Well-Maintained Fourplex with Tile
For Sale
$899,000
34120 1st Place S, Federal Way, WA 98003
Fourplex with four spacious 2-bedroom, 1-bath units and a tile roof replacement completed in 2022.
Property Size3,600 SF
Price / SF$249.72
Days on Market177
Property Features for 34120 1st Place S
General Information
Standard status
Active
Size
3,600 SF
Total Parking Spaces
6
Property subtype
Multi-Family
Net Operating Income
$63,320
Additional Details
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$8,984
Amenities
Vinyl,Carpet
Yes
No
2
Electric
Cul-De-Sac,Dead End Street
Public
Cable TV,Deck,Patio
6
4
0.2279
Wood,Wood Products
Poured Concrete
3600
Building Details
Building Size
3,600 SF
Year Built
1977
Stories
2
Tenancy
Multi
Listing Agency:
Realty One Group Pacifica
(360) 693-6139
Listed By:
Jill Stocking
(360) 903-6542
Source:
Premierepropertygroup
Added: Mar 13
Changed: Sep 5
Last Checked: Sep 5 at 5:17AM
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 Realty One Group Pacifica
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
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
$60,719
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
6.75%
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%
$1,214,380
$1.2M
Cap Rate 7%
$867,414
$867.4K
Cap Rate 9%
$674,656
$674.7K
Market Conditions
NOI Build-Up for 3,600 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
$91.8K $25.50/SF
− Vacancy
−$5.1K −$1.41/SF
EGI
$86.7K $24.09/SF
− OpEx
−$26.0K −$7.23/SF
NOI
$60.7K $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%
$1,214,380
Cap Rate 7%
$867,414
Cap Rate 9%
$674,656
Alternative Uses
Best Use
Multifamily LT 5
$867.4K
$759.0K – $1.01M
NOI $60,719 @ 7.0% cap · market cap 6.75%
Second Best
Apartment 5plus
$799.4K
$699.4K – $932.6K
NOI $55,955 @ 7.0% cap · market cap 6.22%
Theoretical Best
Office A
$1.44M
$1.26M – $1.68M
NOI $100,932 @ 7.0% cap · market cap 11.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Multi-tenant
Tenancy
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
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 $899,000.
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
