Property Details
30853 14th Avenue S
Federal Way, WA 98003
$2,725,000
Active
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Property Overview
The Lake Apartments is a well-maintained 16-unit garden-style multifamily community at 30853 14th Ave S in Federal Way, offered at an attractive $170,313 per unit. The property delivers a 6.20% in-place CAP rate with clear upside to a 7.41% proforma CAP through raising current below-market rents. Built in 1958 with a new roof installed in 2022, the asset sits on a large 31,050 sq. ft. park-like lot and features on-site laundry, ample private parking, and a balanced mix of one- and two-bedroom units. Located just off Pacific Highway and within approximately one mile of the Federal Way Downtown Link Light Rail Station, the property is also close to Steel Lake and Easter Lake, offering convenient access to recreational amenities. It benefits from strong transit access, high submarket occupancy (96.5%), limited new supply of apartments, and proximity to major employment centers including Sea-Tac Airport and the rapidly growing Kent Valley aerospace and logistics corridor.
Property Details
Property Information
Property Type
Residential Income
Subtype
Multi Family
Status
Active
County
King
Neighborhood
Federal Way
Listed
Aug 7, 2026
Structure Type
Multi Family
Parcel Number
0821049138
Tax & HOA
Annual Property Tax
$26,635 (2026)
Est. Monthly Tax
$2,220/mo
Financial Summary
Cap Rate
6.20%
Net Operating Income
$168,819
Gross Scheduled Income
$285,507
Gross Rent Multiplier
9.54
Total Expenses
$102,412
Vacancy Rate
5.0%
Building & Use
Building Sq Ft
9,420
Leasable Area
9,420 sqft
Total Units
16
Zoning
Multi-Family
Possible Use
Multi-Family
Lot Size
31,050 sqft
Year Built
1958
Exterior & Lot
Lot Size
0.71 sqft
Year Built
1958
Exterior Materials
Brick, Wood
Sewer
Sewer Connected
Lot Features
Curbs, Paved, Sidewalk
Exterior Features
Brick, Wood
Community & Access
Directions
From Pacific Hwy S (SR-99), head west on S 312th St, then turn right on 14th Ave S. Continue approx 0.2 mi, site will be on the left side.
Location
City
Federal Way
County
King
Coordinates
47.32452, -122.31642
Additional Information
Tax Year
2026
Annual Taxes
$26,635
Possession
Array
Based on information submitted to the MLS GRID as of August 7, 2026 9:30 PM. 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, non-commercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Copyright 2026 NWMLS. All rights reserved.
IDX information is provided exclusively for consumers’ personal, non-commercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Copyright 2026 NWMLS. All rights reserved.
