34007 1st Circle S, Federal Way, WA 98003
- $1,250,000
Listing Broker: Northmarq Multifamily, LLC; Taylor Wyman; 952-356-0100; twyman@northmarq.com
- List Price
- $1,250,000
- Status
- ACTIVE
- MLS#
- 2590067
- Days on Market
- 0
- Style
- 55 - 5-9 Units
- Building Condition
- Good
- Annual Tax Ammount
- 14489
- Lot Size (sq ft)
- 17,999
- Sewer
- Sewer Connected
Property Description
Panther Lake Apartments is a 6-unit building built in 1979, located in Federal Way. The property offers a true hands-off investment with professional management in place and HOA dues covering water, sewer, garbage, and landscaping. All units are 1,000 SF with two bedrooms, one bathroom, in-unit washer & dryers, wood-burning fireplaces, and covered parking.As part of a larger residential community, residents benefit from shared amenities including on-site management, a playground, and tennis courts. Located just 1.5 miles from I-5, the property offers convenient access to Tacoma, Seattle, and the broader Puget Sound region. Priced at $233K per unit with a cap rate north of 6%, it presents an attractive basis.
Additional Information
- List Date
- 2026-10-01 20:48:15
- Community
- Panther Lake
- Net Operating Income
- $83,104
- Gross Adjusted Income
- $131,498
- Gross Scheduled Income
- $127,980
- Total Monthly Income
- $20,582
- Insurance Expenses
- $5,100
- Water/Sewer/Garbage Expenses
- $1,463
- Gross Rent Multiplier
- 9.77
- Total Expenses
- $48,394
- Cap Rate
- 6.65
- Vacancy Rate
- 5
- Total Number of Units
- 6
- Unit Name
- 34007
- Potential Terms
- Cash, Conventional
- Year Built
- 1979
- View
- Territorial
- Roof
- Composition, Torch Down
- Site Features
- Athletic Court
- Other Expenses
- 27342
- Energy Source
- Electric
- School District
- Federal Way
- Elementary School
- Panther Lake Elem
- Middle School
- Federal Way Public A
- High School
- Federal Way Snr High
- Total Monthly Income
- $20,582
- Gross Scheduled Income
- $127,980
- Vacancy Rate
- 5
- Gross Adjusted Income
- $131,498
- Tax Year
- 2026
- Insurance Expense
- $5,100
- W/S/G Expenses
- $1,463
- Total Expenses
- $48,394
- Net Operating Income
- $83,104
- Gross Rent Multiplier
- 9.77
- Cap Rate
- 6.65
Based on information submitted to the MLS GRID as of . 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.IDX information is provided exclusively for consumers’ personal noncommercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.