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.
Active
Listed by: Real Broker LLC • Lindsay Jackman • 253-266-1067
Price cut: $26K (8/25)
$899,000
34120 1st Place S, Federal Way, WA 98003
8beds
4baths
3,600sqft
Quadruplex, Multi Family
Built in 1977
-- sqft lot
$888,800 Zestimate®
$250/sqft
$375/mo HOA
What's special
Generous unit sizesLarge unit sizesFunctional layouts
- --
- on Zillow
- 90
- views
- 7
- saves
Zillow last checked:
Listing updated:
Listed by:
Lindsay Jackman 253-266-1067 lindsay@lindsayjackman.com,
Real Broker LLC
Source: NWMLS as distributed by MLS GRID,MLS#: 2491971
Facts & features
Interior
Bedrooms & bathrooms
- Bedrooms: 8
- Bathrooms: 4
Heating
- Baseboard, Electric
Cooling
- None
Features
- Flooring: Vinyl, Carpet
- Has fireplace: No
Interior area
- Total structure area: 3,600
- Total interior livable area: 3,600 sqft
Property
Parking
- Total spaces: 6
- Carport spaces: 4
- Uncovered spaces: 2
Features
- Has view: Yes
- View description: Territorial
Lot
- Size: 9,927 Square Feet
- Features: Cul-De-Sac, Dead End Street, Cable TV, Deck, Patio
Details
- Parcel number: 1322010380
- Zoning description: Multi-Family,Jurisdiction: City
- Special conditions: Standard
Construction
Type & style
- Home type: MultiFamily
- Architectural style: 4-Plex
- Property subtype: Quadruplex, Multi Family
Materials
- Wood Siding, Wood Products
- Foundation: Poured Concrete
- Roof: Tile
Condition
- Good
- Year built: 1977
- Major remodel year: 2005
Utilities & green energy
- Electric: Company: Puget Sound Energy
- Sewer: Sewer Connected, Company: Lakehaven
- Water: Public, Company: Lakehaven
Community & HOA
Community
- Subdivision: Panther Lake
HOA
- HOA fee: $375 monthly
Location
- Region: Federal Way
Financial & listing details
- Price per square foot: $250/sqft
- Tax assessed value: $837,000
- Annual tax amount: $8,984
- Date on market: 3/13/2026
- Listing terms: Conventional,FHA,VA Loan
Estimated market value
$888,800
$844,000 - $933,000
$2,320/mo
Price history
| Date | Event | Price |
|---|---|---|
| 8/25/2026 | Price change | $899,000-2.8%$250/sqft |
Source:  NWMLS as distributed by MLS GRID #2491971 Report a problem | ||
| 8/10/2026 | Price change | $925,000-6.5%$257/sqft |
Source: NWMLS as distributed by MLS GRID #2491971 Report a problem | ||
| 3/31/2026 | Price change | $989,000-1.1%$275/sqft |
Source: NWMLS as distributed by MLS GRID #2491971 Report a problem | ||
| 3/13/2026 | Listed for sale | $1,000,000$278/sqft |
Source: NWMLS as distributed by MLS GRID #2491971 Report a problem | ||
| 7/7/2020 | Listing removed | $1,475 |
Source: Zillow Rental Manager Report a problem | ||
| 6/30/2020 | Listed for rent | $1,475 |
Source: Zillow Rental Manager Report a problem | ||
Public tax history
| Year | Property taxes | Tax assessment |
|---|---|---|
| 2025 | $9,692 +7.9% | $837,000 +3.8% |
| 2024 | $8,984 +3.1% | $806,000 +3.9% |
| 2023 | $8,711 -0.3% | $776,000 -10.8% |
| 2022 | $8,733 -7.8% | $870,000 +5.5% |
| 2021 | $9,472 -1% | $825,000 +5.1% |
| 2020 | $9,568 +26% | $785,000 +25.2% |
| 2019 | $7,595 +19% | $627,000 +15.5% |
| 2018 | $6,383 -6.8% | $543,000 +15% |
| 2017 | $6,845 +20.1% | $472,000 +10.3% |
| 2016 | $5,702 | $428,000 +2.4% |
| 2015 | $5,702 | $418,000 +8.9% |
| 2014 | $5,702 | $384,000 -0.3% |
| 2013 | $5,702 | $385,000 +4.9% |
| 2012 | -- | $367,000 |
| 2011 | -- | $367,000 -5.4% |
| 2010 | -- | $388,000 |
| 2009 | -- | $388,000 +9.3% |
| 2007 | -- | $355,000 +45.5% |
| 2006 | -- | $244,000 |
| 2005 | -- | $244,000 +21.4% |
| 2001 | $2,843 -5.3% | $201,000 -2% |
| 2000 | $3,003 | $205,000 |
Find assessor info on the county website
Monthly payment
Est. payment
Payment breakdown
Explore the cost of this home by adjusting the details. Changes won't be saved.Climate risks
Neighborhood: West Campus
Nearby schools
Schools provided by the listing agent
- Elementary: Panther Lake Elem
- Middle: Illahee Jnr High
- High: Todd Beamer High
Source: NWMLS as distributed by MLS GRID. This data may not be complete. We recommend contacting the local school district to confirm school assignments for this home.
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