1505 Carpenter Rd SE
Lacey, WA 98503
Lacey SFR/Multifamily Development Site · Land For Sale · 4.97 AC

The Lacey Development Site is a 216,622 square foot (~4.97 acres) development opportunity. The site is currently vacant land and located to the west of the Roo-Lan Health Care Center. The site is located along Carpenter Road less than 3 miles from the retail hub of Lacey. Safeway is located less than a mile from the site. Several parks are also within a mile of the property. Bus stops for route 68 are also in close proximity. The property is approximately 6 miles from Olympia and 28 miles from Tacoma. The opportunity for an investor is to develop the property into single family homes. The current zoning, medium-density residential, allows between eight and sixteen units per acre. Thus a developer could potentially construct up to 80 homes on the site. At the moment newly constructed single family homes in Lacey and Thurston County are selling for between $150/sf and $180/sf and in aggregate of over $400,000. The majority of homes being developed range in size between approximately 1,800/sf and 2,600/sf. The value of homes in Lacey is projected to continue growing as the rate of population growth in Thurston County has doubled from 1.20% in 2015 to 2.40% in 2017 and is expected to continue at this pace for several years. The Carpenter Road Development Site is an excellent opportunity for an investor to acquire a development in a market experiencing rapid rent growth.