About 34120 1st Place S
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.
Features of 34120 1st Place S
| MLS® # | 2491971 |
|---|---|
| Price | $899,000 |
| Square Footage | 3,600 |
| Acres | 0.23 |
| Year Built | 1977 |
| Type | Residential Income |
| Sub-Type | Multi Family |
| Status | Active |
Community Information
| Address | 34120 1st Place S |
|---|---|
| Area | 110 - Dash Point/Federal Way |
| Subdivision | Panther Lake |
| City | Federal Way |
| County | King |
| State | WA |
| Zip Code | 98003 |
Amenities
| Parking Spaces | 6 |
|---|---|
| View | Territorial |
| Is Waterfront | No |
Interior
| Heating | Baseboard |
|---|---|
| Cooling | None |
| Fireplace | No |
| # of Stories | 2 |
Exterior
| Exterior Features | Wood, Wood Products |
|---|---|
| Lot Description | Cul-De-Sac, Dead End Street |
| Foundation | Poured Concrete |
School Information
| District | Federal Way |
|---|---|
| Elementary | Panther Lake Elem |
| Middle | Illahee Jnr High |
| High | Todd Beamer High |
Additional Information
| Date Listed | March 13th, 2026 |
|---|---|
| Days on Market | 168 |
| Foreclosure | No |
| Short Sale | No |
| RE / Bank Owned | No |
Listing Details
| Office | Real Broker LLC |
|---|