Property Details
34214 1st Place S
Federal Way, WA 98003
$899,950
Active
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Property Overview
Well-maintained fourplex in Federal Way. Each unit features 2 bedrooms, 1 bathroom, a functional floor plan, fireplace, private balcony or patio, and in-unit washer and dryer, providing comfort and convenience for tenants.Property includes dedicated covered parking for each unit, additional uncovered parking spaces, and guest parking. Two units have been recently renovated, offering updated interiors and potential for increased rental income.The property has a strong rental history with long-term tenants, supporting stable and consistent income. On-site professional management is in place, and HOA rules do not allow for self-management.Conveniently located near shopping, dining, schools, and parks, with easy access to I-5 and Hwy 18, making it a desirable location for tenants and commuters alike. Ideal for investors seeking stable cash flow, low deferred maintenance, and long-term appreciation.
Property Details
Property Information
Property Type
Residential Income
Subtype
Multi Family
Status
Active
County
King
Neighborhood
Panther Lake
Listed
Apr 2, 2026
Original Price
$1,030,000
Structure Type
Quadruplex
Parcel Number
1322010300
Tax & HOA
Annual Property Tax
$8,626 (2025)
Est. Monthly Tax
$719/mo
HOA Fee
$375/monthly
Financial Summary
Cap Rate
5.31%
Net Operating Income
$48,261
Gross Scheduled Income
$79,200
Gross Rent Multiplier
11.50
Total Expenses
$26,979
Vacancy Rate
5.0%
Building & Use
Building Sq Ft
3,056
Leasable Area
3,056 sqft
Total Units
4
Zoning
Multi-Family
Possible Use
Multi-Family
Lot Size
10,276 sqft
Year Built
1977
Exterior & Lot
Lot Size
0.24 sqft
Year Built
1977
Exterior Materials
Wood
Sewer
Sewer Connected
Water Source
Public
Lot Features
Cul-De-Sac, Curbs, Open Space, Paved, Sidewalk
Exterior Features
Wood Products
Community & Access
Directions
I5 to 348th St, Rt on 1st Ave S, Lt on 1st Pl S into Campus View. take first Rt.
Location
City
Federal Way
County
King
Coordinates
47.29588, -122.33223
Additional Information
Tax Year
2025
Annual Taxes
$8,626
Possession
Array
Based on information submitted to the MLS GRID as of June 23, 2026 9:45 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.
