Property Details
34120 1st Place S
Federal Way, WA 98003
$989,000
Active
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Property Overview
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.
Property Details
Property Information
Property Type
Residential Income
Subtype
Multi Family
Status
Active
County
King
Neighborhood
Panther Lake
Listed
Mar 13, 2026
Original Price
$1,000,000
Structure Type
Quadruplex
Parcel Number
1322010380
Tax & HOA
Annual Property Tax
$8,984 (2025)
Est. Monthly Tax
$749/mo
HOA Fee
$375/monthly
Financial Summary
Cap Rate
6.30%
Net Operating Income
$63,320
Gross Scheduled Income
$84,900
Gross Rent Multiplier
11.00
Total Expenses
$42,120
Building & Use
Building Sq Ft
3,600
Leasable Area
4,000 sqft
Total Units
4
Lot Size
9,927 sqft
Year Built
1977
Exterior & Lot
Lot Size
0.23 sqft
Year Built
1977
Exterior Materials
Wood
Sewer
Sewer Connected
Water Source
Public
Lot Features
Cul-De-Sac, Dead End Street
Exterior Features
Wood, Wood Products
Community & Access
Directions
I-5 to exit 142B. Continue to S 348th St. Right onto 1st Ave S. Left on 1st Pl S. Right on 1st Pl S, last building on right.
Location
City
Federal Way
County
King
Coordinates
47.29628, -122.33235
Additional Information
Tax Year
2025
Annual Taxes
$8,984
Possession
Array
Based on information submitted to the MLS GRID as of June 13, 2026 4:30 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.
