New Prime opportunity in city of Federal Way! 2 rental houses located in desirable busy Downtown w/ 3 parcels totaling .95 acre (41,236 sf) zoned RM2400 Multifamily.Great opportunity to collect rents while you develop this flat, dry land, access w/ all utilities connected (water, sewer, electricity) gas in street. Immediate access to I-5, HOV on/off ramps & conveniently close to Hwy 167, 18 w/ walking distance to shopping, FW mall, Steel Lake, restaurants & most importantly the new Sound Transit Light rail & bus station This is a remarkable opportunity, allowable usages include zero lot line townhouses, multifamily dwelling stack units, senior housing & more!This site receives good exposure with 157' of frontage on 28th Ave. & backs to I-5.
Sold
Listed by: John L. Scott R.E. Lake Tapps
Bought with: Best Choice Realty LLC
$1,025,000
31224 28th Avenue S, Federal Way, WA 98003
--beds
--baths
2,540sqft
Multi Family
Built in 1961
-- sqft lot
$722,600 Zestimate®
$404/sqft
$2,119 Estimated rent
Home value
$722,600
$629,000 - $831,000
$2,119/mo
Zestimate® history
Owner options
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$2,119/mo
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$2,119/mo
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$6,180/mo
Est. payment
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$6,180/mo
Est. payment
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Zillow last checked:
Listing updated:
Listed by:
Doug E. Stokes,
John L. Scott R.E. Lake Tapps
Bought with:
Ann Tseng, 21011455
Best Choice Realty LLC
Source: NWMLS as distributed by MLS GRID,MLS#: 2196735
Facts & features
Interior
Heating
- Baseboard, Electric
Cooling
- None
Features
- Flooring: Vinyl, Carpet
- Has fireplace: No
Interior area
- Total structure area: 2,540
- Total interior livable area: 2,540 sqft
Property
Parking
- Total spaces: 7
- Parking features: Open
- Covered spaces: 1
- Uncovered spaces: 6
Features
- Patio & porch: Wall to Wall Carpet
- Has view: Yes
- View description: Territorial
Lot
- Size: 0.95 Acres
- Features: Open Lot, Paved, Value In Land, Cable TV, Fenced-Partially, Gas Available, High Speed Internet
Details
- Parcel number: 0921049249
- Zoning description: Jurisdiction: City
- Special conditions: Standard
Construction
Type & style
- Home type: MultiFamily
- Property subtype: Multi Family
Materials
- Wood Products
- Foundation: Block
- Roof: Composition
Condition
- Fair
- Year built: 1961
- Major remodel year: 1961
Utilities & green energy
- Electric: Company: PSE
- Sewer: Available, Company: lakehave
- Water: Public, Company: Lake Haven
Community & neighborhood
Location
- Region: Federal Way
- Subdivision: Steel Lake
Other
Other facts
- Listing terms: Conventional
- Cumulative days on market: 721 days
Price history
| Date | Event | Price |
|---|---|---|
| 6/14/2024 | Sold | $1,025,000-14.6%$404/sqft |
Source:  NWMLS as distributed by MLS GRID #2196735 Report a problem | ||
| 4/16/2024 | Pending sale | $1,200,000$472/sqft |
Source: NWMLS as distributed by MLS GRID #2196735 Report a problem | ||
| 2/5/2024 | Listed for sale | $1,200,000$472/sqft |
Source: NWMLS as distributed by MLS GRID #2196735 Report a problem | ||
| 7/15/2014 | Listing removed | $1,150 |
Source: Blue Emerald Real Estate Co. & Prop. Mgt. Report a problem | ||
| 7/9/2014 | Listed for rent | $1,150 |
Source: Blue Emerald Real Estate Co. & Prop. Mgt. Report a problem | ||
Public tax history
| Year | Property taxes | Tax assessment |
|---|---|---|
| 2025 | $4,582 +6.9% | $440,000 +4.3% |
| 2024 | $4,284 +0.4% | $422,000 +9.9% |
| 2023 | $4,267 +13.7% | $384,000 +2.4% |
| 2022 | $3,754 +12.7% | $375,000 +30.2% |
| 2021 | $3,331 +9.3% | $288,000 +16.6% |
| 2020 | $3,046 +5.9% | $247,000 +4.2% |
| 2019 | $2,876 +8.9% | $237,000 +5.3% |
| 2018 | $2,640 -10% | $225,000 +10.8% |
| 2017 | $2,934 +37.8% | $203,000 +8.6% |
| 2016 | $2,129 | $187,000 +23.8% |
| 2015 | $2,129 | $151,000 +5.6% |
| 2014 | $2,129 | $143,000 +18.2% |
| 2013 | $2,129 | $121,000 +4.3% |
| 2012 | -- | $116,000 -7.2% |
| 2011 | -- | $125,000 -19.4% |
| 2010 | -- | $155,000 |
| 2009 | -- | $155,000 -2.5% |
| 2007 | -- | $159,000 |
| 2006 | -- | $159,000 +33.6% |
| 2005 | -- | $119,000 +46.9% |
| 2001 | $1,128 +2.3% | $81,000 +6.6% |
| 2000 | $1,103 | $76,000 |
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: 1.3 mi
- 3/10Federal Way Senior High SchoolGrades: 9-12Distance: 1 mi
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Estimated market value
$722,600
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
$722,600
- Washington
- King County
- Federal Way
- 98003
- Steel Lake
- 31224 28th Avenue S
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