Fourplex with Private
34214 1st Place S Federal Way, WA 98003
34214 1st Place S, Federal Way, WA, 98003
$899,950
For Sale
$899,950
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 Market112
Property Features for 34214 1st Place S
General Information
- Standard status
- Active
- Size
- 3,056 SF
- Property subtype
- Multi-Family
Building Details
- Year Built
- 1977
Listing agency
Christie's International Real Estate Evergreen
(503) 888-3111
Listed by
Eric Steindler
(503) 888-3111
Source
Premierepropertygroup
Added: Apr 2 Updated: Jul 21 at 1:56AM Checked: Jul 22 at 3:00AM
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 Christie's International Real Estate Evergreen
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.
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 | $77.9k | $25.50 |
| − Vacancy | −$4.3k | −$1.41 |
| EGI | $73.6k | $24.09 |
| − OpEx | −$22.1k | −$7.23 |
| NOI | $51.5k | $16.87 |
3,056 SF · lease $25.50/SF/yr · vacancy 5.51% · expense 30.00%
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 local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Quadplexes
Similar For Sale Nearby
FAQs
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.
