34120 1st Place S, Federal Way, WA 98003
- $989,000
- 3,600
- SqFt
Listing courtesy of Real Broker LLC.
- List Price
- $989,000
- Status
- ACTIVE
- MLS#
- 2491971
- Price Change
- ▼ $11,000 1775014043
- Days on Market
- 135
- Style
- 54 - 4-Plex
- Building Condition
- Good
- Finished SqFt
- 3,600
- Area Total SqFt
- 3600
- Annual Tax Ammount
- 8984
- Lot Size (sq ft)
- 9,927
- Sewer
- Sewer Connected
Property Description
Great investment opportunity in Federal Way. Well-maintained four-plex featuring four spacious 2-bedroom, 1-bath units, each offering approximately 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.
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Additional Information
- List Date
- 2026-03-14 04:29:10
- Community
- Panther Lake
- Net Operating Income
- $63,320
- Gross Adjusted Income
- $63,320
- Gross Scheduled Income
- $84,900
- Total Monthly Income
- $8,033
- Insurance Expenses
- $3,240
- Water/Sewer/Garbage Expenses
- $11,496
- Gross Rent Multiplier
- 11
- Total Expenses
- $42,120
- Cap Rate
- 6.3
- Total Number of Units
- 4
- Unit Name
- 34120
- Potential Terms
- Cash, Conventional, FHA, VA Loan
- Year Built
- 1977
- View
- Territorial
- Roof
- Tile
- Site Features
- Cable TV, Deck, Patio
- Other Expenses
- 18400
- 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
- $8,033
- Gross Scheduled Income
- $84,900
- Gross Adjusted Income
- $63,320
- Tax Year
- 2025
- Insurance Expense
- $3,240
- W/S/G Expenses
- $11,496
- Total Expenses
- $42,120
- Net Operating Income
- $63,320
- Gross Rent Multiplier
- 11
- Cap Rate
- 6.3
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.IDX information is provided exclusively for consumers’ personal noncommercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.