Property Details
643 School Street SE
Lacey, WA 98503
$675,000
Pending
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Key Takeaways
- This multi-family property in Lacey, Thurston County is listed at $675,000.
- 2,600 square feet of building area, or $260 per square foot.
- Lot size is 0.56 acres.
- 2 units.
- Built in 1993.
- Annual property taxes are $5,786 (2025).
- Current status: Pending.
Property Overview
Big-ticket improvements are already done! This spacious Lacey duplex features newer Hardie siding, exterior paint, septic system, drain field and pumping station, taking care of several major expenses for the next owner. Each unit offers 3 bedrooms, 1.5 baths, an attached garage, private fenced yard and separate driveway, all situated on a large .56-acre lot. Whether you're looking to add a rental property to your investment portfolio or live in one side and rent the other to help offset your monthly housing costs, this property offers flexibility and long-term potential. The two 3-bedroom units provide strong rental appeal, while the separate yards and garages give each side the feel and privacy of a home. Conveniently located near shopping, schools, parks and I-5. A great opportunity to own a duplex with significant improvements already completed and the ability to add value over time.
Property Details
Property Information
Property Type
Residential Income
Subtype
Multi Family
Status
Pending
County
Thurston
Neighborhood
Lacey
Listed
Jan 30, 2026
Original Price
$698,000
Structure Type
Duplex
Parcel Number
64200000100
Tax & HOA
Annual Property Tax
$5,786 (2025)
Est. Monthly Tax
$482/mo
Financial Summary
Cap Rate
2.93%
Net Operating Income
$20,676
Gross Scheduled Income
$18,420
Gross Rent Multiplier
20.98
Total Expenses
$7,139
Vacancy Rate
50.0%
Building & Use
Building Sq Ft
2,600
Leasable Area
2,600 sqft
Total Units
2
Lot Size
24,337 sqft
Year Built
1993
Exterior & Lot
Lot Size
0.56 sqft
Year Built
1993
Garage
2 spaces
Exterior Materials
Cement Plank, Wood
Sewer
Septic Tank
Water Source
Community
Lot Features
Corner Lot, Paved, Sidewalk
Exterior Features
Cement Planked, Wood Products
Community & Access
Directions
E ON PACIFIC AVE TO STEILACOOM, L ON SCHOOL ST.
Location
City
Lacey
County
Thurston
Coordinates
47.04309, -122.78147
Additional Information
Tax Year
2025
Annual Taxes
$5,786
Possession
Array
Based on information submitted to the MLS GRID as of September 2, 2026 12:00 AM. All data is obtained from various sources and may not have been verified by broker or MLS GRID. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
IDX information is provided exclusively for consumers’ personal, non-commercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Copyright 2026 NWMLS. All rights reserved.
IDX information is provided exclusively for consumers’ personal, non-commercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Copyright 2026 NWMLS. All rights reserved.
