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 Market157
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 Sunset Corridor
(971) 271-8932
Listed By:
Eric Steindler
(503) 888-3111
Source:
Premierepropertygroup
Added: Apr 2
Changed: Sep 5
Last Checked: Sep 5 at 4:06AM
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 Sunset Corridor
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 = 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
$51,544
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
5.73%
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%
$1,030,880
$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
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
$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 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%
$1,030,880
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.
Property Analytics
Property Profile
Current Use
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
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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.
