34120 1st Place S, Federal Way, WA 98003

Federal Way
Local realty services provided by:Knipe Realty ERA Powered
Listed by: lindsay jackman
Office: real broker llc.855-450-0442
MLS#:2491971
Source:NWMLS
34120 1st Place S,Federal Way, WA 98003
$899,000
  • - Beds
  • - Baths
  • 3,600 sq. ft.
  • Multi-family
  • Active

Price summary

  • Price:$899,000
  • Price per sq. ft.:$249.72
  • Monthly HOA dues:$375

About this home

Great investment opportunity in Federal Way. Well-maintained four-plex featuring four spacious 2-bedroom, 1-bath units, each offering 1,000 square feet of comfortable living space. Functional layouts, generous unit sizes, and consistent rental demand support strong long-term performance. Property currently offers a cap rate of over 6%, making it an attractive addition to an investment portfolio. Significant capital improvement completed with a new tile roof installed in 2022, providing durability and reducing future maintenance concerns. Conveniently located near major commuting routes, shopping, dining, and everyday amenities. Large unit sizes, solid income potential, and key updates make this a compelling multi-family investment opportunity in a strong rental market. Excellent opportunity for investors seeking stable cash flow and long-term value.

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Home facts

  • Year built:1977
  • Subdivision & Development:Panther Lake
  • Listing ID #:2491971
  • Updated:November 01, 2026 at 12:03 AM

Rooms and interior

  • Flooring:Carpet, Vinyl Floor
  • Living area:3,600 sq. ft.

Heating and cooling

  • Heating:Baseboard

Structure and exterior

  • Roof:Tile
  • Year built:1977
  • Building area:3,600 sq. ft.
  • Lot area:0.23 Acres
  • Lot Features:Cul-De-Sac, Dead-end Street
  • Construction Materials:Wood Exterior Finish, Wood Products Exterior Finish
  • Exterior Features:Deck, Patio

Schools

  • High school:Todd Beamer High
  • Middle school:Illahee Jnr High
  • Elementary school:Panther Lake Elem

Utilities

  • Water:Public
  • Sewer:Sewer Connected

Finances and disclosures

  • Price:$899,000
  • Price per sq. ft.:$249.72
  • Tax amount:$8,984 (2025)

Features and amenities

  • Amenities:Cable TV

Parking

  • Total parking spaces:6
  • Carport spaces:4
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