34120 1st Place S · Federal Way, WA 98003
Source: NWMLS · Real Broker LLC · Lindsay Jackman #NWM2491971
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.
Location
Basics
- Property type
- Multi Family
- Style
- 4-Plex
- Stories
- 2 stories
- Condition
- Good
- Year built
- 1977 (renovated 2005)
- Building area
- 3,600 sq ft
- Lot size
- 9,927 sq ft (0.23 acres)
- County
- King
- MLS #
- NWM2491971
Interior
- Heating
- Baseboard
- Cooling
- None
- Flooring
- Vinyl, Carpet
Exterior & lot
- Exterior features
- Wood, Wood Products
- Roof
- Tile
- Foundation
- Poured Concrete
- Lot features
- Cul-De-Sac, Dead End Street
- View
- Territorial
- Waterfront
- No
Parking
- Parking spaces
- 6
- Covered spaces
- 4
Utilities
- Water
- Public
- Sewer
- Sewer Connected
- Power
- Electric
Community & fees
- Subdivision
- Panther Lake
- HOA dues
- $375/mo
- Property tax
- $8,984 (2025)
Transaction
- Original list price
- $1,000,000 (10.1% price cut)
- Listed on
- Mar 13, 2026
- Days on market
- 190
- Listing terms
- Cash, Conventional, FHA, VA Loan
- Possession
- Subject To Tenant Rights
More homes nearby
Schools
School district: Federal Way
- Elementary
- Panther Lake Elem
- Middle
- Illahee Jnr High
- High
- Todd Beamer High SchoolSchoolDigger 1 star · Top 87% in WA
Listing provided courtesy of: Real Broker LLC
Listing agent: Lindsay Jackman.
Based on information submitted to the MLS GRID as of —. 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. IDX information provided exclusively for consumers' personal, non-commercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information is deemed reliable but not guaranteed.
Data last updated 2026-09-17.