$1,250,000
Est. $6,924/mo34007 1st Circle S, Federal Way, WA 98003
• Listed Oct 1, 2026•17 days active · 17 cumulative
Listing Broker: Northmarq Multifamily, LLC; Taylor Wyman; 952-356-0100; twyman@northmarq.com
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Listing Broker: Northmarq Multifamily, LLC; Taylor Wyman; 952-356-0100; twyman@northmarq.com
About this home
Panther Lake Apartments is a 6-unit building built in 1979, located in Federal Way. All units are 1,000 SF with two bedrooms, one bathroom, in-unit washer & dryers, wood-burning fireplaces, private patios/balconies and covered parking. All new windows, sliders, exterior paint, and electrical panels in last two years. As part of a larger residential community, residents benefit from shared amenities including on-site management, a playground, and tennis courts. Located just 2 miles from the Light Rail station and 1.5 miles from I-5, the property offers convenient access to Tacoma, Seattle, and the broader Puget Sound region. Priced at $208K per unit with a cap rate of 6.7%.
Listed by Taylor Wyman • Northmarq Multifamily, LLC
Listing updated: October 6, 2026 at 03:09pm
RexMont checked: moments ago
Source: NWMLS as Distributed by MLS Grid #2590067
Around this home
How much should you offer?
34007 1st Circle 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
- 5-9 Units
Flooring
- Vinyl
- Vinyl Plank
- 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
- Federal Way Public AcademyPublic · Grades 6-10 · State rank 62 of 5148/10
- Federal Way Snr 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
- 6
- Units in building
- 6
- Units below grade
- true
Income & expenses
- Gross scheduled income
- $127,980
- Total monthly income
- $20,582
- Additional monthly income
- $9,917
- Gross adjusted income
- $131,498
- Net operating income
- $83,104
- Cap rate
- 6.65%
- Gross rent multiplier
- 9.77
- Vacancy rate
- 5%
- Total expenses
- $48,394
- Insurance
- $5,100
- Other expenses
- $27,342
- Water / sewer / garbage paid by
- 1463
Parking & storage
- Parking spaces
- 12
- Uncovered parking
- 3
- Covered spaces
- 9
Taxes & assessment
- Annual taxes
- $14,489
- 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.
Opens with the report above.
Sales & Tax Records for 34007 1st Circle 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.
- Oct 1, 2026ListedNWMLS via MLS Grid · #2590067$1,250,000
- Aug 24, 2020SoldNWMLS via MLS Grid · #1628636$950,000
- Jul 16, 2020PendingNWMLS via MLS Grid · #1628636$990,000
- Jul 11, 2020ListedNWMLS via MLS Grid · #1628636$990,000
- Mar 28, 2019Recorded saleKing County recorder$790,000
- Jan 30, 1995Recorded saleKing County recorder · Warranty deed$248,000
Mortgage payment forecast
$9,460 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: Northmarq Multifamily, LLC; Taylor Wyman; 952-356-0100; twyman@northmarq.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
0.7 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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