Prime development opportunity or those seeking long-term rental income or starter home in the heart of Federal Way! This expansive 26,224 sq ft corner lot is zoned RM-1800, possibly allowing for up to 14 multifamily units—ideal for builders, investors. The property includes a charming 2-bedroom starter home with utilities already on-site (water, sewer, electricity), plus gas available at the street. Located directly across from retail and just minutes from The Commons Mall, I-5 access, and public transit, this site offers unbeatable convenience and walkability. Whether you're looking to build now or hold for future appreciation, this parcel delivers flexibility, location, and upside.
Sold
Listed by: WeLakeside
Bought with: Kelly Right RE of Seattle LLC
$610,000
1816 S 312th Street, Federal Way, WA 98003
2beds
1,120sqft
Single Family Residence
Built in 1957
0.6 Acres Lot
$596,000 Zestimate®
$545/sqft
$2,605 Estimated rent
Home value
$596,000
$548,000 - $650,000
$2,605/mo
Zestimate® history
Owner options
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$2,605/mo
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$2,605/mo
Rent Zestimate®
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$3,667/mo
Est. payment
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$3,667/mo
Est. payment
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Zillow last checked:
Listing updated:
Listed by:
Heidi Lee,
WeLakeside,
Kenny Lee,
WeLakeside
Bought with:
Sandy B. Vuong, 2500
Kelly Right RE of Seattle LLC
Source: NWMLS as distributed by MLS GRID,MLS#: 2424886
Facts & features
Interior
Bedrooms & bathrooms
- Bedrooms: 2
- Bathrooms: 2
- Full bathrooms: 1
- 3/4 bathrooms: 1
- Main level bathrooms: 2
- Main level bedrooms: 2
Primary bedroom
- Level: Main
Bedroom
- Level: Main
Bathroom full
- Level: Main
Bathroom three quarter
- Level: Main
Kitchen with eating space
- Level: Main
Living room
- Level: Main
Heating
- Forced Air, Electric
Cooling
- None
Features
- Flooring: Hardwood
- Has fireplace: No
Interior area
- Total structure area: 1,120
- Total interior livable area: 1,120 sqft
Property
Parking
- Total spaces: 2
- Parking features: Attached Garage
- Attached garage spaces: 2
Features
- Levels: One
- Stories: 1
- Has view: Yes
- View description: City, Territorial
Lot
- Size: 0.60 Acres
- Features: Corner Lot, Curbs, Paved, Sidewalk, Cable TV, Fenced-Partially
- Residential vegetation: Brush, Fruit Trees, Garden Space
Details
- Parcel number: 7853600065
- Zoning: RM-1800
- Zoning description: Jurisdiction: City
- Special conditions: Standard
Construction
Type & style
- Home type: SingleFamily
- Property subtype: Single Family Residence
Materials
- Cement Planked, Cement Plank
- Foundation: Poured Concrete
- Roof: Composition
Condition
- Year built: 1957
Utilities & green energy
- Electric: Company: PSE
- Sewer: Sewer Connected, Company: Lekehaven
- Water: Public, Company: Lakehaven
Community & neighborhood
Location
- Region: Federal Way
- Subdivision: Federal Way
Other
Other facts
- Listing terms: Conventional
- Cumulative days on market: 167 days
Price history
| Date | Event | Price |
|---|---|---|
| 12/19/2025 | Listing removed | $2,750$2/sqft |
Source: Zillow Rentals Report a problem | ||
| 12/2/2025 | Listed for rent | $2,750$2/sqft |
Source: Zillow Rentals Report a problem | ||
| 9/19/2025 | Sold | $610,000-6%$545/sqft |
Source:  NWMLS as distributed by MLS GRID #2424886 Report a problem | ||
| 9/6/2025 | Pending sale | $649,000$579/sqft |
Source: NWMLS as distributed by MLS GRID #2424886 Report a problem | ||
| 8/28/2025 | Listed for sale | $649,000+149.6%$579/sqft |
Source: NWMLS as distributed by MLS GRID #2424886 Report a problem | ||
| 10/8/2010 | Sold | $260,000+1214.5%$232/sqft |
Source: NWMLS as distributed by MLS GRID #105826 Report a problem | ||
| 7/8/1998 | Sold | $19,780$18/sqft |
Source: Public Record Report a problem | ||
Public tax history
| Year | Property taxes | Tax assessment |
|---|---|---|
| 2025 | $5,533 +6.8% | $540,000 +4.2% |
| 2024 | $5,181 -0.3% | $518,000 +9.7% |
| 2023 | $5,199 -5.2% | $472,000 -15.3% |
| 2022 | $5,486 +13% | $557,000 +30.4% |
| 2021 | $4,857 +9.4% | $427,000 +16.7% |
| 2020 | $4,439 +5.5% | $366,000 +4.3% |
| 2019 | $4,206 +9.1% | $351,000 +5.4% |
| 2018 | $3,854 -10.1% | $333,000 +11% |
| 2017 | $4,286 +66.9% | $300,000 +8.7% |
| 2016 | $2,569 | $276,000 +39.4% |
| 2015 | $2,569 | $198,000 +13.8% |
| 2014 | $2,569 | $174,000 +18.4% |
| 2013 | $2,569 | $147,000 +5% |
| 2012 | -- | $140,000 -7.3% |
| 2011 | -- | $151,000 +2.7% |
| 2010 | -- | $147,000 |
| 2009 | -- | $147,000 |
| 2007 | -- | $147,000 |
| 2006 | -- | $147,000 |
| 2005 | -- | $147,000 |
| 2001 | $1,217 -5.1% | $147,000 |
| 2000 | $1,283 | $147,000 |
Find assessor info on the county website
Neighborhood: Steel Lake
Nearby schools
GreatSchools rating
- 5/10Wildwood Elementary SchoolGrades: PK-5Distance: 0.8 mi
- 5/10Sacajawea Middle SchoolGrades: 6-8Distance: 0.9 mi
- 3/10Federal Way Senior High SchoolGrades: 9-12Distance: 0.4 mi
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Estimated market value
$596,000
Get a cash offer in 3 minutes
Find out how much your home could sell for in as little as 3 minutes with a no-obligation cash offer.
Estimated market value
$596,000
- Washington
- King County
- Federal Way
- 98003
- Steel Lake
- 1816 S 312th Street
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