Property Details
34007 1st Circle S
Federal Way, WA 98003
$1,345,000
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About This Home
Panther Lake Apartments is a 6-unit building built in 1979, located in Federal Way. The property offers a true hands-off investment with professional management in place and HOA dues covering water, sewer, garbage, and landscaping. All units are 1,000 SF with two bedrooms, one bathroom, in-unit washer & dryers, wood-burning fireplaces, and covered parking. As part of a larger residential community, residents benefit from shared amenities including on-site management, a playground, and tennis courts. Located just 1.5 miles from I-5, the property offers convenient access to Tacoma, Seattle, and the broader Puget Sound region. Priced at $233K per unit with a cap rate north of 6%, it presents an attractive basis.
Property Details
Property Information
Property Type
Residential Income
Subtype
Multi Family
Status
Active
County
King
Neighborhood
Panther Lake
Listed
Oct 28, 2025
Original Price
$1,395,000
Interior Features
Bathrooms
0.0
Stories
3
Exterior & Lot
Lot Size
0.41 sqft
Year Built
1979
Exterior Materials
Cement Plank
Sewer
Sewer Connected
Water Source
Public
Lot Features
Corner Lot, Dead End Street, Paved, Sidewalk
Exterior Features
Cement Planked
Location
City
Federal Way
County
King
Coordinates
47.29767, -122.33599
Schools
School District
Federal Way
HOA / Association
HOA Fee
$1,017 / Monthly
Additional Information
Tax Year
2025
Annual Taxes
$13,767
Possession
Array
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Estimated Monthly Payment
$0
Provided by Beyond Real Estate, LLC
Down Payment Assistance Available
This property may qualify for homebuyer assistance programs
Find out if you’re eligible for down payment assistance programs that could help make this home more affordable. Programs can provide thousands of dollars toward your down payment and closing costs.
Check Your EligibilityBased on information submitted to the MLS GRID as of April 25, 2026 5:11 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.
