Property Details
34027 1st Place S
Federal Way, WA 98003
$845,000
Pending Inspection
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Property Overview
Turnkey 4-plex opportunity in Federal Way! Strong rental fundamentals and major capital improvements already completed—ideal for both seasoned investors and those looking to expand their portfolio. This spacious property offers 3,056 rentable sq ft across four well-designed 2 bed / 1 bath units, all fully occupied, providing immediate and consistent income. Each unit features in-unit washer & dryer, dedicated covered parking, and comfortable living spaces that stay in demand which enhances tenant appeal and retention! The building envelope has been recently refreshed with significant exterior upgrades, including a new roof (2024) with warranty, new chimney chase cover, new gutters, and a full exterior paint job—minimizing deferred maintenance and future capital expenses. Hello, fewer surprise expenses! With big-ticket items already addressed, this investment offers a more predictable ownership experience and allows the next owner to focus on cash flow and long-term appreciation. The location is a win—close to restaurants, shopping, transit, and schools, plus just minutes to the new Sound Transit light rail. A low-maintenance, income-producing asset that you don’t want to miss!
Property Details
Property Information
Property Type
Residential Income
Subtype
Multi Family
Status
Pending Inspection
County
King
Neighborhood
West Campus
Listed
Mar 20, 2026
Original Price
$899,950
Structure Type
Quadruplex
Parcel Number
1322020480
Tax & HOA
Annual Property Tax
$8,473 (2025)
Est. Monthly Tax
$706/mo
HOA Fee
$678/monthly
Financial Summary
Cap Rate
5.70%
Net Operating Income
$69,600
Gross Scheduled Income
$69,600
Gross Rent Multiplier
12.63
Total Expenses
$17,573
Building & Use
Building Sq Ft
3,056
Leasable Area
3,056 sqft
Total Units
4
Zoning
Multi-Family
Possible Use
Multi-Family
Lot Size
10,380 sqft
Year Built
1979
Exterior & Lot
Lot Size
0.24 sqft
Year Built
1979
Exterior Materials
Metal/Vinyl, Wood
Sewer
Sewer Connected
Water Source
Public
Lot Features
Cul-De-Sac, Curbs, Dead End Street, Paved, Sidewalk
Exterior Features
Metal/Vinyl, Wood
Community & Access
Directions
GPS works great! From I-5 South: Take exit 142B. Follow WA-18W, S 348th St, and 1st Ave S to S 340th Pl. 4-Plex at end of culd-de-sac on right.
Location
City
Federal Way
County
King
Coordinates
47.29644, -122.33513
Additional Information
Tax Year
2025
Annual Taxes
$8,473
Possession
Array
Based on information submitted to the MLS GRID as of June 20, 2026 2:00 AM. 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.
