Renovated Fourplex with Covered
34246 1st Pl S, Federal Way, WA 98003
For Sale
$895,000
Four occupied one-bedroom homes each include a fireplace, in-unit laundry, and a private balcony or deck.
Property Size3,000 SF
Price / SF$298.33
Days on Market92
Property Features for 34246 1st Pl S
General Information
Standard status
Size
Property subtype
Site & Location
Highway Access
Public Transit
Units
Unit Mix
Multifamily Units
Amenities
fireplace
in-unit washer/dryer
balcony/deck
community sports courts
play areas
Building Details
Year Built
Listing Agency:
Skyline Properties, Inc.
Listed By:
Michael Fladseth
(425) 522-2900
Source:
Handrisrealty
Added: Aug 15
Changed: Nov 1
Last Checked: Nov 10 at 10:54AM
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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Investment Insights
Based on property information with market context.
This fourplex contains four occupied units, each with one bedroom, one full bathroom, a fireplace, in-unit washer and dryer, and a balcony or deck. The building totals 3,000 square feet. Exterior updates in 2024 included a new roof, new siding, and fresh interior and exterior paint. Covered parking is assigned to each unit, with additional visitor parking available.
The property is in Federal Way, near Redondo Beach, shopping, restaurants, schools, parks, a library, and hospitals. Access to I-5, Hwy 99, and Hwy 18 serves the area, with light rail identified as upcoming.
The property is in Federal Way, near Redondo Beach, shopping, restaurants, schools, parks, a library, and hospitals. Access to I-5, Hwy 99, and Hwy 18 serves the area, with light rail identified as upcoming.
Key Highlights
- Four occupied units, each with 1 bedroom and 1 full bathroom
- 3,000‑square‑foot building
- Fireplace, in‑unit washer and dryer, and balcony or deck in every unit
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
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Lease Details
4
Residential units
Yes
Highway access
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
$428,500
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Average Price Trend$/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 homes each include a fireplace, in-unit laundry, and a private balcony or deck.
Where is this quadplex located?
The property is located at 34246 1st Pl S 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 bathroom; 3,000‑square‑foot building; Fireplace, in‑unit washer and dryer, and balcony or deck in every unit
