Listing
$2,725,000
30853 14••••• Ave S (Sign up for 50 free credits to unlock)Federal Way, WA 98003
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.
Property Facts & Features
- Property Type
- Multi Family
- Status
- For Sale
- Listed
- Aug 6, 2026
- Price per Sq Ft
- $289/sqft
- ZIP Code
- 98003
- Heating
- Baseboard
- Construction
- Brick, Wood, Brick, Wood
- Property Tax (2026)
- $26,635/yr
- Assessed Value
- $2,484,000
- Last Sold
- $2,465,000 · Jan 27, 2019
- County
- King
- School District
- Federal Way School District
Features & Amenities
Bedrooms
- Bedrooms: 28
Land Info
- Lot Description: Curbs, Paved, Sidewalk
- Lot Size Acres: 0.7128
- Lot Size Square Feet: 31050
Utilities
- Power Production Type: Electric
- Sewer: Sewer Connected
Rental Info
- Gross Scheduled Income: 281547
- Leasable Area: 9420
Home Features
- Security Features: Partially Fenced
Commercial Info
- Net Operating Income: 165246
- Operating Expense: 102224
Multi-Unit Info
- Number of Units: 16
- Bedrooms in Unit-1: 2
- Bedrooms in Unit-2: 2
- Bedrooms in Unit-3: 2
- Bedrooms in Unit-4: 2
- Bedrooms in Unit-5: 2
- Bedrooms in Unit-6: 2
- Bedrooms in Unit-7: 2
- Bedrooms in Unit-8: 1
- Bedrooms in Unit-9: 1
- Bedrooms in Unit-10: 1
- Total Bathrooms in Unit-1: 2
- Total Bathrooms in Unit-2: 1
- Total Bathrooms in Unit-3: 1
- Total Bathrooms in Unit-4: 1
- Total Bathrooms in Unit-5: 1
- Total Bathrooms in Unit-6: 1
- Total Bathrooms in Unit-7: 1
- Total Bathrooms in Unit-8: 1
- Total Bathrooms in Unit-9: 1
- Total Bathrooms in Unit-10: 1
- Unit-1 Square Feet: 950
- Unit-2 Square Feet: 600
- Unit-3 Square Feet: 600
- Unit-4 Square Feet: 670
- Unit-5 Square Feet: 900
- Unit-6 Square Feet: 600
- Unit-7 Square Feet: 600
- Unit-8 Square Feet: 450
- Unit-9 Square Feet: 450
Garage and Parking
- Carport Spaces: 3
- Covered Spaces: 3
- Open Parking: No
- Parking Total: 20
School Information
- High School District: Federal Way
- School District: Federal Way
Heating and Cooling
- Heating Features: Baseboard
- Heating Fuel: Electric
- Heating: Yes
- Number of Fireplaces: 0
Other Property Info
- Annual Tax Amount: 26635
- Source Listing Status: Active
- County: King
- Cap Rate: 6.06
- Directions: From Pacific Hwy S (SR-99), head west on S 312th St, then turn right on 14th Ave S. Continue approx 0.2 mi, site will be on the left side.
- Tax Year: 2026
- Other Expense: 43534
- Possible Use: Multi-Family
- Insurance Expense: 11438
- Area: 110 - Dash Point/Federal Way
- List Development Name: Federal Way
- Source Neighborhood: Federal Way
- Parcel Number: 0821049138
- Subdivision: Federal Way
- Zoning Description: Multi-Family
Homeowners Association
- Association: No
- Calculated Total Monthly Association Fees: 0
Building and Construction
- Year Built: 1958
- Building Area Total: 9420
- Building Area Units: Square Feet
- Construction Materials: Brick, Wood, Brick, Wood
- Property Age: 68
- Roof: Flat
- Building Total Stories: 2
- Structure Type: Multi Family
- House Style: 10+ Units
- Elevation Units: Feet
Exterior and Lot Features
- Fenced-Partially
- Patio
- Patio: Yes
Price & Event History
| Date | Event | Price | $/Sq Ft |
|---|---|---|---|
| Aug 6, 2026 | Listed | $2,725,000 | $289 |
| May 1, 2026 | Listing removed | - | - |
| Dec 1, 2025 | Listed | $2,795,000 | $291 |
| Nov 2, 2025 | Listing removed | - | - |
| Jan 21, 2025 | Listed | $2,995,000 | $312 |
| May 21, 2019 | Listing removed | - | - |
| May 7, 2019 | Listed for rent | $1,050 | $2 |
| Jan 27, 2019 | Sold | $2,465,000 | $262 |
| Jul 20, 2017 | Sold | $1,800,000 | $191 |
| Aug 22, 2005 | Sold | $1,000,000 | $106 |
| May 28, 2002 | Sold | $850,000 | $90 |
| Dec 14, 1999 | Sold | $585,000 | $62 |
| Jul 21, 1994 | Sold | $515,000 | $55 |
| Jun 27, 1985 | Sold | $442,765 | $47 |
| Jun 25, 1979 | Sold | $375,000 | $40 |
| Jan 15, 1978 | Sold | $250,000 | $27 |
Location
Lat 47.32452 · Lng -122.31642