Property Details
34025 1st Place S
Federal Way, WA 98003
$825,000
Active
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Property Overview
Complete exterior paint completed in summer of 2024. Professionally managed quadplex abuts Panther lake and walking trails. Fully occupied units, One bed/one bath units for easy rentability, All units have Washer/dryer, fireplaces, DW, balcony or deck. 4 Covered carport may tandem park and 3 uncovered guest spots. Community sports court and play area,. Very close to all shopping needs of big box and boutique shops. I-5, Hwy 18 and 99 access. Federal Way Light rail completed December 2025. Maybe a good property for owner occupied for easy finance. MLS 2501184 is also listed next door to make it a great assemblage portfolio.
Property Details
Property Information
Property Type
Residential Income
Subtype
Multi Family
Status
Active
County
King
Neighborhood
Panther Lake
Listed
Jun 9, 2026
Structure Type
Quadruplex
Parcel Number
1322020470
Tax & HOA
Annual Property Tax
$7,595 (2026)
Est. Monthly Tax
$633/mo
HOA Fee
$678/monthly
Financial Summary
Cap Rate
8.73%
Net Operating Income
$72,000
Gross Scheduled Income
$72,000
Gross Rent Multiplier
11.84
Total Expenses
$10,778
Building & Use
Leasable Area
2,800 sqft
Total Units
4
Zoning
Multi-Family
Possible Use
Multi-Family
Year Built
1979
Exterior & Lot
Lot Size
0.24 sqft
Year Built
1979
Exterior Materials
Wood
Sewer
Sewer Connected
Water Source
Public
Lot Features
Curbs, Paved, Sidewalk
Exterior Features
Wood
Community & Access
Directions
I5 exit 142B, Continue westbound on S 348th St, Right on 1st Ave S, Left on 1st Pl. S. Drive approximately 800 feet or 3.8 to property on left side on corner of 1st Pl S.
Location
City
Federal Way
County
King
Coordinates
47.29644, -122.33474
Additional Information
Tax Year
2026
Annual Taxes
$7,595
Possession
Array
Based on information submitted to the MLS GRID as of June 9, 2026 11:45 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.
