$899,000

8 Beds 4 Baths 3,600 SQFT 0.23 Acres

Type: Multi-Family

34120 1st Place S
Federal Way, WA 98003

MLS#: 2491971

Presented by: Real Broker LLC; Lindsay Jackman; 253-266-1067; lindsay@lindsayjackman.com

Property Description

Great investment opportunity in Federal Way. Well-maintained four-plex featuring four spacious 2-bedroom, 1-bath units, each offering 1,000 square feet of comfortable living space. Functional layouts, generous unit sizes, and consistent rental demand support strong long-term performance. Property currently offers a cap rate of over 6%, making it an attractive addition to an investment portfolio. Significant capital improvement completed with a new tile roof installed in 2022, providing durability and reducing future maintenance concerns. Conveniently located near major commuting routes, shopping, dining, and everyday amenities. Large unit sizes, solid income potential, and key updates make this a compelling multi-family investment opportunity in a strong rental market. Excellent opportunity for investors seeking stable cash flow and long-term value.

Interior Features

Bedrooms

Bedrooms Upper0

Bathrooms

Baths Full Upper0

Baths Half Upper0

Baths Three Quarter Upper0

Other Interior Features

Air Conditioning Y/NNo

Fireplace Y/NNo

FlooringVinyl, Carpet

Heating Y/NYes

Power Production TypeElectric

Total Fireplaces0

Total Stories2

General

AmenitiesStorage

Assoc Fee Paid PerMonthly

Building Area Units0 sqft

Cap Rate6.3

Carport Spaces4

Carport Y/NNo

CityFederal Way

CoolingNone

CountyKing

DirectionsI-5 to exit 142B. Continue to S 348th St. Right onto 1st Ave S. Left on 1st Pl S. Right on 1st Pl S, last building on right.

Electric Expense0

Elementary SchoolPanther Lake Elem

Fuel Expense0

Garage Spaces0

HOAYes

HOA Fee$375

HeatingBaseboard

High SchoolTodd Beamer High

High School DistrictFederal Way

Insurance Expense3240

Leasable Area4,000 sqft

Listing TermsCash, Conventional, FHA, VA Loan

Living Area0 sqft

Lot Size Square Feet9,927 sqft

Lot Size UnitsSquare Feet

MLS Area110 - Dash Point/Federal Way

Middle/Junior High SchoolIllahee Jnr High

NWM_ShowMapLinkY

Net Operating Income63320

New ConstructionNo

Number Of Units Total4

PossessionSubject To Tenant Rights

Possible UseMulti-Family

Property ConditionGood

Property Style54 - 4-Plex

Property SubtypeMulti Family

Property TypeResidential Income

Public RemarksGreat investment opportunity in Federal Way. Well-maintained four-plex featuring four spacious 2-bedroom, 1-bath units, each offering 1, 000 square feet of comfortable living space. Functional layouts, g

RoofTile

Senior Community Y/NNo

SewerSewer Connected

Special Listing ConditionsNone

Standard StatusActive

StatusActive

Structure TypeQuadruplex

Subdivision NamePanther Lake

Tax Annual Amount$8,984

Tax Year2025

Units Below Gradefalse

Units In Building Total4

ViewTerritorial

Water CompanyLakehaven

Water Sewer Garbage11496

Year Built1977

Zoning DescriptionMulti-Family

Exterior

Building Area Total3,600 sqft

Covered Spaces4

Exterior AmenitiesWood, Wood Products

Foundation DetailsPoured Concrete

Irrigation Water Rights Y/NNo

Lot FeaturesCul-De-Sac, Dead End Street

Lot Size Acres0.2279

Parking Uncovered Total2

Site FeaturesCable TV, Deck, Patio

Total Parking6

Water SourcePublic

Waterfront Y/NNo

Additional Details

Price History

Schools

Middle School Illahee Jnr High

High School Todd Beamer High

Elementary School Panther Lake Elem

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$899,000

8 Beds 4 Baths 3,600 SQFT 0.23 Acres

Type: Multi-Family

34120 1st Place S
Federal Way, WA 98003

MLS#: 2491971

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Property

$899,000

34120 1st Place S
Federal Way, WA 98003

Property Description

Interior Features

Bedrooms

Bathrooms

Other Interior Features

General

Exterior

Additional Details

Price History

Schools

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$899,000

34120 1st Place S
Federal Way, WA 98003

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$899,000

34120 1st Place SFederal Way, WA 98003

Property Description

Interior Features

Bedrooms

Bathrooms

Other Interior Features

General

Exterior

Additional Details

Price History

Schools

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$899,000

34120 1st Place SFederal Way, WA 98003

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34120 1st Place S
Federal Way, WA 98003

34120 1st Place S
Federal Way, WA 98003