34027 1st Place S, Federal Way, WA 98003

Property Description

Turnkey 4-plex opportunity in Federal Way! Strong rental fundamentals and major capital improvements already completed—ideal for both seasoned investors and those looking to expand their portfolio. This spacious property offers 3,056 rentable sq ft across four well-designed 2 bed / 1 bath units, all fully occupied, providing immediate and consistent income. Each unit features in-unit washer & dryer, dedicated covered parking, and comfortable living spaces that stay in demand which enhances tenant appeal and retention! The building envelope has been recently refreshed with significant exterior upgrades, including a new roof (2024) with warranty, new chimney chase cover, new gutters, and a full exterior paint job—minimizing deferred maintenance and future capital expenses. Hello, fewer surprise expenses! With big-ticket items already addressed, this investment offers a more predictable ownership experience and allows the next owner to focus on cash flow and long-term appreciation. The location is a win—close to restaurants, shopping, transit, and schools, plus just minutes to the new Sound Transit light rail. A low-maintenance, income-producing asset that you don’t want to miss!

Listing Status:

Active

Data Last Updated:

April 2, 2026 at 1:21PM

Listing Office:

Windermere Real Estate/PSR Inc : 425-235-7777

Listing Agent:

Heather Maddox : 425-235-7777

MLS ID:

2494441

Interior

• Flooring: LaminateCarpet
• A/C: None
• Heating: Wall Furnace
• Fireplace: Fireplaces: 0

Exterior

• General: Metal/VinylWood
• Parking: Parking spaces: 4

Construction

• Roofing: Composition
• General: 54 - 4-PlexPoured Concrete

Location

• HOA Amenities: 677.8Monthly
• Originating MLS: nwmls
• School District: Federal Way
• County: King

Lot

• Zoning: 1322020480
• View: TerritorialView

Utilities

• Water: Public
• Sewer: Sewer Connected

Financial

• Source: nwmls