle Or Junior School: Komachin Mid
Lot Info
Parcel Number: 43350001200
Lot Size Acres: 0.1983
Lot Size Sq Ft: 8640
Irrigation Water Rights: No
ShowMapLink: true
SiteFeatures: Cable TV,Fenced-Partially,High Speed Internet
MLSLotSizeSource: Public Records
MLSSquareFootageSource: Public Records
ZoningJurisdiction: City
Green Features
Power Production Type: Electric
Rental Info
GrossRentMultiplier: 12.6
LeasedItems: None
TotalMonthlyIncome: 4300
Multi Family
Gross Scheduled Income: 51600
Net Operating Income: 41000
Number Of Units Total: 2
Insurance Expense: 2100
Leasable Area: 2448
EnergySource: Electric
UnitsInBuildingTotal: 2
UnitsBelowGrade: false
VacancyRate: 3
Tax Info
Year: 2024
Tax Annual Amount: 5151.2
MLS Schools
Elementary School: Mountain View Elementary
Map
Range of Values:
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Average Value
Not Available
List Price
Sold Price
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Home Values in the Area
Source: Public Records
Average Home Value in this Area
Source: Public Records
Tax History
Year
Tax Paid
Tax AssessmentTax Assessment
Total Assessment is a certain percentage of the fair market value that is determined by local assessors to be the total taxable value of land and additions on the property.
Land
Improvement
2024
$4,434
$495,800
$141,100
$354,700
2023
$4,434
$463,700
$125,400
$338,300
2022
$3,900
$469,500
$96,600
$372,900
2021
$3,404
$335,100
$91,400
$243,700
2020
$3,003
$272,400
$88,300
$184,100
2019
$2,825
$249,600
$60,900
$188,700
2018
$3,181
$236,900
$45,500
$191,400
2017
$2,792
$218,950
$40,750
$178,200
2016
$2,570
$201,750
$48,250
$153,500
2014
--
$196,550
$48,250
$148,300
Source: Public Records
Property History
Date
Event
Price
Change
Sq Ft Price
08/21/202508/21/25
Pending
--
--
--
05/20/202505/20/25
For Sale
$649,950
--
$266 / Sq Ft
Source: Northwest Multiple Listing Service (NWMLS)
This lovely view property next to a pocket park is in the South Capitol neighborhood which is one of Olympia's most sought-after areas; it's a peaceful area just minutes from the state capitol, markets, restaurants in downtown Olympia. This renovated duplex with beautiful refinished red oak floors has plenty of windows toward the lake; relax by the working wood stove upstairs or on the deck of
This home is located at 4409 4411 21st Ct SE, Olympia, WA 98503 and is currently priced at $649,950, approximately $265 per square foot. This property was built in 1962. 4409 4411 21st Ct SE is a home located in Thurston County with nearby schools including Mountain View Elementary School, Chinook Middle School, and North Thurston High School.
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