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$1,395,000

  • For Sale
  • Active
  • Multi-Family

Listed by Taylor Wyman | Northmarq Multifamily, LLC | (952) 356-0100 and Steve Fischer | Northmarq Multifamily, LLC | (952) 356-0100

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Panther Lake Apartments is a 6-unit building built in 1979, located in Federal Way. The property offers a true hands-off investment with professional management in place and HOA dues covering water, sewer, garbage, and landscaping. All units are 1,000 SF with two bedrooms, one bathroom, in-unit washer & dryers, wood-burning fireplaces, and covered parking. As part of a larger residential community, residents benefit from shared amenities including on-site management, a playground, and tennis courts. Located just 1.5 miles from I-5, the property offers convenient access to Tacoma, Seattle, and the broader Puget Sound region. Priced at $233K per unit with a cap rate north of 6%, it presents an attractive basis.

Full Property Details for 34007 1st Cir S

General

  • Price: $1,395,000
  • HOA FEE: $1,017/month
  • Taxes: $13,767 (2025)
  • Status: Active
  • Type: Multi-Family
  • Source: NWMLS
  • MLS ID: 2449226
  • Updated: 10/28/2025
  • Added to Site: 81 day(s) ago

Interior

  • Flooring: Vinyl, Vinyl Plank, Carpet

Additional Information

  • Amenities: Athletic Court

Parking

  • Carport Spaces: 6
  • Uncovered Spaces: 3

Location

  • Area: 110 - Dash Point/Federal Way
  • County: King
  • Subdivision: Panther Lake
  • Driving Directions: From I-5 S take exit 142B and merge onto Hwy 18, 18 turns into S 348th St. Turn north on 1st Ave S, west onto 1st Pl S, west again on 1st Cir S.

School Information

  • High School District: Federal Way

Community

  • Association: Yes

Heating & Cooling

  • Cooling Type: None
  • Heating Type: Baseboard

Utilities

  • Sewer: Sewer Connected
  • Water: Public

Structural Information

  • Structure Type: Multi Family
  • Exterior Const.: Cement Planked
  • Foundation: Poured Concrete
  • Roof: Composition, Torch Down
  • Stories in Building: 3
  • Year Built: 1979
  • Property Condition: Good

Unit Information

  • Units in Building: 6

Lot Features

  • Property View: Territorial
  • Lot Size (Acres): 0.4132
  • Lot Size (Sq. Ft.): 17,999
  • Lot Size Source: King County
  • Lot Features: Corner Lot, Dead End Street, Paved, Sidewalk
  • Zoning: Multi-Family

Financial Considerations

  • Association Fee: $1,017
  • Assoc Fee Freq.: Monthly
  • Tax Amount: $13,767
  • Tax Year: 2025
  • Terms: Cash Out, Conventional

Disclosures and Reports

  • Special Conditions: None
  • Property ID: 1322020360

Listed by Taylor Wyman | Northmarq Multifamily, LLC | (952) 356-0100 and Steve Fischer | Northmarq Multifamily, LLC | (952) 356-0100

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NMLS#: 1598647

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Schools serving 34007 1st Cir S

School District:Federal Way School District
NameGradesDistance
Panther Lake Elementary School, Federal Way, WA
34424 1st Avenue South, Federal Way, WA 98003
K-50.3 mi
Illahee Middle School
36001 1st Avenue South, Federal Way, WA 98003
6-81.4 mi
Todd Beamer High School
35999 16th Avenue South, Federal Way, WA 98003
9-121.8 mi
Disclaimer: School attendance boundaries provided by Pitney Bowes and are for reference only. Contact the school directly to verify enrollment eligibility.

Price & Sales History for 34007 1st Cir S Get Price Alerts and Save Property

Date
Details
Price
Change
Source
10/28/2025
Listed
$1,395,000
46.84%
MLS
8/07/2020
Sold
$950,000
—
Public Record
Get Price Alerts and Save Property
Disclaimer: Historical sales information is derived from public records provided by the county offices. Information is not guaranteed and should be independently verified.

Tax History for 34007 1st Cir S

Year
Property Taxes
Change
Tax Assessment
Change
2024
$12,514
—
$1,307,000
—
2024
$12,514
-2%
$1,302,000
—
2022
$12,808
-2%
$1,302,000
33%
2021
$13,082
—
$980,000
-10%
2021
$13,082
18%
$1,088,000
16%
2020
$11,111
18%
$935,000
14%
2019
$9,390
-6%
$817,000
17%
2018
$9,966
9%
$701,000
9%
2017
$9,162
-1%
$644,000
4%
2016
$9,223
11%
$621,000
9%
2015
$8,290
-13%
$571,000
-4%
2014
$9,502
—
$593,000
—
View All
Disclaimer: Historical tax information is derived from public records provided by the county offices. Information is not guaranteed and should be independently verified.

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Listed by Taylor Wyman | Northmarq Multifamily, LLC | (952) 356-0100 and Steve Fischer | Northmarq Multifamily, LLC | (952) 356-0100

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34007 1st Circle S, Federal Way, WA 98003 (MLS# 2449226) is a Multi-Family property with 6 units containing 0 bedrooms and 0 full bathrooms. 34007 1st Circle S is currently listed for $1,395,000 and was received on October 28, 2025. Want to learn more about 34007 1st Circle S? Do you have questions about finding other Multi-Family real estate for sale in Federal Way? You can browse all Federal Way real estate or contact a Coldwell Banker agent to request more information.

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