Courtesy: Skyline Properties, Inc.
206-522-3400
Sonny Kwan
Complete exterior paint completed in summer of 2024. Professionally managed quadplex abuts Panther lake and walking trails. Fully occupied units, One bed/one bath Loft style townhome units and two bedroom /one bath lower units for easy rentability, All units have Washer/dryer, fireplaces, DW, balcony or deck. 4 Covered carport may tandem park and 3 uncovered guest spots. Community sports court and play area,.Very close to all shopping needs of big box and boutique shops. I-5, Hwy 18 and 99 access. Federal Way Light rail completed December 2025. Maybe a good property for owner occupied for easy finance
Courtesy: Real Broker LLC
855-450-0442
Coleton Pantley
Rare opportunity to acquire Soundview II, a turn-key, six-unit multifamily asset in Federal Way's coveted Redondo neighborhood. This condo-style complex features expansive 1,170 SF 2-bed/1.5-bath floor plans designed for high-retention ccupancy. Units boast premium amenities including private west-facing balconies with partial Puget Sound views, fireplaces, in-unit full-size W/D, LVP flooring, and stainless appliances. With the December 2025 Link Extension opening, residents enjoy rapid light rail access to SEATAC and Downtown Seattle while maintaining a significant affordability advantage. Historically self-managed with little deferred maintenance, the property offers a clear value-add runway; implement targeted cosmetic upgrades to countertops and cabinetry to capture immediate rent premiums. Positioned in a supply-constrained submarket with local development moratoriums and a median household income projected to grow 53% by 2030, Soundview Il is a high-yield, low-risk addition to any portfolio. Proximity to Dash Point State Park and I-5 ensures durable demand for years to come.
Courtesy: Theory Real Estate
253-537-4663
Kristi Nicole
Single Story Mid-Century Modern Home with MultiGen / Duplex Functionality! Live in one side and rent the other, or the door that separates them can allow for more fluid living options!! You will love all the updates making this home turn key!! The front unit features 3 bedrooms + 1 full bathroom. Quality laminate throughout. Fresh paint interior and exterior. Updated appliances! Full kitchen with fridge, microwave stove and plenty of space for cooking and dining. The back studio unit was remodeled in the last 5 years - all new cabinetry, kitchen appliances and separate washer/dryer. Giant level, fully fenced back yard could allow expansion. Adult Family Home maybe? 1 car garage attached to front unit. Newer roof and sewer line less than 5 years! This home is near it ALL in Federal Way. NO HOA.
Courtesy: RSVP Real Estate-ERA Powered
425-519-3619
Martha Zahuita
Well-maintained fourplex in Federal Way. Each unit features 2 bedrooms, 1 bathroom, a functional floor plan, fireplace, private balcony or patio, and in-unit washer and dryer, providing comfort and convenience for tenants.Property includes dedicated covered parking for each unit, additional uncovered parking spaces, and guest parking. Two units have been recently renovated, offering updated interiors and potential for increased rental income.The property has a strong rental history with long-term tenants, supporting stable and consistent income. On-site professional management is in place, and HOA rules do not allow for self-management.Conveniently located near shopping, dining, schools, and parks, with easy access to I-5 and Hwy 18, making it a desirable location for tenants and commuters alike. Ideal for investors seeking stable cash flow, low deferred maintenance, and long-term appreciation.
Courtesy: Windermere Real Estate/PSR Inc
425-235-7777
Heather Maddox
Turnkey 4-plex opportunity in Federal Way! Strong rental fundamentals and major capital improvements already completed—ideal for both seasoned investors and those looking to expand their portfolio. This spacious property offers 3,056 rentable sq ft across four well-designed 2 bed / 1 bath units, all fully occupied, providing immediate and consistent income. Each unit features in-unit washer & dryer, dedicated covered parking, and comfortable living spaces that stay in demand which enhances tenant appeal and retention! The building envelope has been recently refreshed with significant exterior upgrades, including a new roof (2024) with warranty, new chimney chase cover, new gutters, and a full exterior paint job—minimizing deferred maintenance and future capital expenses. Hello, fewer surprise expenses! With big-ticket items already addressed, this investment offers a more predictable ownership experience and allows the next owner to focus on cash flow and long-term appreciation. The location is a win—close to restaurants, shopping, transit, and schools, plus just minutes to the new Sound Transit light rail. A low-maintenance, income-producing asset that you don’t want to miss!
Courtesy: Real Broker LLC
855-450-0442
Lindsay Jackman
Great investment opportunity in Federal Way. Well-maintained four-plex featuring four spacious 2-bedroom, 1-bath units, each offering approximately 1,000 square feet of comfortable living space. Functional layouts, generous unit sizes, and consistent rental demand support strong long-term performance. Property currently offers a cap rate of over 6%, making it an attractive addition to an investment portfolio. Significant capital improvement completed with a new tile roof installed in 2022, providing durability and reducing future maintenance concerns. Conveniently located near major commuting routes, shopping, dining, and everyday amenities. Large unit sizes, solid income potential, and key updates make this a compelling multi-family investment opportunity in a strong rental market. Excellent opportunity for investors seeking stable cash flow and long-term value.
Courtesy: 360 Pacific
888-782-3608
Ton Nguyen
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, 976 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 hassle-free ownership experience, this property is centrally located near shopping, dining, and parks, with easy access to I-5, Hwy 99, and Hwy 18.
Courtesy: Northmarq Multifamily, Llc
952-356-0100
Taylor Wyman
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.
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Federal Way is located in Washington. Federal Way, Washington has a population of 99,792. Federal Way is less family-centric than the surrounding county with 31.09% of the households containing married families with children. The county average for households married with children is 35.99%.
The median household income in Federal Way, Washington is $72,969. The median household income for the surrounding county is $106,326 compared to the national median of $69,021. The median age of people living in Federal Way is 37 years.
The average high temperature in July is 75.7 degrees, with an average low temperature in January of 36.6 degrees. The average rainfall is approximately 40.6 inches per year, with 5 inches of snow per year.
