Listed by Northmarq Multifamily, LLC
$1,395,000

34007 1st Cir S Federal Way, WA 98003

West Campus - Fed Way Neighborhood

Estimated payment $9,516/month

Total Views 902
12 Beds
6 Baths
-- Sq Ft
-- Price per Sq Ft

Highlights

  • 0.41 Acre Lot
  • Corner Lot
  • Vinyl Plank Flooring
  • Territorial View
  • Sport Court
  • Baseboard Heating

About This Home

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.

Listing Agent

Taylor Wyman

Northmarq Multifamily, LLC License #113007 Listed on: 10/28/2025

Co-Listing Agent

Steve Fischer

Northmarq Multifamily, LLC License #87455

Source: Northwest Multiple Listing Service (NWMLS)

MLS#: 2449226

Northwest Multiple Listing Service (NWMLS)

Property Details

Home Type

  • Multi-Family

Est. Annual Taxes

  • $13,767

Year Built

  • Built in 1979

Lot Details

  • 0.41 Acre Lot
  • Street terminates at a dead end
  • Corner Lot
  • Property is in good condition

HOA Fees

  • $1,017 Monthly HOA Fees

Home Design

  • Poured Concrete
  • Composition Roof
  • Bitumen Roof
  • Cement Board or Planked

Interior Spaces

  • 3-Story Property
  • Territorial Views

Flooring

  • Carpet
  • Vinyl Plank
  • Vinyl

Bedrooms and Bathrooms

  • 12 Bedrooms
  • 6 Bathrooms

Parking

  • 9 Parking Spaces
  • Open Parking

Additional Features

  • Sport Court
  • Baseboard Heating

Community Details

  • Panther Lake Subdivision

Listing and Financial Details

  • Assessor Parcel Number 1322020360

Property Details

Home Type

Multi-Family

Est. Annual Taxes

$13,767

Year Built

Built in 1979

Lot Details

0

HOA Fees

$1,017 per month

Listing Details

  • Property Type: Residential Income
  • Property Sub Type: Multi Family
  • StyleCode: 55 - 5-9 Units
  • Year Built: 1979
  • MLS Status: Active
  • Prev Status: Active
  • New Construction: No
  • CalculatedSquareFootage: 0
  • EffectiveYearBuiltSource: Public Records
  • Special Features: None

Interior Features

  • Possible Use: Multi-Family
  • Total Bedrooms: 12
  • Fireplace: No
  • Flooring: Vinyl, Vinyl Plank, Carpet
  • Stories: 3
  • SquareFootageFinished: 0
  • SquareFootageUnfinished: 0
  • BathsFullUpper: 0
  • BathsHalfUpper: 0
  • BathsThreeQuarterUpper: 0
  • BedroomsUpper: 0
  • Amenities: Playground

Exterior Features

  • Roof: Composition, Torch Down
  • View: Territorial
  • Lot Features: Corner Lot, Dead End Street, Paved, Sidewalk
  • View: Yes
  • Waterfront: No
  • Construction Type: Cement Plank
  • Exterior Features: Cement Planked
  • Foundation Details: Poured Concrete
  • Property Condition: Good
  • Structure Type: Multi Family

Garage/Parking

  • Carport Spaces: 6
  • Carport Y N: No
  • Open Parking: Yes
  • Total Parking Spaces: 9

Utilities

  • Sewer: Sewer Connected
  • Water Source: Public
  • Cooling: None
  • Cooling Y N: No
  • Heating: Baseboard
  • Heating Yn: Yes

Condo/Co-op/Association

  • Senior Community: No
  • Association Fee: 1016.7
  • Association Fee Frequency: Monthly
  • Association: Yes

Schools

  • Junior High Dist: Federal Way

Lot Info

  • Parcel Number: 1322020360
  • Lot Size Acres: 0.4132
  • Lot Size Sq Ft: 17999
  • Zoning Description: Multi-Family
  • Irrigation Water Rights: No
  • ShowMapLink: true
  • SiteFeatures: Athletic Court
  • MLSLotSizeSource: King County

Green Features

  • Power Production Type: Electric

Rental Info

  • GrossRentMultiplier: 10.9
  • LeasedItems: None
  • TotalMonthlyIncome: 11439

Tax Info

  • Year: 2025
  • Tax Annual Amount: 13767

Multi Family

  • Number Of Units Total: 6
  • Electric Expense: 125
  • EnergySource: Electric
  • UnitsBelowGrade: true

Map

Range of Values:

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Home Values in the Area

Source: Public Records

Average Home Value in this Area

Source: Public Records

Property History

Date Event Price List to Sale Price per Sq Ft Prior Sale
10/28/2025 10/28/25 For Sale $1,395,000 +46.8% --
08/24/2020 08/24/20 Sold $950,000 -4.0% $176 / Sq Ft View Prior Sale
07/16/2020 07/16/20 Pending -- -- --
07/11/2020 07/11/20 For Sale $990,000 -- $183 / Sq Ft
Source: Northwest Multiple Listing Service (NWMLS)

Source: Northwest Multiple Listing Service (NWMLS)

MLS Number: 2449226

Northwest Multiple Listing Service (NWMLS)
Washington King County Federal Way 98003 West Campus - Fed Way

34007 1st Cir S, Federal Way, WA

Disclaimer: Certain information contained herein is derived from information provided by parties other than Homes.com. All information provided is deemed reliable, but is not guaranteed to be accurate and should be independently verified.

Northwest Multiple Listing Service (NWMLS) 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 is provided by the Northwest Multiple Listing Service (NWMLS). Property information is based on available data that may include MLS information, county records, and other sources. Listings marked with the 3 tree icon and provided by NWMLS. All properties are subject to prior sale or withdrawal. IDX information is provided exclusively for consumers’ personal noncommercial use, that it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing, that the data is deemed reliable but is not guaranteed by MLS GRID. ©2025 NWMLS.
Based on information submitted to the MLS GRID

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Taylor Wyman
Listing Agent
Taylor Wyman
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Northmarq Multifamily, LLC
(206) 829-6916