4-Unit Quadplex with Covered
34246 1ST, Federal Way, WA 98003
For Sale
$895,000
Four occupied one-bedroom residences offer fireplaces, in-unit laundry, and private outdoor space.
Property Size3,000 SF
Price / SF$298.33
Days on Market104
Property Features for 34246 1ST
General Information
Standard status
Size
Property subtype
Occupancy
Units
Unit Mix
Multifamily Units
Parking per Unit
Additional Details
Highway Access
Amenities
fireplace
in-unit washer/dryer
balcony or deck
covered parking
visitor parking
community sports courts
play areas
Building Details
Year Built
Listing Agency:
Skyline Properties,Inc.
Listed By:
Michael (Scott) Fladseth
(425) 522-2900
Source:
Skylineproperties
Added: Aug 3
Changed: Nov 12
Last Checked: Nov 12 at 8:06AM
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 Skyline Properties,Inc.
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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This 3,000-square-foot quadplex, built in 1977, contains four occupied one-bedroom, one-bath units. Each residence has a fireplace, in-unit washer and dryer, and either a balcony or deck. Covered parking is assigned to each unit, with additional visitor parking available. The roof and siding were replaced in 2024, and interior and exterior painting was completed that year.
The property is near shopping, restaurants, schools, parks, a library, hospitals, and Redondo Beach. Access to I-5, Hwy 99, and Hwy 18 is available, and an upcoming light rail is noted for the area. Community features include sports courts and play areas.
The property is near shopping, restaurants, schools, parks, a library, hospitals, and Redondo Beach. Access to I-5, Hwy 99, and Hwy 18 is available, and an upcoming light rail is noted for the area. Community features include sports courts and play areas.
Key Highlights
- Four occupied units, each with 1 bedroom and 1 full bath
- 3,000 square feet; built in 1977
- Each unit includes a fireplace, in‑unit washer and dryer, and balcony or deck
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$50,599
Cap Rate
5.65%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,011,980
$1.0M
Cap Rate 7%
$722,843
$722.8K
Cap Rate 9%
$562,211
$562.2K
Market Conditions
NOI Build-Up for 3,000 SF
Gross rent
$76.5K $25.50/SF
− Vacancy
−$4.2K −$1.41/SF
EGI
$72.3K $24.09/SF
− OpEx
−$21.7K −$7.23/SF
NOI
$50.6K $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%
$1,011,980
Cap Rate 7%
$722,843
Cap Rate 9%
$562,211
Alternative Uses
Best Use
Multifamily LT 5
$722.8K
$632.5K – $843.3K
NOI $50,599 @ 7.0% cap · market cap 5.65%
Second Best
Apartment 5plus
$666.1K
$582.9K – $777.2K
NOI $46,629 @ 7.0% cap · market cap 5.21%
Theoretical Best
Office B
$1.02M
$895.5K – $1.19M
NOI $71,640 @ 7.0% cap · market cap 8.00%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Lease Details
4
Residential units
100%
Occupancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,639
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
$428,500
Median Home Value
Market
Average Price Trend$/SF for Quadplexes in King County, WA
Properties on Market for Quadplexes in King County
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Quadplex - Four occupied one-bedroom residences offer fireplaces, in-unit laundry, and private outdoor space.
Where is this quadplex located?
The property is located at 34246 1ST Federal Way, WA.
What is the asking price?
The asking price for this property is $895,000.
What are key features of this property?
This property features: Four occupied units, each with 1 bedroom and 1 full bath; 3,000 square feet; built in 1977; Each unit includes a fireplace, in‑unit washer and dryer, and balcony or deck
