Managed 4-Unit
For Sale
$1,200,000
120 S 339th Cir, Federal Way, WA 98003
On-site property management is in place for all units.
Property Size3,600 SF
Price / SF$333.33
Days on Market14
Property Features for 120 S 339th Cir
General Information
Standard status
Active
Size
3,600 SF
Property subtype
Multi-Family
Site & Location
Highway Access
Yes
Public Transit
Yes
Additional Details
Cap Rate
5%
Multifamily Units
4
Building Details
Year Built
1979
Listing Agency:
Q Star Seattle Corporation
(425) 772-7659
Listed By:
Pearl Lee
Source:
Findahomeseattle
Added: Aug 17
Changed: Aug 29
Last Checked: Aug 30 at 6:18PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Q Star Seattle Corporation
Investment Insights
Based on property information with market context.
This 4-unit residential income property contains 3600 square feet and was built in 1979. On-site property management serves all units, providing an established operational structure for the property. An estimated cap rate around 5% is noted for the asset.
The quadplex is located at 120 S 339th Cir in Federal Way, with access to bus service, light rail, shopping, and dining. The King County library is directly across the street, while I-5 and Hwy 99 provide regional connectivity. The combination of four units, on-site management, and access to transportation and everyday services defines the property’s practical operating profile.
The quadplex is located at 120 S 339th Cir in Federal Way, with access to bus service, light rail, shopping, and dining. The King County library is directly across the street, while I-5 and Hwy 99 provide regional connectivity. The combination of four units, on-site management, and access to transportation and everyday services defines the property’s practical operating profile.
Key Highlights
- 4‑unit quadplex in Federal Way
- 3600 square feet of property size
- Built in 1979
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$60,719
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.06%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,214,380
$1.2M
Cap Rate 7%
$867,414
$867.4K
Cap Rate 9%
$674,656
$674.7K
Market Conditions
NOI Build-Up for 3,600 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$91.8K $25.50/SF
− Vacancy
−$5.1K −$1.41/SF
EGI
$86.7K $24.09/SF
− OpEx
−$26.0K −$7.23/SF
NOI
$60.7K $16.87/SF
Area
King County, WA
Vacancy
5.51%
Lease Rate
$25.50 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,214,380
Cap Rate 7%
$867,414
Cap Rate 9%
$674,656
Alternative Uses
Best Use
Multifamily LT 5
$867.4K
$759.0K – $1.01M
NOI $60,719 @ 7.0% cap · market cap 5.06%
Second Best
Apartment 5plus
$799.4K
$699.4K – $932.6K
NOI $55,955 @ 7.0% cap · market cap 4.66%
Theoretical Best
Office A
$1.44M
$1.26M – $1.68M
NOI $100,932 @ 7.0% cap · market cap 8.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,060
Businesses Nearby
Explore this area
Business Placement
Demographics for 98003, WA
51,751
Population
20,380
Households
2.5
Avg Household Size
37
Median Age
28%
College-Educated
88%
High-School Grad
11.5 sq mi
ZIP Area
4,500
Density / Sq Mi
$70,800
Median Household Income
$39,497
Median Earnings
$1,650
Median Rent
$428,500
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - On-site property management is in place for all units.
Where is this quadplex located?
The property is located at 120 S 339th Cir Federal Way, WA.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: 4‑unit quadplex in Federal Way; 3600 square feet of property size; Built in 1979
