30853 14th Avenue S, Federal Way, WA 98003
- $2,725,000
- 9,420
- SqFt
Listing courtesy of Westlake Associates, Inc..
- List Price
- $2,725,000
- Status
- ACTIVE
- MLS#
- 2566450
- Days on Market
- 0
- Style
- 56 - 10+ Units
- Finished SqFt
- 9,420
- Area Total SqFt
- 9420
- Annual Tax Ammount
- 26635
- Lot Size (sq ft)
- 31,050
- Sewer
- Sewer Connected
Property Description
The Lake Apartments is a well-maintained 16-unit garden-style multifamily community at 30853 14th Ave S in Federal Way, offered at an attractive $170,313 per unit. The property delivers a 6.20% in-place CAP rate with clear upside to a 7.41% proforma CAP through raising current below-market rents. Built in 1958 with a new roof installed in 2022, the asset sits on a large 31,050 sq. ft. park-like lot and features on-site laundry, ample private parking, and a balanced mix of one- and two-bedroom units. Located just off Pacific Highway and within approximately one mile of the Federal Way Downtown Link Light Rail Station, the property is also close to Steel Lake and Easter Lake, offering convenient access to recreational amenities. It benefits from strong transit access, high submarket occupancy (96.5%), limited new supply of apartments, and proximity to major employment centers including Sea-Tac Airport and the rapidly growing Kent Valley aerospace and logistics corridor.
Additional Information
- List Date
- 2026-08-07 21:25:13
- Community
- Federal Way
- Net Operating Income
- $168,819
- Gross Adjusted Income
- $271,231
- Gross Scheduled Income
- $285,507
- Total Monthly Income
- $23,792
- Insurance Expenses
- $11,438
- Water/Sewer/Garbage Expenses
- $20,617
- Gross Rent Multiplier
- 9.54
- Total Expenses
- $102,412
- Cap Rate
- 6.2
- Vacancy Rate
- 5
- Total Number of Units
- 16
- Unit Name
- 30853
- Potential Terms
- Cash, Conventional
- Year Built
- 1958
- Roof
- Flat
- Site Features
- Fenced-Partially, Patio
- Other Expenses
- 43722
- Energy Source
- Electric
- School District
- Federal Way
- Total Monthly Income
- $23,792
- Gross Scheduled Income
- $285,507
- Vacancy Rate
- 5
- Gross Adjusted Income
- $271,231
- Tax Year
- 2026
- Insurance Expense
- $11,438
- W/S/G Expenses
- $20,617
- Total Expenses
- $102,412
- Net Operating Income
- $168,819
- Gross Rent Multiplier
- 9.54
- Cap Rate
- 6.2
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.