Professionally Managed Quadplex Near Panther
34025 1st Pl S, Federal Way, WA 98003
For Sale
$799,000
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 Market102
Property Features for 34025 1st Pl S
General Information
Standard status
Size
Total Parking Spaces
Property subtype
Occupancy
Additional Details
Highway Access
Amenities
washer/dryer
fireplaces
dishwasher
balcony or deck
community sports court
play area
walking trails
Building Details
Year Built
Tenancy
Listing Agency:
Skyline Properties, Inc.
Listed By:
Sonny Kwan
(206) 819-8228
Source:
Theinspiregroup
Added: Jul 30
Changed: Oct 26
Last Checked: Nov 8 at 9:43AM
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.
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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 / Yr
$47,226
Cap Rate
5.91%
Suggested Prices Based on Cap Rates
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
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 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.
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Property Analytics
Who owns this building?
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Open Analytics
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,008
Businesses Nearby
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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
$428,500
Median Home Value
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Market
Average Price Trend$/SF for Quadplexes in King County, WA
Properties on Market for Quadplexes in King County
Vacancy Rate% for Multifamily in West region
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
