Four-Unit Quadplex with
For Sale
$990,000
34005 1 St Cir S, Federal Way, WA 98003
Each residence offers two bedrooms, one-and-a-half baths, laundry equipment, and a covered parking space.
Property Size3,904 SF
Price / SF$253.59
Days on Market34
Property Features for 34005 1 St Cir S
General Information
Standard status
Active
Size
3,904 SF
Property subtype
Multi-Family
Units
Unit Mix
4 x 2BR/1.5BA
Multifamily Units
4
Parking per Unit
1
Additional Details
Highway Access
Yes
Amenities
fireplace
in-unit washer/dryer
covered parking
visitor parking
Building Details
Year Built
1979
Buildings
1
Listing Agency:
360 Pacific
(206) 850-0107
Listed By:
Ton N. Nguyen
Source:
Robb4realestate
Added: Jul 27
Changed: Aug 28
Last Checked: Aug 25 at 5:23AM
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 360 Pacific
Investment Insights
Based on property information with market context.
This 1979-built quadplex contains four residences totaling 3,904 square feet. Each unit provides 976 square feet of living space with two bedrooms, one-and-a-half bathrooms, a fireplace, and an in-unit washer and dryer. Covered parking is assigned to each residence, with additional visitor parking available. Professional management is in place.
The property is in the Campus View community at 34005 1 St Cir S in Federal Way, Washington. Shopping, dining, and parks are nearby, with access to I-5, Hwy 99, and Hwy 18. The four-unit configuration and consistent floor plans provide a straightforward multifamily format.
The property is in the Campus View community at 34005 1 St Cir S in Federal Way, Washington. Shopping, dining, and parks are nearby, with access to I-5, Hwy 99, and Hwy 18. The four-unit configuration and consistent floor plans provide a straightforward multifamily format.
Key Highlights
- Four‑unit quadplex with 3,904 SF of total property size
- Each unit contains 976 sq. ft., two bedrooms, and 1.5 bathrooms
- Every residence includes a fireplace and in‑unit washer and dryer
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
$65,847
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
6.65%
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%
$1,316,940
$1.3M
Cap Rate 7%
$940,671
$940.7K
Cap Rate 9%
$731,633
$731.6K
Market Conditions
NOI Build-Up for 3,904 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
$99.6K $25.50/SF
− Vacancy
−$5.5K −$1.41/SF
EGI
$94.1K $24.09/SF
− OpEx
−$28.2K −$7.23/SF
NOI
$65.8K $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%
$1,316,940
Cap Rate 7%
$940,671
Cap Rate 9%
$731,633
Alternative Uses
Best Use
Multifamily LT 5
$940.7K
$823.1K – $1.10M
NOI $65,847 @ 7.0% cap · market cap 6.65%
Second Best
Apartment 5plus
$866.9K
$758.5K – $1.01M
NOI $60,680 @ 7.0% cap · market cap 6.13%
Theoretical Best
Office A
$1.56M
$1.37M – $1.82M
NOI $109,456 @ 7.0% cap · market cap 11.06%
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
1,440
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 - Each residence offers two bedrooms, one-and-a-half baths, laundry equipment, and a covered parking space.
Where is this quadplex located?
The property is located at 34005 1 St Cir S Federal Way, WA.
What is the asking price?
The asking price for this property is $990,000.
What are key features of this property?
This property features: Four‑unit quadplex with 3,904 SF of total property size; Each unit contains 976 sq. ft., two bedrooms, and 1.5 bathrooms; Every residence includes a fireplace and in‑unit washer and dryer
