Triplex with Detached
For Sale
$849,500
28400 16th Avenue S, Federal Way, WA 98003
Three independent residences offer private kitchens, in-unit laundry, and individual decks for flexible occupancy or leasing.
Property Size3,532 SF
Price / SF$220.53
Days on Market19
Property Features for 28400 16th Avenue S
General Information
Standard status
Active
Size
3,532 SF
Total Parking Spaces
5
Property subtype
Residential Income
Zoning
Multi-Family
Site & Location
Highway Access
Yes
Public Transit
Yes
Units
Unit Mix
2 x 2BR/2BA, 1 x studio
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$710
Building Details
Building Size
3,532 SF
Year Built
1986
Units
3
Listing Agency:
Tribeca NW Real Estate
(425) 691-8800
Listed By:
Jerome Walters · License #NWM120668
(425) 691-8800
Source:
Multifamilyspecialist
Added: Aug 12
Changed: Aug 29
Last Checked: Aug 23 at 11:05AM
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 Tribeca NW Real Estate
Investment Insights
Based on property information with market context.
This triplex comprises three separate living spaces, each with its own kitchen, in-unit laundry, and deck. The main-level residence measures 1,530 square feet and includes two bedrooms, two bathrooms, and generous living areas. A 1,430-square-foot lower-level residence provides the same two-bedroom, two-bathroom configuration, while the 572-square-foot apartment above the garage functions as a studio. The property also includes a detached two-car garage and additional off-street parking.
Located at 28400 16th Avenue S in Federal Way, the property is near the Redondo Beach boardwalk, Saltwater State Park trails, The Commons at Federal Way, I-5, and Route 99. Light rail and bus extensions are also identified in the surrounding area.
Located at 28400 16th Avenue S in Federal Way, the property is near the Redondo Beach boardwalk, Saltwater State Park trails, The Commons at Federal Way, I-5, and Route 99. Light rail and bus extensions are also identified in the surrounding area.
Key Highlights
- Three separate residences with private kitchens, in‑unit laundry, and individual decks
- 1,530‑square‑foot main‑level unit with 2 bedrooms and 2 bathrooms
- 1,430‑square‑foot lower‑level unit with 2 bedrooms and 2 bathrooms
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
$64,970
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
7.65%
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%
$1,299,400
$1.3M
Cap Rate 7%
$928,143
$928.1K
Cap Rate 9%
$721,889
$721.9K
Market Conditions
NOI Build-Up for 3,852 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
$98.2K $25.50/SF
− Vacancy
−$5.4K −$1.41/SF
EGI
$92.8K $24.09/SF
− OpEx
−$27.8K −$7.23/SF
NOI
$65.0K $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%
$1,299,400
Cap Rate 7%
$928,143
Cap Rate 9%
$721,889
Alternative Uses
Best Use
Multifamily LT 5
$928.1K
$812.1K – $1.08M
NOI $64,970 @ 7.0% cap · market cap 7.65%
Second Best
Apartment 5plus
$855.3K
$748.4K – $997.9K
NOI $59,872 @ 7.0% cap · market cap 7.05%
Theoretical Best
Office A
$1.54M
$1.35M – $1.80M
NOI $107,998 @ 7.0% cap · market cap 12.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
255
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?
Triplex - Three independent residences offer private kitchens, in-unit laundry, and individual decks for flexible occupancy or leasing.
Where is this triplex located?
The property is located at 28400 16th Avenue S Federal Way, WA.
What is the asking price?
The asking price for this property is $849,500.
What are key features of this property?
This property features: Three separate residences with private kitchens, in‑unit laundry, and individual decks; 1,530‑square‑foot main‑level unit with 2 bedrooms and 2 bathrooms; 1,430‑square‑foot lower‑level unit with 2 bedrooms and 2 bathrooms
