Excellent investment opportunity! This spacious 4-plex offers 3,904 rentable sq ft and strong income potential. Each unit is 2 bedroom, 1.5 baths and 3 units have been updated with fresh paint and carpet. Units provide comfortable living space, making it ideal for both long-term tenants and short-term rentals. Located in a desirable area with easy access to amenities, transit and schools. This property is perfect for savvy investors looking to grow their portfolio. Don’t miss your chance to own a high-demand multi-unit in a prime location just minutes from new Sound Transit light rail and all the services you can imagine.
Source: Northwest Multiple Listing Service (NWMLS)
MLS#: 2397419
Property Details
Home Type
Multi-Family
Est. Annual Taxes
$9,482
Year Built
Built in 1979
Lot Details
0.28 Acre Lot
Street terminates at a dead end
Property is in good condition
HOA Fees
$678 Monthly HOA Fees
Home Design
Quadruplex
Composition Roof
Wood Siding
Wood Composite
Interior Spaces
3,904 Sq Ft Home
2-Story Property
Thermal Windows
Flooring
Carpet
Vinyl
Bedrooms and Bathrooms
8 Bedrooms
8 Bathrooms
Parking
2 Parking Spaces
Open Parking
Outdoor Features
Deck
Schools
Panther Lake Elementary School
Illahee Jnr High Middle School
Todd Beamer High School
Utilities
Baseboard Heating
High Speed Internet
Cable TV Available
Community Details
Campus View 03 Condos
Federal Way Subdivision
Listing and Financial Details
Tax Lot 31
Assessor Parcel Number 1322020310
Property Details
Home Type
Multi-Family
Est. Annual Taxes
$9,482
Year Built
Built in 1979
Lot Details
0
HOA Fees
$678 per month
Listing Details
Property Type: Residential Income
Property Sub Type: Multi Family
StyleCode: 54 - 4-Plex
Year Built: 1979
MLS Status: Pending Inspection
Prev Status: Pending
Building Name: Campus View 03
New Construction: No
CalculatedSquareFootage: 3904
EffectiveYearBuiltSource: Public Records
SOCComments: Thank you for showing!
Special Features: None
Cumulative Days on Market: 48
Interior Features
Possible Use: Multi-Family
Total Bedrooms: 8
Fireplace: No
Flooring: Vinyl, Carpet
Stories: 2
SquareFootageFinished: 0
SquareFootageUnfinished: 0
BathsFullUpper: 0
BathsHalfUpper: 0
BathsThreeQuarterUpper: 0
BedroomsUpper: 0
Amenities: Thermal Windows
Exterior Features
Roof: Composition
Lot Features: Curbs, Dead End Street, Paved, Sidewalk
View: No
Waterfront: No
Construction Type: Wood
Exterior Features: Wood, Wood Products
Property Condition: Good
Structure Type: Quadruplex
ConstructionMethods: Standard Frame
Garage/Parking
Carport Spaces: 1
Carport Y N: No
Open Parking Spaces: 1
Open Parking: Yes
Total Parking Spaces: 2
ParkingUncoveredSpaces: 1
Utilities
Sewer: Sewer Connected
Water Source: Public
Cooling: None
Cooling Y N: No
Heating: Baseboard
Heating Yn: Yes
PowerCompany: PSE
SewerCompany: Lakehaven
WaterCompany: Lakehaven
CableConnected: Xfinity
InternetConnected: Xfinity
WaterSewerGarbage: 0
Condo/Co-op/Association
Senior Community: No
Association Fee: 677.8
Association Fee Frequency: Monthly
Association: Yes
Fee Information
NWM_OtherDuesOrFeesYN: true
Schools
Junior High Dist: Federal Way
High School: Todd Beamer High
Middle Or Junior School: Illahee Jnr High
Lot Info
Parcel Number: 1322020310
Lot Size Acres: 0.2818
Lot Size Sq Ft: 12274
Zoning Description: Multi-Family
Irrigation Water Rights: No
ShowMapLink: true
SiteFeatures: Cable TV,Deck,High Speed Internet
MLSLotSizeSource: Realist Report
LotNumber: 31
Green Features
Efficiency: Thermal Windows
Power Production Type: Electric
Rental Info
GrossRentMultiplier: 11.67
LeasedItems: None
TotalMonthlyIncome: 7200
Multi Family
Gross Scheduled Income: 86400
Net Operating Income: 58683
Number Of Units Total: 4
Insurance Expense: 1676.67
Leasable Area: 3904
EnergySource: Electric
UnitsInBuildingTotal: 4
UnitsBelowGrade: false
VacancyRate: 5
Tax Info
Year: 2024
Tax Annual Amount: 9482
MLS Schools
Elementary School: Panther Lake Elem
Map
Range of Values:
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Average Value
Not Available
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
Tax History
Year
Tax Paid
Tax AssessmentTax 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
$9,513
$873,000
$200,000
$673,000
2023
$8,549
$860,000
$160,000
$700,000
2022
$8,824
$862,000
$140,000
$722,000
2021
$8,576
$775,000
$120,000
$655,000
2020
$7,632
$708,000
$120,000
$588,000
2018
$7,087
$570,000
$120,000
$450,000
2017
$6,561
$490,000
$110,000
$380,000
2016
$6,692
$453,000
$110,000
$343,000
2015
$5,921
$443,000
$75,000
$368,000
2014
--
$400,000
$75,000
$325,000
2013
--
$418,000
$68,000
$350,000
Source: Public Records
Property History
Date
Event
Price
Change
Sq Ft Price
07/31/202507/31/25
Pending
--
--
--
07/11/202507/11/25
Price Changed
$1,044,995
-1.9%
$268 / Sq Ft
06/26/202506/26/25
For Sale
$1,064,995
--
$273 / Sq Ft
Source: Northwest Multiple Listing Service (NWMLS)
This well-maintained 4-plex in the desirable Campus View community presents an excellent investment opportunity. Each of the four spacious units features 2 bedrooms, 1.5 bathrooms, 1,009 sq. ft. of living space, a cozy fireplace, and an in-unit washer and dryer. Residents enjoy the convenience of a dedicated covered parking spot, plus additional visitor parking. Professionally managed for a
This is 4 plex multi family home in very good location in Federal Way. Complete exterior & interior. Well managed and fully occupied units. 2 bedrooms/1 bathroom, washer/dryer, fireplace. Cross the road is public library. Easy access to I-5, Hwy 19 &99. Very good opportunity to own 4-plex with 5% net income.
This is 4 plex multi family home in very good location in Federal Way. Complete exterior & interior. Well managed and fully occupied units. 2 bedrooms/1 bathroom, washer/dryer, fireplace. Cross the road is public library. Easy access to I-5, Hwy 19 &99. Very good opportunity to own 4-plex with 5% net income.
This home is located at 23 S 338th Place, Federal Way, WA 98003 and is currently priced at $1,044,995, approximately $267 per square foot. This property was built in 1979. 23 S 338th Place is a home located in King County with nearby schools including Panther Lake Elementary School, Illahee Middle School, and Todd Beamer High School.
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