Well-Maintained Fourplex with Tile
34120 1st Place S Federal Way, WA 98003
34120 1st Place S, Federal Way, WA, 98003
$989,000
For Sale
$989,000
Fourplex with four spacious 2-bedroom, 1-bath units and a tile roof replacement completed in 2022.
Property Size3,600 SF
Price / SF$274.72
Days on Market132
Property Features for 34120 1st Place S
General Information
- Standard status
- Active
- Size
- 3,600 SF
- Property subtype
- Multi-Family
Building Details
- Year Built
- 1977
Listing agency
Real Broker LLC
(360) 903-6542
Listed by
Jill Stocking
(360) 903-6542
Source
Premierepropertygroup
Added: Mar 13 Updated: Jul 21 at 12:38PM Checked: Jul 22 at 3:05AM
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 Real Broker LLC
Investment Insights
Based on property information with market context.
Well-maintained fourplex offering four spacious 2-bedroom, 1-bath units. Each unit is described as having an approximately 1,000-square-foot layout with functional, consistent configurations. A significant capital improvement has been completed with a new tile roof installed in 2022.
Located in Federal Way, the property is conveniently situated near major commuting routes and nearby shopping, dining, and everyday amenities. The current financial performance is described as producing a cap rate over 6%, supporting its appeal as an addition to an investment portfolio focused on long-term residential income.
Located in Federal Way, the property is conveniently situated near major commuting routes and nearby shopping, dining, and everyday amenities. The current financial performance is described as producing a cap rate over 6%, supporting its appeal as an addition to an investment portfolio focused on long-term residential income.
Key Highlights
- Four‑plex with four 2‑bedroom, 1‑bath units, each approx. 1,000 SF; total building area 3,600 SF
- New tile roof installed in 2022; poured concrete foundation and well‑maintained exterior
- Lot is 0.2279 acres in a cul‑de‑sac/dead end setting
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $91.8k | $25.50 |
| − Vacancy | −$5.1k | −$1.41 |
| EGI | $86.7k | $24.09 |
| − OpEx | −$26.0k | −$7.23 |
| NOI | $60.7k | $16.87 |
3,600 SF · lease $25.50/SF/yr · vacancy 5.51% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$867.4K
$759.0K – $1.01M
NOI $60,719 @ 7.0% cap · market cap 6.14%
Second Best
Apartment 5plus
$799.4K
$699.4K – $932.6K
NOI $55,955 @ 7.0% cap · market cap 5.66%
Theoretical Best
Office A
$1.44M
$1.26M – $1.68M
NOI $100,932 @ 7.0% cap · market cap 10.21%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Quadplexes
Similar For Sale Nearby
FAQs
What type of property is this?
Quadplex - Fourplex with four spacious 2-bedroom, 1-bath units and a tile roof replacement completed in 2022.
Where is this quadplex located?
The property is located at 34120 1st Place S Federal Way, WA.
What is the asking price?
The asking price for this property is $989,000.
What are key features of this property?
This property features: Four‑plex with four 2‑bedroom, 1‑bath units, each approx. 1,000 SF; total building area 3,600 SF; New tile roof installed in 2022; poured concrete foundation and well‑maintained exterior; Lot is 0.2279 acres in a cul‑de‑sac/dead end setting
