8623 Steilacoom Road Southeast
7-Lot Development Opportunity with Approved Short Plat
Marketing description
Investor / Developer Opportunity – Approved 7-Lot Short Plat in Growing Lacey Market! Rare development opportunity on 1.28 acres with an existing duplex and enhanced short plat approval in place. Approved civil plans are available through the city, allowing the next owner to move forward with water and sewer extensions, sidewalks, and street tree improvements. The approved project creates a total of 7 separate lots, including:Conversion of the existing duplex into 2 townhouse lots, 5 additional single-family residential lots, 7 total buildable lotsWashington State's current housing regulations may allow up to 2 ADUs per lot (buyer to verify), creating the potential for 7 primary residences plus up to 14 ADUs for significant density and income potential.Conveniently located approximately 1.5 miles from I-5, with major retail amenities including Costco and Home Depot nearby. Situated in the rapidly growing city of Lacey, home to approximately 60,000 residents, this property offers an exceptional opportunity for builders, developers, and investors seeking a shovel-ready project in a high-demand market.
Investment highlights
Approved 7-Lot Short Plat – Development approval already in place, reducing entitlement timeline and accelerating project start.
1.28 Acres in a High-Growth Market – Positioned in one of the South Sound’s expanding residential corridors.
Existing Duplex Included – Approved plan converts the current duplex into 2 townhouse lots.
Additional Development Potential – Includes 5 new single-family residential lots for a total of 7 buildable lots.
Enhanced Civil Planning Complete – Approved city plans available for water & sewer extensions, sidewalks, and street tree improvements.
Potential for Increased Density – Under current Washington housing regulations, property may allow up to 2 ADUs per lot (buyer to verify), creating the possibility for up to 21 total residential units (7 primary + up to 14 ADUs).
Shovel-Ready Advantage – Significant pre-development work completed, creating a faster path to construction.
Strong Location Fundamentals – Approximately 1.5 miles to I-5 with quick access to Costco, Home Depot, shopping, dining, and everyday services.
Located in Growing Lacey – Serving a population of approximately 60,000 residents with continued housing demand.
Ideal for Builders, Developers & Investors – Opportunity to capitalize on housing supply needs and flexible development options.
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