Fourplex with Private
For Sale
$899,950
34214 1st Place S, Federal Way, WA 98003
Four independently served units each offer 2 bedrooms, 1 bathroom, and in-unit washer and dryer.
Property Size3,056 SF
Price / SF$294.49
Days on Market203
Property Features for 34214 1st Place S
General Information
Standard status
Active
Size
3,056 SF
Total Parking Spaces
8
Property subtype
Multi-Family
Net Operating Income
$48,261
Taxes and HOA fees
Annual Taxes
$8,626
Amenities
Laminate,Vinyl,Vinyl Plank,Carpet
Yes
No
2
Electric
Community
30
Cul-De-Sac,Curbs,Open Space,Paved,Sidewalk
Public
Deck,High Speed Internet,Patio
8
4
10276
0.2359
Wood Products
Poured Concrete
3056
Building Details
Building Size
3,056 SF
Year Built
1977
Stories
2
Listing Agency:
Keller Williams PDX Central
(971) 271-8932
Listed By:
Eric Steindler
(503) 888-3111
Source:
Premierepropertygroup
Added: Apr 2
Changed: Oct 21
Last Checked: Oct 20 at 6:38PM
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 Keller Williams PDX Central
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Investment Insights
Based on property information with market context.
Well-maintained fourplex offering four separate units, each with a functional 2-bedroom, 1-bath floor plan. Units include a fireplace and a private balcony or patio, along with in-unit washer and dryer for added tenant convenience. Dedicated covered parking is provided for each unit, complemented by additional uncovered spaces and guest parking. Two units have been recently renovated with updated interiors.
The property is located in Federal Way with convenient access to I-5 and Hwy 18, and it is positioned near shopping, dining, schools, and parks.
An on-site professional management setup is in place, and HOA rules do not allow for self-management. The property also features a strong rental history with long-term tenants.
The property is located in Federal Way with convenient access to I-5 and Hwy 18, and it is positioned near shopping, dining, schools, and parks.
An on-site professional management setup is in place, and HOA rules do not allow for self-management. The property also features a strong rental history with long-term tenants.
Key Highlights
- Well‑maintained fourplex with four independently served units (each unit has 2 bedrooms, 1 bathroom, and in‑unit washer/dryer).
- Total building area of 3,056 SF across two stories; year built 1977 with poured concrete foundation.
- Each unit includes a private balcony or patio and a fireplace; functional floor plans with laminate, vinyl/vinyl plank, and carpet flooring.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$51,544
Cap Rate
5.73%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,030,880
$1.0M
Cap Rate 7%
$736,343
$736.3K
Cap Rate 9%
$572,711
$572.7K
Market Conditions
NOI Build-Up for 3,056 SF
Gross rent
$77.9K $25.50/SF
− Vacancy
−$4.3K −$1.41/SF
EGI
$73.6K $24.09/SF
− OpEx
−$22.1K −$7.23/SF
NOI
$51.5K $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%
$1,030,880
Cap Rate 7%
$736,343
Cap Rate 9%
$572,711
Alternative Uses
Best Use
Multifamily LT 5
$736.3K
$644.3K – $859.1K
NOI $51,544 @ 7.0% cap · market cap 5.73%
Second Best
Apartment 5plus
$678.6K
$593.7K – $791.7K
NOI $47,499 @ 7.0% cap · market cap 5.28%
Theoretical Best
Office A
$1.22M
$1.07M – $1.43M
NOI $85,680 @ 7.0% cap · market cap 9.52%
Zoning and permitted uses should be independently verified with authorities.
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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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Quadplex - Four independently served units each offer 2 bedrooms, 1 bathroom, and in-unit washer and dryer.
Where is this quadplex located?
The property is located at 34214 1st Place S Federal Way, WA.
What is the asking price?
The asking price for this property is $899,950.
What are key features of this property?
This property features: Well‑maintained fourplex with four independently served units (each unit has 2 bedrooms, 1 bathroom, and in‑unit washer/dryer).; Total building area of 3,056 SF across two stories; year built 1977 with poured concrete foundation.; Each unit includes a private balcony or patio and a fireplace; functional floor plans with laminate, vinyl/vinyl plank, and carpet flooring.
