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$989,000

  • For Sale
  • Active
  • Multi-Family

Listed by Lindsay Jackman | Real Broker LLC | (855) 450-0442

See This Home
Save This Home
See This Home
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Great investment opportunity in Federal Way. Well-maintained four-plex featuring four spacious 2-bedroom, 1-bath units, each offering approximately 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.

Full Property Details for 34120 1st Pl S

General

  • Price: $989,000
  • HOA FEE: $375/month
  • Taxes: $8,984 (2025)
  • Status: Active
  • Type: Multi-Family
  • Source: NWMLS
  • MLS ID: 2491971
  • Updated: 3/31/2026
  • Added to Site: 32 day(s) ago

Interior

  • Flooring: Vinyl, Carpet

Additional Information

  • Amenities: Cable TV, Deck, Patio

Parking

  • Carport Spaces: 4
  • Covered Spaces: 4
  • Uncovered Spaces: 2

Location

  • Area: 110 - Dash Point/Federal Way
  • County: King
  • Subdivision: Panther Lake
  • Driving Directions: I-5 to exit 142B. Continue to S 348th St. Right onto 1st Ave S. Left on 1st Pl S. Right on 1st Pl S, last building on right.

School Information

  • High School District: Federal Way
  • Elementary School: Panther Lake Elem
  • Middle School: Illahee Jnr High
  • High School: Todd Beamer High

Community

  • Association: Yes

Heating & Cooling

  • Cooling Type: None
  • Heating Type: Baseboard

Utilities

  • Sewer: Sewer Connected
  • Water: Public

Structural Information

  • Structure Type: Quadruplex
  • Exterior Const.: Wood, Wood Products
  • Foundation: Poured Concrete
  • Roof: Tile
  • Stories in Building: 2
  • Square Feet: 3,600
  • Year Built: 1977
  • Property Condition: Good

Unit Information

  • Units in Building: 4

Lot Features

  • Property View: Territorial
  • Lot Size (Acres): 0.2279
  • Lot Size (Sq. Ft.): 9,927
  • Lot Size Source: Public Records
  • Lot Features: Cul-De-Sac, Dead End Street

Financial Considerations

  • Association Fee: $375
  • Assoc Fee Freq.: Monthly
  • Tax Amount: $8,984
  • Tax Year: 2025
  • Terms: Cash, Conventional, FHA, VA Loan

Disclosures and Reports

  • Special Conditions: None
  • Property ID: 1322010380

Listed by Lindsay Jackman | Real Broker LLC | (855) 450-0442

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NMLS#: 1598647

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NMLS#: 1598647

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Save up to an additional 20% by bundling your home and auto together!

Schools serving 34120 1st Pl S

School District:Federal Way School District
NameGradesDistance
Panther Lake Elementary School, Federal Way, WA
34424 1st Avenue South, Federal Way, WA 98003
K-50.2 mi
Illahee Middle School
36001 1st Avenue South, Federal Way, WA 98003
6-81.3 mi
Todd Beamer High School
35999 16th Avenue South, Federal Way, WA 98003
9-121.6 mi
Disclaimer: School attendance boundaries provided by ATTOM Data Solutions and are for reference only. Contact the school directly to verify enrollment eligibility.

Price & Sales History for 34120 1st Pl S Get Price Alerts and Save Property

Date
Details
Price
Change
Source
3/31/2026
Price Reduced
$989,000
-1.1%
MLS
3/13/2026
Listed
$1,000,000
—
MLS
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 34120 1st Pl S

Year
Property Taxes
Change
Tax Assessment
Change
2024
$8,984
3%
$806,000
-7%
2024
$8,710
—
$870,000
—
2022
$8,733
-9%
$870,000
5%
2021
$9,568
—
$825,000
5%
2021
$9,568
26%
$785,000
25%
2020
$7,595
19%
$627,000
15%
2019
$6,383
-7%
$543,000
15%
2018
$6,845
10%
$472,000
10%
2017
$6,221
-2%
$428,000
2%
2016
$6,337
11%
$418,000
9%
2015
$5,702
-9%
$384,000
—
2014
$6,286
—
$385,000
—
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.

Estimate the Cost for 34120 1st Pl S

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NMLS#: 1598647

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Listed by Lindsay Jackman | Real Broker LLC | (855) 450-0442

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34120 1st Place S, Federal Way, WA 98003 (MLS# 2491971) is a Multi-Family property with 4 units containing 0 bedrooms and 0 full bathrooms. 34120 1st Place S is currently listed for $989,000 and was received on March 13, 2026. Want to learn more about 34120 1st Place 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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