Professionally Managed Quadplex Near Panther
For Sale
$799,000
34025 1st Pl S, Federal Way, WA 98003
Fully occupied one-bedroom units feature in-unit laundry, fireplaces, dishwashers, and private balcony or deck access.
Property Size2,800 SF
Price / SF$285.36
Days on Market55
Property Features for 34025 1st Pl S
General Information
Standard status
Active
Size
2,800 SF
Total Parking Spaces
7
Property subtype
Multi-Family
Occupancy
100%
Additional Details
Highway Access
Yes
Amenities
washer/dryer
fireplaces
dishwasher
balcony or deck
community sports court
play area
walking trails
Building Details
Year Built
1979
Tenancy
Multi
Listing Agency:
Skyline Properties, Inc.
Listed By:
Sonny Kwan
(206) 819-8228
Source:
Theinspiregroup
Added: Jul 30
Changed: Sep 8
Last Checked: Sep 21 at 1:45PM
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 Skyline Properties, Inc.
Investment Insights
Based on property information with market context.
This professionally managed quadplex abuts Panther Lake and walking trails. The property contains fully occupied one-bedroom, one-bath units configured for straightforward leasing. Every unit includes a washer and dryer, fireplace, dishwasher, and either a balcony or deck. Complete exterior paint was completed in summer of 2024.
Parking includes 4 covered carport spaces with tandem parking potential and 3 uncovered guest spots. Residents also have access to a community sports court and play area. The property is near big box and boutique shopping, with access to I-5, Hwy 18, and Hwy 99. Federal Way Light rail is identified as completed in December 2025. An adjacent property is also listed under MLS 2501184, creating a potential assemblage opportunity.
Parking includes 4 covered carport spaces with tandem parking potential and 3 uncovered guest spots. Residents also have access to a community sports court and play area. The property is near big box and boutique shopping, with access to I-5, Hwy 18, and Hwy 99. Federal Way Light rail is identified as completed in December 2025. An adjacent property is also listed under MLS 2501184, creating a potential assemblage opportunity.
Key Highlights
- Fully occupied quadplex with one‑bedroom/one‑bath units
- Complete exterior paint completed in summer of 2024
- All units have washer/dryer, fireplaces, DW, balcony or deck
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
$47,226
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
5.91%
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%
$944,520
$944.5K
Cap Rate 7%
$674,657
$674.7K
Cap Rate 9%
$524,733
$524.7K
Market Conditions
NOI Build-Up for 2,800 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
$71.4K $25.50/SF
− Vacancy
−$3.9K −$1.41/SF
EGI
$67.5K $24.09/SF
− OpEx
−$20.2K −$7.23/SF
NOI
$47.2K $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%
$944,520
Cap Rate 7%
$674,657
Cap Rate 9%
$524,733
Alternative Uses
Best Use
Multifamily LT 5
$674.7K
$590.3K – $787.1K
NOI $47,226 @ 7.0% cap · market cap 5.91%
Second Best
Apartment 5plus
$621.7K
$544.0K – $725.3K
NOI $43,520 @ 7.0% cap · market cap 5.45%
Theoretical Best
Office A
$1.12M
$981.3K – $1.31M
NOI $78,503 @ 7.0% cap · market cap 9.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Quadplex - Fully occupied one-bedroom units feature in-unit laundry, fireplaces, dishwashers, and private balcony or deck access.
Where is this quadplex located?
The property is located at 34025 1st Pl 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: Fully occupied quadplex with one‑bedroom/one‑bath units; Complete exterior paint completed in summer of 2024; All units have washer/dryer, fireplaces, DW, balcony or deck
