$899,950
Est. $4,985/moPrice reduced $130,050 from the original $1,030,000 asking price
3,056 sq ft
34214 1st Place S, Federal Way, WA 98003
• Listed Apr 2, 2026•142 days active · 142 cumulative
Listing Broker: RSVP Brokers ERA; Martha Zahuita; 206-931-3922; marthazahuita@gmail.com
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Listing Broker: RSVP Brokers ERA; Martha Zahuita; 206-931-3922; marthazahuita@gmail.com
About this home
Well-maintained fourplex in Federal Way. Each unit features 2 bedrooms, 1 bathroom, a functional floor plan, fireplace, private balcony or patio, and in-unit washer and dryer, providing comfort and convenience for tenants.Property includes dedicated covered parking for each unit, additional uncovered parking spaces, and guest parking. Two units have been recently renovated, offering updated interiors and potential for increased rental income.The property has a strong rental history with long-term tenants, supporting stable and consistent income. On-site professional management is in place, and HOA rules do not allow for self-management.Conveniently located near shopping, dining, schools, and parks, with easy access to I-5 and Hwy 18, making it a desirable location for tenants and commuters alike. Ideal for investors seeking stable cash flow, low deferred maintenance, and long-term appreciation.
Listed by Martha Zahuita • RSVP Brokers ERA
Listing updated: September 17, 2026 at 11:35am
RexMont checked: moments ago
Source: NWMLS as Distributed by MLS Grid #2500500
Around this home
How much should you offer?
34214 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
- Laminate
- Vinyl
- Vinyl Plank
- Carpet
Heating & cooling
- Baseboard heating
- None cooling
Schools
Ratings via SchoolDiggerFederal Way School District
- Panther Lake ElemPublic · Grades Elementary—
- Illahee Jnr HighPublic · Grades Middle—
- Todd Beamer HighPublic · Grades High—
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 below grade
- false
- Building square feet
- 3,056 sq ft
Income & expenses
- Gross scheduled income
- $79,200
- Total monthly income
- $6,600
- Gross adjusted income
- $75,240
- Net operating income
- $48,261
- Cap rate
- 5.31%
- Gross rent multiplier
- 11.5
- Vacancy rate
- 5%
- Total expenses
- $26,979
- Insurance
- $3,737
- Other expenses
- $10,839
- Water / sewer / garbage paid by
- 3776.52
Parking & storage
- Parking spaces
- 8
- Uncovered parking
- 4
- Covered spaces
- 4
Taxes & assessment
- Annual taxes
- $8,626
- 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 34214 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 · #2500500$899,950$294/sq ft
- Apr 2, 2026ListedNWMLS via MLS Grid · #2500500$1,030,000$337/sq ft
- Jul 1, 2024SoldNWMLS via MLS Grid · #2131380$909,500$298/sq ft
- May 19, 2024PendingNWMLS via MLS Grid · #2131380$909,500$298/sq ft
- May 19, 2024Price reducedNWMLS via MLS Grid · #2131380$909,500$298/sq ft
- Jun 27, 2023ListedNWMLS via MLS Grid · #2131380$950,000$311/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
$6,304 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: RSVP Brokers ERA; Martha Zahuita; 206-931-3922; marthazahuita@gmail.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 74 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
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 20, 2026 at 5:34 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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