16-Unit Garden-Style
New
For Sale
$2,725,000
30853 14TH, Federal Way, WA 98003
Multifamily community with on-site laundry, private parking, and one- and two-bedroom floor plans.
Property Size9,420 SF
Lot Size0.71 Acres
Price / SF$289.28
Days on Market7
Property Features for 30853 14TH
General Information
Standard status
Active
Size
9,420 SF
Lot size
0.71 Acres
Property subtype
Multi-family
Site & Location
Highway Access
Yes
Road Access
Yes
Public Transit
Yes
Additional Details
Cap Rate
6.2%
Multifamily Units
16
Amenities
on-site laundry
Building Details
Year Built
1958
Construction
garden-style
Listing Agency:
Westlake Associates,Inc.
Listed By:
David W Petersen
(253) 564-6211
Source:
Century21northhomes
Added: Aug 5
Changed: Aug 10
Last Checked: Aug 11 at 10:31AM
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 Westlake Associates,Inc.
Investment Insights
Based on property information with market context.
The Lake Apartments is a 16-unit garden-style multifamily property containing 9,420 square feet. The community offers a mix of one- and two-bedroom residences, along with on-site laundry and private parking. Originally built in 1958, the property received a new roof in 2022 and occupies a 31,050-square-foot lot.
The property is located at 30853 14th Ave S in Federal Way, near Pacific Highway and approximately one mile from the Federal Way Downtown Link Light Rail Station. Steel Lake and Easter Lake are also nearby. The asset records a 6.20% in-place CAP rate and a 7.41% proforma CAP rate, with 96.5% submarket occupancy reported.
The property is located at 30853 14th Ave S in Federal Way, near Pacific Highway and approximately one mile from the Federal Way Downtown Link Light Rail Station. Steel Lake and Easter Lake are also nearby. The asset records a 6.20% in-place CAP rate and a 7.41% proforma CAP rate, with 96.5% submarket occupancy reported.
Key Highlights
- 16‑unit multifamily property with 9,420 square feet
- 31,050‑square‑foot lot with garden‑style layout
- One- and two‑bedroom unit mix
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
$146,415
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
5.37%
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%
$2,928,300
$2.9M
Cap Rate 7%
$2,091,643
$2.1M
Cap Rate 9%
$1,626,833
$1.6M
Market Conditions
NOI Build-Up for 9,420 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
$282.6K $30.00/SF
− Vacancy
−$16.4K −$1.74/SF
EGI
$266.2K $28.26/SF
− OpEx
−$119.8K −$12.72/SF
NOI
$146.4K $15.54/SF
Area
King County, WA
Vacancy
5.80%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
45.00%
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%
$2,928,300
Cap Rate 7%
$2,091,643
Cap Rate 9%
$1,626,833
Alternative Uses
Best Use
Apartment 5plus
$2.09M
$1.83M – $2.44M
NOI $146,415 @ 7.0% cap · market cap 5.37%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.77M
$3.30M – $4.40M
NOI $264,107 @ 7.0% cap · market cap 9.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
16
Residential units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
911
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?
Apartment building - Multifamily community with on-site laundry, private parking, and one- and two-bedroom floor plans.
Where is this apartment building located?
The property is located at 30853 14TH Federal Way, WA.
What is the asking price?
The asking price for this property is $2,725,000.
What are key features of this property?
This property features: 16‑unit multifamily property with 9,420 square feet; 31,050‑square‑foot lot with garden‑style layout; One- and two‑bedroom unit mix
