Listed by Real Broker LLC, Bought with Best Choice Realty LLC
NOT LISTED FOR SALE

Estimated Value: $997,000 - $1,249,000

-- Bed
-- Bath
3,328 Sq Ft
$332/Sq Ft Est. Value

Last Sold February 08, 2019

Last sale price $635,000 $191 Per Sq Ft

Est. 74% increase in value since last sale

Current estimated payment $6,672/month

33 Days on Market

Highlights

  • 0.65 Acre Lot
  • Thermal Windows
  • Open Space
  • Deck
  • Patio
  • Partially Fenced Property

About This Home

As of February 2019

FOURPLEX. 7% current cap rate; easily get to 8% with market rents. FUTURE DEVELOPMENT POTENTIAL: parcel size(.65 Acre) & zoning would allow for 4 additional units to be constructed on the lot. Each unit is 2bed/1bath with balcony/patio, individual storage, & washer/dryers. This is a solid, turn-key investment property; fully occupied & producing good cash-flow! 3/4 units have been completely remodeled with new kitchens/baths/flooring etc. High-demand rental close to fwy access & amenities.

Last Agent to Sell the Property

Charles Burnett

Real Broker LLC License #50261 Listed on: 11/29/2018

Last Buyer's Agent

Sridhar Devineni

Best Choice Realty LLC License #114580

Best Choice Realty LLC

Source: Northwest Multiple Listing Service (NWMLS)

MLS#: 1390122

Northwest Multiple Listing Service (NWMLS)

Property Details

Home Type

  • Multi-Family

Est. Annual Taxes

  • $6,076

Year Built

  • Built in 1985

Lot Details

  • 0.65 Acre Lot
  • Open Space
  • Partially Fenced Property
  • Property is in average condition

Home Design

  • Quadruplex
  • Poured Concrete
  • Composition Roof
  • Wood Siding

Interior Spaces

  • 3,328 Sq Ft Home
  • 2-Story Property
  • Thermal Windows

Flooring

  • Wall to Wall Carpet
  • Laminate
  • Vinyl

Parking

  • 8 Parking Spaces
  • Open Parking

Outdoor Features

  • Deck
  • Patio

Community Details

  • Four Plex Condos
  • Federal Way Subdivision

Listing and Financial Details

  • Tax Lot 26
  • Assessor Parcel Number 7978200184

Property Details

Home Type

Multi-Family

Est. Annual Taxes

$6,076

Year Built

Built in 1985

Lot Details

0

Listing Details

  • Property Type: Residential Income
  • Property Sub Type: Multi-Family
  • StyleCode: 54 - 4-Plex
  • Year Built: 1985
  • Buyer Agency Compensation: 2.5
  • MLS Status: Sold
  • Prev Status: Closed
  • Building Name: Four Plex
  • New Construction: No
  • CalculatedSquareFootage: 3328
  • EffectiveYearBuiltSource: Public Records
  • Special Features: VirtualTour

Interior Features

  • Possible Use: Multi-Family, Residential
  • Fireplace: No
  • Flooring: Laminate, Vinyl, Carpet
  • Interior Amenities: Wall to Wall Carpet, Laminate Hardwood
  • Stories: 2
  • SquareFootageFinished: 0
  • SquareFootageUnfinished: 0
  • Amenities: Storage,Thermal Windows

Exterior Features

  • Roof: Composition
  • Lot Features: Open Space, Paved
  • View: No
  • Waterfront: No
  • Exterior Features: Wood
  • Foundation Details: Poured Concrete
  • Property Condition: Average
  • Structure Type: Quadruplex

Garage/Parking

  • Carport Spaces: 8
  • Carport Y N: No
  • Open Parking Spaces: 8
  • Open Parking: Yes
  • Total Parking Spaces: 8
  • ParkingUncoveredSpaces: 8

Utilities

  • Sewer: Sewer Connected
  • Water Source: Community
  • Security: FullyFenced
  • Heating Yn: Yes
  • Utilities: Sewer Connected, Electric
  • PowerCompany: Puget Sound Energy
  • SewerCompany: Lakehaven Water & Sewer
  • WaterCompany: Lakehaven Water & Sewer
  • WaterSewerGarbage: 3154

Schools

  • Junior High Dist: Federal Way

Lot Info

  • Parcel Number: 7978200184
  • Lot Size Acres: 0.649
  • Lot Size Sq Ft: 28270
  • Irrigation Water Rights: No
  • ResoLotSizeUnits: SquareFeet
  • ShowMapLink: true
  • SiteFeatures: Deck,Fenced-Partially,Patio
  • MLSLotSizeSource: KCR
  • ZoningJurisdiction: City
  • ZoningClass: Multi-Family,Residential
  • LotNumber: 26

Green Features

  • Efficiency: Thermal Windows
  • Power Production Type: Electric

Rental Info

  • Furnished: Unfurnished
  • GrossRentMultiplier: 12
  • LeasedItems: None
  • TotalMonthlyIncome: 4657

Multi Family

  • Gross Scheduled Income: 55884
  • Net Operating Income: 45456
  • Number Of Units Total: 4
  • Insurance Expense: 1198
  • Leasable Area: 3328
  • UnitsInBuildingTotal: 4
  • UnitsBelowGrade: false
  • VacancyRate: 0

Tax Info

  • Year: 2018
  • Tax Annual Amount: 6076

Ownership History

Date Name Owned For Owner Type

Purchase Details

Listed on
Nov 29, 2018
Closed on
Feb 5, 2019
Sold by
Jo & Jo Llc
Bought by
Marada Sunil Kumar and Mokkapati Harisha
Seller's Agent
Charles Burnett
Real Broker LLC
Buyer's Agent
Sridhar Devineni
Best Choice Realty LLC
List Price
$675,000
Sold Price
$635,000
Premium/Discount to List
-$40,000
-5.93%
Current Estimated Value
$1,103,535

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Estimated Appreciation
$468,535
Avg. Annual Appreciation
8.58%
Original Mortgage
$472,500
Outstanding Balance
$415,412
Interest Rate
4.5%
Estimated Equity
$688,123

Purchase Details

Closed on
May 16, 2015
Sold by
Olano James E and Olano Judith W
Bought by
Jo & Jo Llc

Purchase Details

Closed on
Feb 6, 2015
Sold by
Jo & Jo Llc
Bought by
Olano John E and Olano Judith W

Purchase Details

Closed on
May 1, 2010
Sold by
Olano John E and Olano Judith W
Bought by
Jo & Jo Llc

Purchase Details

Closed on
Jan 11, 2010
Sold by
Mahan Guy and Mahan Susan M
Bought by
Olano John E and Olano Judith W

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$335,250
Interest Rate
4.78%

Purchase Details

Closed on
Mar 14, 2008
Sold by
Mahan Guy and Mahan Susan
Bought by
City Of Federal Way

Purchase Details

Closed on
Jan 28, 2003
Sold by
Imai Hiroshi and Imai Mariko
Bought by
Mahan Guy and Mahan Susan M

Purchase Details

Closed on
Dec 5, 1991
Sold by
Leetch Steven J
Bought by
Imai Hiroshi and Imai Mariko
Source: Public Records

Range of Values:

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List Price
Sold Price
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Home Values in the Area

Source: Public Records

Average Home Value in this Area





Source: Public Records

Purchase History

Date Buyer Sale Price Title Company
Marada Sunil Kumar $630,000 Fidelity National Title
Jo & Jo Llc -- None Available
Olano John E -- Accommodation
Jo & Jo Llc -- None Available
Olano John E $447,000 Stewart Title
City Of Federal Way -- None Available
Mahan Guy $125,000 Old Republic T
Imai Hiroshi $180,000 --
Source: Public Records

Mortgage History

Date Status Borrower Loan Amount
Open Marada Sunil Kumar $472,500
Previous Owner Olano John E $335,250
Source: Public Records

Property History

Date Event Price List to Sale Price per Sq Ft
02/08/2019 02/08/19 Sold $635,000 -2.3% $191 / Sq Ft
01/01/2019 01/01/19 Pending -- -- --
12/17/2018 12/17/18 Price Changed $650,000 -3.7% $195 / Sq Ft
11/29/2018 11/29/18 For Sale $675,000 -- $203 / Sq Ft
Source: Northwest Multiple Listing Service (NWMLS)

Tax History Compared to Growth

Source: Public Records

Tax History

Year Tax Paid Tax Assessment Tax Assessment Total Assessment is a certain percentage of the fair market value that is determined by local assessors to be the total taxable value of land and additions on the property. Land Improvement
2024 $10,066 $952,000 $353,300 $598,700
2023 $8,106 $871,000 $254,400 $616,600
2022 $7,749 $823,000 $226,100 $596,900
2021 $7,591 $683,000 $197,800 $485,200
2020 $6,553 $629,000 $197,800 $431,200
2018 $6,076 $480,000 $155,400 $324,600
2017 $5,972 $425,000 $141,300 $283,700
2016 $6,359 $418,000 $141,300 $276,700
2015 -- $427,000 $141,300 $285,700
2014 -- $368,000 $141,300 $226,700
2013 -- $378,000 $141,300 $236,700
Source: Public Records

Agents Affiliated with this Home

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Map

Source: Northwest Multiple Listing Service (NWMLS)

MLS Number: 1390122

Northwest Multiple Listing Service (NWMLS)

APN: 797820-0184