$899,000
Est. $4,980/moPrice reduced $101,000 from the original $1,000,000 asking price
3,600 sq ft
34120 1st Place S, Federal Way, WA 98003
• Listed Mar 13, 2026•216 days active · 216 cumulative
Listing Broker: Real Broker LLC; Lindsay Jackman; 253-266-1067; lindsay@lindsayjackman.com
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Listing Broker: Real Broker LLC; Lindsay Jackman; 253-266-1067; lindsay@lindsayjackman.com
About this home
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.
Listed by Lindsay Jackman • Real Broker LLC
Listing updated: September 17, 2026 at 11:42am
RexMont checked: moments ago
Source: NWMLS as Distributed by MLS Grid #2491971
Around this home
How much should you offer?
34120 1st Place S, Federal Way, WA 98003
Source:RexMont analysis of Northwest MLS sales data for this ZIP code plus third-party market data (RentCast). The estimates are RexMont's, not Northwest MLS listing data.
Estimates only and not guaranteed. Consult a RexMont agent for accurate, personalized guidance before making an offer. RexMont OfferEdge™ · © 2026 RexMont Real Estate. Proprietary tool.
Property details
Layout
- 4-Plex
Flooring
- Vinyl
- Carpet
Heating & cooling
- Baseboard heating
- None cooling
Schools
Ratings via SchoolDiggerFederal Way School District
- Panther Lake Elementary SchoolPublic · Grades PK-5 · State rank 990 of 1,1382/10
- Illahee Jnr HighPublic · Grades Middle—
- Todd Beamer High SchoolPublic · Grades 9-12 · State rank 324 of 3962/10
Assigned schools for this property per the listing's MLS data. School district boundaries change — verify the exact assigned schools with the district before purchasing.
Multi-family facts
As entered by the listing broker on Northwest MLS
Units
- Total units
- 4
- Units in building
- 4
- Units below grade
- false
- Building square feet
- 3,600 sq ft
Income & expenses
- Gross scheduled income
- $84,900
- Total monthly income
- $8,033
- Additional monthly income
- $958
- Gross adjusted income
- $63,320
- Net operating income
- $63,320
- Cap rate
- 6.3%
- Gross rent multiplier
- 11
- Total expenses
- $42,120
- Insurance
- $3,240
- Other expenses
- $18,400
- Water / sewer / garbage paid by
- 11496
Parking & storage
- Parking spaces
- 6
- Uncovered parking
- 2
- Covered spaces
- 4
Taxes & assessment
- Annual taxes
- $8,984
- Tax year
- 2025
- Financing
- Cash, Conventional, FHA, VA Loan
Neighborhood mobility
Doorstep, Pedal & Station Scores
Three RexMont scores for this exact address: what is on foot, what is by bike, and what rides past the door.
Ground Truth™
The ground, the slope, the flood zone and the noise at this address
Read from public hazard, flood, terrain and noise maps for this exact home.
Address Insider™
The members' report
Commute, transit, zoning and ADU potential, internet providers and the lifestyle around the home: the nearest grocery, coffee, park, services and transit stop. One free registration opens every home on rexmont.com.
Opens with the report above.
Sales & Tax Records for 34120 1st Place S
NWMLS via MLS Grid · King County AssessorEvery listing, pending, price change and closing filed on this home with the NWMLS, the county’s recorded sales, and its assessed values by tax year.
- Sep 17, 2026Price reducedNWMLS via MLS Grid · #2491971$899,000$250/sq ft
- Mar 13, 2026ListedNWMLS via MLS Grid · #2491971$1,000,000$278/sq ft
Down payment assistance
6 programs may be available to provide you with up to $55,000 in down payment assistance, depending on your specific information.
Source: program list compiled by RexMont from ARCH (A Regional Coalition for Housing) member-jurisdiction information. This is not Northwest MLS listing data.
Mortgage payment forecast
$6,329 per month
Great rateTakes about 5 minutes & won't affect your credit
Get pre-approvedSource: RexMont estimate, not Northwest MLS listing data. Interest rates from Freddie Mac's Primary Mortgage Market Survey via FRED (Federal Reserve Bank of St. Louis). Property tax and HOA dues from the NWMLS listing where provided, otherwise estimated; insurance estimated at 0.3% of price per year.
Estimate only. Actual payment depends on credit, lender, and program. PMI not included for down payments below 20%.
Ask about this home
A licensed RexMont broker will get back to you, usually in under 5 minutes during business hours.
Listing Broker: Real Broker LLC; Lindsay Jackman; 253-266-1067; lindsay@lindsayjackman.com
Market pulse
Federal Way is a balanced market.
Supply and demand are roughly in balance. Neither side has a clear edge.
Offer insight: Homes typically sell with one offer near asking price.
List to sale price: The average home sells very close to list price.
Time on market: The average home goes pending in around 69 days.
Recent sales nearby
Within 1 mile · last 6 months$459,995 Sold
7 weeks ago
2 bd•1.75 ba•~1,470 sq ft•Single Family
235 S 329th Lane, Federal Way, WA 98003
0%
Over list
138
Days on market
0.8 mi
Distance
$825,000 Sold
3 months ago
•Single Family
34027 1st Place S, Federal Way, WA 98003
2%
Under list
133
Days on market
0.1 mi
Distance
Closed sales from MLS GRID / NWMLS within the past 6 months, matched on property type and within 1 mile. Comps approximate.
Want a deeper read on this market?
Ask a RexMont agentMarket data from MLS GRID / NWMLS · Updated Oct 2026
Information and statistics derived from Northwest Multiple Listing Service. Source: Northwest Multiple Listing Service, as distributed by MLS GRID.
MLS GRID Disclaimer
Based on information submitted to the MLS GRID as of October 18, 2026 at 2:11 PM PT (date and time MLS GRID Data was obtained). All data is obtained from various sources and may not have been verified by broker or MLS GRID. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
Listing information courtesy of Northwest Multiple Listing Service (NWMLS). The listing data relating to real estate for sale on this web site comes in part from the Northwest Multiple Listing Service. Real estate listings held by brokerage firms other than RexMont Real Estate are marked with the “Listing courtesy of NWMLS” designation. Information provided is for the consumer’s personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.
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