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Listed by:Westlake Associates, Inc. • David W Petersen
$2,725,000
Est. payment /mo
28 Beds
17 Baths
9,420 SqFt
Active
30853 14th AVE S Federal Way, WA 98003
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Key Details
Property Type Multi-Family
Sub Type Multi Family
Listing Status Active
Purchase Type For Sale
Square Footage 9,420 sqft
Price per Sqft $289
Subdivision Federal Way
MLS Listing ID 2566450
Style 56 - 10+ Units
Bedrooms 28
Year Built 1958
Annual Tax Amount $26,635
Lot Size 0.713 Acres
Property Sub-Type Multi Family
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 6.06% 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.
Location
State WA
County King
Area 110 - Dash Point/Federal Way
Interior
Fireplace false
Exterior
Exterior Feature Brick, Wood
Amenities Available Fenced-Partially, Patio
View Y/N No
Roof Type Flat
Building
Lot Description Curbs, Paved, Sidewalk
Sewer Sewer Connected
New Construction No
Schools
School District Federal Way
Others
Senior Community No
Acceptable Financing Cash, Conventional
Listing Terms Cash, Conventional
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Amenities & Attractions
Educational Environment
Elementary Schools (5)Middle Schools (2)High Schools (2)
Name
Category
Grades
Library
Ratio
4/10
Lake Grove Elementary School
303 SW 308th St, Federal Way, WA 98023
Public
PK - 5
No
STUDENTS/TEACHERS
4/10
Mirror Lake Elementary School
625 S 314th St, Federal Way, WA 98003
Public
PK - 5
No
STUDENTS/TEACHERS
0/10
St Vincent de Paul School
30527 8th Ave S, Federal Way, WA 98003
Private
PK - 8
Yes
13:1 STUDENTS/TEACHERS
0/10
Life Academy of Puget Sound
414 SW 312th St, Federal Way, WA 98023
Private
PK - 12
Yes
7:1 STUDENTS/TEACHERS
0/10
St Luke's Preschool & Kindergarten
515 S 312th St, Federal Way, WA 98003
Private
PK - KG
No
16:1 STUDENTS/TEACHERS