Fully Occupied Four-Unit
For Sale
$799,000
34019 1st Circle S, Federal Way, WA 98003
Professionally managed multifamily property with a varied unit mix, private outdoor areas, and covered parking.
Property Size2,712 SF
Price / SF$294.62
Days on Market118
Property Features for 34019 1st Circle S
General Information
Standard status
Active
Size
2,712 SF
Total Parking Spaces
8
Property subtype
Multi-Family
Occupancy
100%
Net Operating Income
$4,240
Additional Details
Highway Access
Yes
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$8,236
Amenities
washer/dryer
fireplaces
dishwasher
balcony or deck
sports court
play area
Vinyl,Vinyl Plank,Carpet
Yes
No
2
Electric
Curbs,Paved,Sidewalk
Public
Athletic Court,Deck,Patio
8
4
0.2416
Wood
Poured Concrete
2712
Building Details
Building Size
2,712 SF
Year Built
1979
Stories
2
Listing Agency:
John L. Scott, Inc
(503) 754-1076
Listed By:
Leslie Keller
(503) 754-1076
Source:
Premierepropertygroup
Added: Apr 22
Changed: Aug 17
Last Checked: Aug 17 at 3:52AM
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 John L. Scott, Inc
Investment Insights
Based on property information with market context.
This professionally managed quadplex contains 2,712 square feet across four units. The configuration includes one-bedroom, one-bath loft-style townhomes and lower-level two-bedroom, one-bath units. Each residence includes a washer and dryer, dishwasher, fireplace, and either a balcony or deck. Exterior painting was completed in summer 2024.
The property is fully occupied and positioned beside Panther Lake and walking trails in Federal Way. Residents have access to a community sports court and play area, while nearby shopping includes both big-box and boutique retailers. Connectivity includes access to I-5, Hwy 18, and Hwy 99, with Federal Way Light rail completed December 2025.
Parking includes four covered carport spaces that may accommodate tandem parking, along with three uncovered guest spaces. The site measures 0.2416 acres and includes paved sidewalks, curbs, and public utilities.
The property is fully occupied and positioned beside Panther Lake and walking trails in Federal Way. Residents have access to a community sports court and play area, while nearby shopping includes both big-box and boutique retailers. Connectivity includes access to I-5, Hwy 18, and Hwy 99, with Federal Way Light rail completed December 2025.
Parking includes four covered carport spaces that may accommodate tandem parking, along with three uncovered guest spaces. The site measures 0.2416 acres and includes paved sidewalks, curbs, and public utilities.
Key Highlights
- Four‑unit quadplex with 2,712 square feet, built in 1979
- Fully occupied and professionally managed
- Unit mix includes one‑bedroom loft townhomes and two‑bedroom lower units
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
$45,742
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
5.72%
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%
$914,840
$914.8K
Cap Rate 7%
$653,457
$653.5K
Cap Rate 9%
$508,244
$508.2K
Market Conditions
NOI Build-Up for 2,712 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
$69.2K $25.50/SF
− Vacancy
−$3.8K −$1.41/SF
EGI
$65.3K $24.09/SF
− OpEx
−$19.6K −$7.23/SF
NOI
$45.7K $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%
$914,840
Cap Rate 7%
$653,457
Cap Rate 9%
$508,244
Alternative Uses
Best Use
Multifamily LT 5
$653.5K
$571.8K – $762.4K
NOI $45,742 @ 7.0% cap · market cap 5.72%
Second Best
Apartment 5plus
$602.2K
$526.9K – $702.6K
NOI $42,153 @ 7.0% cap · market cap 5.28%
Theoretical Best
Office A
$1.09M
$950.5K – $1.27M
NOI $76,036 @ 7.0% cap · market cap 9.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
100%
Occupancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,008
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 - Professionally managed multifamily property with a varied unit mix, private outdoor areas, and covered parking.
Where is this quadplex located?
The property is located at 34019 1st Circle S Federal Way, WA.
What is the asking price?
The asking price for this property is $799,000.
What are key features of this property?
This property features: Four‑unit quadplex with 2,712 square feet, built in 1979; Fully occupied and professionally managed; Unit mix includes one‑bedroom loft townhomes and two‑bedroom lower units
