LKV Realty
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Lindsay JackmanReal Broker LLC
$925,000
34120 1st Place S, Federal Way, WA 98003Listing ID 2491971

34120 1st Place S, Federal Way, WA 98003

Active
Panther Lake
Last updated: 6 days ago
Property Type
Property Type
Residential Income
Property Sub Type
Property Sub Type
Multi Family
Square Feet
Square Feet
3,600
Acres
Acres
0.23
Cooling
Cooling
None
Heating
Heating
Baseboard
Year Built
Year Built
1977

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.

Property Information

Property Details

Location

Address
34120 1st Place S
County
King
City
Federal Way
Zip Code
98003
Subdivision
Panther Lake
School District
Federal Way
High School
Todd Beamer High
Elementary School
Panther Lake Elem
MLS Area
110 - Dash Point/Federal Way

Interior Features

Heating and Cooling

Cooling
None
Heating
Baseboard

Building

Building Information

Square Feet
3,600
Year Built
1977
Construction
Wood
Foundation
Poured Concrete
Roof
Tile
Condition
Good

Financial

Special Conditions
None

Property Taxes

Tax Annual Amount
$8,984
Tax Year
2025

Homeowner Association

HOA Fee
$375
HOA Fee Frequency
Monthly
Source: Northwest Multiple Listing Service
Northwest Multiple Listing Service logo

Based on information submitted to the MLS GRID as of 17 Aug 2026, 04:45 PM UTC. All data is obtained from various sources and may not have been verified by broker or MLS GRID. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information. Some IDX listings have been excluded from this website. IDX information is provided exclusively for consumers’ personal noncommercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. This data is deemed reliable but is not guaranteed by MLS GRID. The use of the MLS GRID Data may be subject to an end user license agreement prescribed by the Member Participant’s applicable MLS if any and as amended from time to time. MLS GRID may, at its discretion, require use of other disclaimers as necessary to protect Member Participant, and/or their MLS from liability.

For corrections to this data please contact Brytecore MLS Support.

NWM98237

*Average of $2,150 in rewards is calculated based on the purchase or sale of a home between $400,000 to $449,000. The median home price for all housing types is in the United States is $405,400 as of 2025 as reported by the National Association of Realtors® (NAR). The actual reward amount may vary depending on the purchase or sales price of the home. Please see the Lakeview Home Rewards program terms and conditions for more details. The National Association of Realtors® is a registered trademark of the National Association of Realtors®.