Emma Lazo

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Listing provided courtesy of Real Broker LLCNWMLSas Distributed by MLSGrid- MLS# NWM2491971MLS Provider

34120 1st Place SFederal Way, WA 98003

Multi-Family · 8 Beds · 3,600 Sq. ft. | 0.23 Acres
$989,000 Active

34120 1st Place S Overview

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Great investment opportunity in Federal Way. Well-maintained four-plex featuring four spacious 2-bedroom, 1-bath units, each offering approximately 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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34120 1st Place S Facts & Features

  • Type Multi-Family
  • Sq. ft. 3,600
  • Price/Sq.ft. $275
  • Lot 0.23 Acres

Details

General

Association/HOA

  • Association Fee: $375.00
  • Association Fee Frequency: Monthly

School Information

  • School District: Federal Way
  • Elementary School: Panther Lake Elem
  • Middle Or Junior School: Illahee Jnr High
  • High School: Todd Beamer High

Income/Expenses

  • Other Expense: 18400
  • Electric Expense: 0
  • Fuel Expense: 0
  • Gross Scheduled Income: 84900
  • Insurance Expense: 3240
  • Net Operating Income: 63320
  • Total Expenses: 42120
  • Total Monthly Income: 8033
  • Water/Sewer/Garbage: 11496

Building Information

  • New Construction: No
  • Year Built: 1977

Location/Region

  • Country: US
  • County Or Parish: King
  • MLS Area Major: 110 - Dash Point/Federal Way
  • Subdivision Name: Panther Lake

Community/Development

  • Amenities: Storage

Tax Information

  • Tax Annual Amount: $8,984.00
  • Tax Year: 2025

General Information

  • Listing Terms: Cash, Conventional, FHA, VA Loan
  • Parcel Number: 1322010380
  • Property Condition: Good
  • Property Sub Type: Multi Family
  • Property Type: Residential Income
  • Senior Community: No
  • Special Listing Conditions: None

Interior

Parking Information

  • Garage Spaces: 0

Beds/Baths

  • Bedrooms Upper: 0

Building Interior

  • Building Area Total: 3600
  • Building Area Units: Square Feet
  • Calculated Square Footage: 3600
  • Square Footage Finished: 0
  • Square Footage Unfinished: 0

General Information

  • Cooling: No
  • Fireplace: No
  • Fireplaces Total: 0
  • Flooring: Vinyl, Carpet
  • Foundation Details: Poured Concrete
  • Heating: Yes
  • Leasable Area: 4000
  • Living Area: 0
  • Main Level Bathrooms: 0
  • Power Production Type: Electric
  • Stories Total: 2

Exterior

Parking Information

  • Open Parking: No
  • Parking Total: 6
  • Parking Uncovered Total: 2

Lot Information

  • Irrigation Water Rights: No
  • Lot Features: Cul-De-Sac, Dead End Street
  • Lot Size Acres: 0.2279
  • Lot Size Square Feet: 9927
  • Lot Size Units: Square Feet
  • Site Features: Cable TV, Deck, Patio
  • Elevation Units: Feet
  • Water Source: Public

Waterfront/View

  • Waterfront: No

Building Exterior/Construction

  • Roof: Tile
  • Structure Type: Quadruplex

General Information

  • Carport Spaces: 4
  • Carport: No
  • Covered Spaces: 4
  • Exterior Features: Wood, Wood Products
  • Number Of Units Total: 4
  • Sewer: Sewer Connected

Unit Information

Unit 1 Details

  • Actual Rent: 1750
  • Beds Total: 2
  • Baths Total: 1

Unit 3 Details

  • Actual Rent: 1750
  • Beds Total: 2
  • Baths Total: 1

Unit 4 Details

  • Actual Rent: 1750
  • Beds Total: 2
  • Baths Total: 1

Unit 2 Details

  • Actual Rent: 1825
  • Beds Total: 2
  • Baths Total: 1

34120 1st Place S Neighborhood

Community

98003 (Federal Way) Demographics

35
Median Age
4,212
Population Density (per sq. mile)
37%
College Educated
$59,560
Estimated Median Income
8,722
Estimated Total Home Owners
9,793
Estimated Total Renters
47% / 53%
Estimated Owner / Renter Divide
3
Estimated Average Household Size
Community data courtesy of LiveBy, Inc.

Schools

School data courtesy of LiveBy, Inc. School ratings are based on a scale of 1-5, with 5 being the highest rating and 1 being the lowest rating.

34120 1st Place S Monthly Cost

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* All calculations are estimates and provided by Reliance Network, for informational purposes only. Actual amounts may vary. ** Assumes 6.50% APR, 20% down payment, and conventional 30-year fixed rate first mortgage. Rates cited are for instructional purposes only; current rates are subject to change at any time without notice. You should not make any decisions based simply on the information provided. Additional required amounts such as taxes, insurance, homeowner association dues, assessments, mortgage insurance premiums, flood insurance or other such required payments should also be considered. Contact your mortgage company for current rates and additional information. Any mortgage broker or insurance agent that may appear is independent and is not affiliated with, endorsed by, or provided by the MLS.

34120 1st Place S Market Data

Based on the last 30 days in this zip code

$506,834
Average List Price
$301
Average Price per Square Foot
35
Properties Sold
81
Average Days on Market
170
Properties for Sale
Calculations provided by Reliance Network

34120 1st Place S History

Date Event Value Agent
3/31/2026Source: NWMLS Price Reduction
$989,000 -1.1%
3/13/2026Source: NWMLS Added to Database
March 13, 2026