34214 1st Place S, Federal Way, WA 98003

$899,950
3,056
SqFt

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Listing courtesy of RSVP Brokers ERA.

List Price
$899,950
Status
ACTIVE
MLS#
2500500
Price Change
▼ $130,050 1782282701
Days on Market
115
Style
54 - 4-Plex
Building Condition
Good
Finished SqFt
3,056
Area Total SqFt
3056
Annual Tax Ammount
8626
Internet Provider
Xfinity
Lot Size (sq ft)
10,276
Sewer
Sewer Connected

Property Description

Well-maintained fourplex in Federal Way. Each unit features 2 bedrooms, 1 bathroom, a functional floor plan, fireplace, private balcony or patio, and in-unit washer and dryer, providing comfort and convenience for tenants.Property includes dedicated covered parking for each unit, additional uncovered parking spaces, and guest parking. Two units have been recently renovated, offering updated interiors and potential for increased rental income.The property has a strong rental history with long-term tenants, supporting stable and consistent income. On-site professional management is in place, and HOA rules do not allow for self-management.Conveniently located near shopping, dining, schools, and parks, with easy access to I-5 and Hwy 18, making it a desirable location for tenants and commuters alike. Ideal for investors seeking stable cash flow, low deferred maintenance, and long-term appreciation.

Additional Information

List Date
2026-04-02 21:13:12
Community
Panther Lake
Net Operating Income
$48,261
Gross Adjusted Income
$75,240
Gross Scheduled Income
$79,200
Total Monthly Income
$6,600
Insurance Expenses
$3,737
Water/Sewer/Garbage Expenses
$3,776
Gross Rent Multiplier
11.5
Total Expenses
$26,978
Cap Rate
5.31
Vacancy Rate
5
Total Number of Units
4
Unit Name
34214
Potential Terms
Cash, Conventional, FHA, VA Loan
Year Built
1977
View
Territorial
Roof
Composition
Site Features
Deck, High Speed Internet, Patio
Other Expenses
10838
Energy Source
Electric
School District
Federal Way
Elementary School
Panther Lake Elem
Middle School
Illahee Jnr High
High School
Todd Beamer High
Total Monthly Income
$6,600
Gross Scheduled Income
$79,200
Vacancy Rate
5
Gross Adjusted Income
$75,240
Tax Year
2025
Insurance Expense
$3,737
W/S/G Expenses
$3,776
Total Expenses
$26,978
Net Operating Income
$48,261
Gross Rent Multiplier
11.5
Cap Rate
5.31
Based on information submitted to the MLS GRID as of . 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.
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