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Listed by: NextHome Northwest Group • Sandi Hofmann

Price cut: $24.6K (6/30)

$424,950

503 Centre Street N, Rainier, WA 98576

3beds

1,396sqft

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Single Family Residence

Built in 1961

2.91 Acres Lot

$419,400 Zestimate^®

$304/sqft

$-- HOA

What's special

Development opportunity in the heart of Rainier! This 2.91-acre property offers rare in-city acreage with excellent potential for future use or development. Depending on buyer plans and city approval, possibilities may include single-family, duplex, townhome, multifamily, group living, daycare, or other permitted uses. Existing cabin is of little value; the value is in the land. City water and power are already on the property. Enjoy a peaceful setting near schools, parks, and the Yelm-Tenino Trail. Seasonal purple camas flowers and yellow buttercups add beautiful natural color across the property. Conveniently located with access to Rainier amenities and a short drive to Olympia, Yelm, Tenino, and JBLM. Buyer to verify all development potential and permitted uses to their satisfaction.

39 days

957

39

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Facts & features

Interior

Bedrooms & bathrooms

Bedrooms: 3
Bathrooms: 2
Full bathrooms: 1
3/4 bathrooms: 1
Main level bathrooms: 2
Main level bedrooms: 3

Primary bedroom

Level: Main

Bedroom

Level: Main

Bedroom

Level: Main

Bathroom full

Level: Main

Bathroom three quarter

Level: Main

Dining room

Level: Main

Entry hall

Level: Main

Family room

Level: Main

Kitchen with eating space

Level: Main

Living room

Level: Main

Utility room

Level: Main

Heating

Fireplace, Forced Air, Stove/Free Standing, Electric, Wood

Cooling

None

Appliances

Included: Dishwasher, Double Oven, Microwave, Refrigerator, Stove(s)/Range(s), Dishwasher(s), Microwave(s), Refrigerator(s), Water Heater: Electric, Water Heater Location: Basement

Features

Bath Off Primary, Ceiling Fan(s), Pantry
Flooring: Vinyl, Carpet
Basement: Unfinished
Number of fireplaces: 1
Fireplace features: Wood Burning, Main Level: 1, Fireplace

Interior area

Total structure area: 1,396
Total interior livable area: 1,396 sqft

Property

Parking

Total spaces: 6
Parking features: Driveway, Off Street, RV Parking
Uncovered spaces: 6

Features

Levels: One
Stories: 1
Entry location: Main
Patio & porch: Bath Off Primary, Ceiling Fan(s), Fireplace, Pantry, Walk-In Closet(s), Water Heater
Has view: Yes
View description: Mountain(s), Territorial

Lot

Size: 2.91 Acres
Features: Adjacent to Public Land, Open Lot, Paved, Secluded, Sidewalk, Value In Land, Cable TV, Fenced-Partially, High Speed Internet, Outbuildings, Patio, RV Parking
Topography: Level,Partial Slope
Residential vegetation: Brush, Fruit Trees, Garden Space, Pasture, Wooded

Details

Parcel number: 21609210300
Zoning: HDR6/1
Special conditions: Standard
Other equipment: Leased Equipment: None

Construction

Type & style

Home type: SingleFamily
Architectural style: 1 Story
Property subtype: Single Family Residence

Materials

Wood Siding
Foundation: Block
Roof: Composition

Condition

Fair
Year built: 1961
Major remodel year: 1961

Utilities & green energy

Electric: Company: Puget Sound Energy
Sewer: Septic Tank, Company: Private Septic
Water: Public, Company: City of Rainier
Utilities for property: Xfinity, Xfinity

Community & HOA

Community

Subdivision: Rainier

Location

Region: Rainier

Financial & listing details

Price per square foot: $304/sqft
Tax assessed value: $403,000
Annual tax amount: $1,507
Date on market: 5/31/2026
Cumulative days on market: 40 days
Inclusions: Dishwasher(s), Double Oven, Leased Equipment, Microwave(s), Refrigerator(s), Stove(s)/Range(s)

Estimated market value

$419,400

$398,000 - $440,000

$2,367/mo

Price history

Date	Event	Price
6/30/2026	Price change	$424,950-5.5%$304/sqft
Source: NWMLS as distributed by MLS GRID #2532939 Report a problem
6/1/2026	Listed for sale	$449,500$322/sqft
Source: NWMLS as distributed by MLS GRID #2532939 Report a problem

Public tax history

Year	Property taxes	Tax assessment
2024	$1,461 +11.9%	$403,000 +6.1%
2023	$1,306 -1.2%	$379,800 +6.5%
2022	$1,322 -21.5%	$356,500 +8.8%
2021	$1,685 +20.4%	$327,700 +48.2%
2020	$1,400 +21.1%	$221,100 +21%
2019	$1,156 -4%	$182,800 +4.8%
2018	$1,204 -6%	$174,400 +17.3%
2017	$1,282	$148,700 -0.9%
2016	$1,282	$150,100 +10.4%
2014	$1,282	$136,000 -5.5%
2013	--	$143,850
2012	$1,447	--
2011	--	--
2010	--	--
2009	$1,456	--
2008	--	--
2007	$1,367 -32%	--
2006	$2,010 +22.8%	--
2005	$1,637	--
2004	--	--
2002	--	--
2001	$1,287 +8.5%	$84,500 +5.5%
2000	$1,185	$80,100

Find assessor info on the county website

Monthly payment

Est. payment

Payment breakdown

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All calculations are estimates and provided by Zillow, Inc. for informational purposes only. Actual amounts may vary.

HOA fees may include property taxes on listings classified as Co-Ops. Contact the listing agent and/or owner for fee details.

Mortgage interest rates are dependent on a number of factors, including credit score, down payment, and repayment length. Interest rate data provided by Zillow Group Marketplace, Inc. as of 1/1/1970 from various mortgage lenders with which we have lead or other similar arrangements; the Estimated Payment is an average of those rates.

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Climate risks

Neighborhood: 98576

Getting around

40 / 100

Car-Dependent

50 / 100

Bikeable

Nearby schools

GreatSchools rating

4/10
Rainier Primary School
Grades: PK-5Distance: 0.6 mi
6/10
Rainier Middle School
Grades: 6-8Distance: 0.4 mi
5/10
Rainier Senior High School
Grades: 9-12Distance: 0.5 mi

Schools provided by the listing agent

Elementary: Rainier Primary Sch
Middle: Rainier Mid
High: Rainier Snr High

Source: NWMLS as distributed by MLS GRID. This data may not be complete. We recommend contacting the local school district to confirm school assignments for this home.