$2,725,000
Est. $15,094/mo9,420 sq ft
30853 14th Avenue S, Federal Way, WA 98003
• Listed Aug 7, 2026•36 days active · 36 cumulative
Listing Broker: Westlake Associates, Inc.; David W Petersen; 206-300-8909; david@westlakeassociates.com
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Listing Broker: Westlake Associates, Inc.; David W Petersen; 206-300-8909; david@westlakeassociates.com
About this home
The Lake Apartments is a well-maintained 16-unit garden-style multifamily community at 30853 14th Ave S in Federal Way, offered at an attractive $170,313 per unit. The property delivers a 6.06% in-place CAP rate with clear upside to a 7.41% proforma CAP through raising current below-market rents. Built in 1958 with a new roof installed in 2022, the asset sits on a large 31,050 sq. ft. park-like lot and features on-site laundry, ample private parking, and a balanced mix of one- and two-bedroom units. Located just off Pacific Highway and within approximately one mile of the Federal Way Downtown Link Light Rail Station, the property is also close to Steel Lake and Easter Lake, offering convenient access to recreational amenities. It benefits from strong transit access, high submarket occupancy (96.5%), limited new supply of apartments, and proximity to major employment centers including Sea-Tac Airport and the rapidly growing Kent Valley aerospace and logistics corridor.
Listed by David W Petersen • Westlake Associates, Inc.
Listing updated: September 22, 2026 at 06:38pm
RexMont checked: moments ago
Source: NWMLS as Distributed by MLS Grid #2566450
Around this home
How much should you offer?
30853 14th Avenue 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
- 10+ Units
Heating & cooling
- Baseboard heating
- None cooling
Schools
Ratings via SchoolDigger- Mirror Lake Elementary SchoolPublic · Grades PK-5 · 0.5 mi · State rank 973 of 1,1382/10
- Sacajawea Middle SchoolPublic · Grades 6-8 · 0.7 mi · State rank 426 of 5142/10
- Federal Way High SchoolPublic · Grades 9-12 · 0.2 mi · State rank 342 of 3962/10
Schools shown are the nearest public Elementary, Middle, and High school for this property and may not be the assigned schools. Verify attendance boundaries with the district before purchasing.
Multi-family facts
As entered by the listing broker on Northwest MLS
Units
- Total units
- 16
- Units in building
- 16
- Units below grade
- false
- Building square feet
- 9,420 sq ft
Income & expenses
- Gross scheduled income
- $281,547
- Total monthly income
- $23,462
- Additional monthly income
- $1,506
- Gross adjusted income
- $267,469
- Net operating income
- $165,246
- Cap rate
- 6.06%
- Gross rent multiplier
- 9.68
- Vacancy rate
- 5%
- Total expenses
- $102,224
- Insurance
- $11,438
- Other expenses
- $43,534
- Water / sewer / garbage paid by
- 20617
Parking & storage
- Parking spaces
- 20
- Uncovered parking
- 17
- Covered spaces
- 3
Taxes & assessment
- Annual taxes
- $26,635
- Tax year
- 2026
- Financing
- Cash, Conventional
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.
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Sales & Tax Records for 30853 14th Avenue 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.
- Aug 7, 2026ListedNWMLS via MLS Grid · #2566450$2,725,000$289/sq ft
- Jan 28, 2019SoldNWMLS via MLS Grid · #1371143$2,465,000$262/sq ft
- Dec 4, 2018PendingNWMLS via MLS Grid · #1371143$2,500,000$265/sq ft
- Dec 4, 2018Price reducedNWMLS via MLS Grid · #1371143$2,500,000$265/sq ft
- Oct 4, 2018ListedNWMLS via MLS Grid · #1371143$2,600,000$276/sq ft
- Jul 19, 2017Recorded saleKing County recorder · Statutory warranty deed$1,800,000$191/sq ft
Mortgage payment forecast
$17,995 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%.
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Listing Broker: Westlake Associates, Inc.; David W Petersen; 206-300-8909; david@westlakeassociates.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$564,000 Sold
2 days ago
3 bd•2 ba•~1,440 sq ft•Single Family
31327 12th Place S, Federal Way, WA 98003
1%
Over list
79
Days on market
0.3 mi
Distance
$635,000 Sold
1 week ago
3 bd•2 ba•~1,840 sq ft•Single Family
529 S 302nd Street, Federal Way, WA 98003
1%
Over list
43
Days on market
0.7 mi
Distance
$528,000 Sold
1 week ago
3 bd•2 ba•~1,540 sq ft•Single Family
31244 9th Avenue S, Federal Way, WA 98003
2%
Over list
91
Days on market
0.3 mi
Distance
$466,000 Sold
2 weeks ago
3 bd•2.5 ba•~1,430 sq ft•Single Family
31074 9th Avenue S, Federal Way, WA 98003
3%
Under list
113
Days on market
0.3 mi
Distance
$935,809 Sold
2 weeks ago
5 bd•3 ba•~2,983 sq ft•Single Family
30302 11th Place S, Federal Way, WA 98003
0%
Over list
235
Days on market
0.5 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 1:40 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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