30853 14th Avenue S, Federal Way, WA 98003
Listed by David W Petersen, Westlake Associates, Inc.
$2,725,000
$289 per sq ft
30853 14th Avenue S, Federal Way, WA 98003
Federal Way, WA, 98003
- Sq ft
- 9,420
- Built
- 1958
- Parking
- 20 spaces
Tour this home
Jeff Reynolds · Managing Broker, Compass
Start with a focused 15-minute call, then tour with a clear due-diligence plan.
- 9,420
- Square feet
- $289
- Per sq ft
- Multi Family
- Type
- 1958
- Year built
- 31,050 sq ft
- Lot
- 0
- Days on market
About this property
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.
Location & commute
Add a destination (work, gym, school) for directions and drive time.
Property details
Listing details
- Listing number
- #2566450
- Listed
- August 7, 2026
- Days on market
- 0
- Price per sq ft
- $289
Unit & building
- Stories in building
- 2
- Units in building
- 16
Parking
- Covered spaces
- 3
- Total spaces
- 20
Construction
- Year built
- 1958
- Style
- 56 - 10+ Units
- Structure
- Multi Family
- Roof
- Flat
Heating & cooling
- Heating
- Baseboard
- Cooling
- None
- Energy source
- Electric
Lot
- Lot features
- CurbsPavedSidewalk
- Lot size
- 31,050 sq ft
Terms
- Terms offered
- CashConventional
Utilities
- Sewer
- Sewer Connected
Schools
- District
- Federal Way
Listing history
Listed
$2,725,000
August 7, 2026
Derived from current MLS listing fields. Full multi-cycle status history is on the roadmap.
Payment estimate
An estimate to help you plan, not a loan offer or financial advice.
Est. monthly
$15,868
- Principal & interest
- $13,779
- Property tax (est.)
- $2,089
Assumes $545,000 down (20%), a $2,180,000 loan at 6.5% over 30 years. Property tax is an estimated figure, not MLS data (verify with the county assessor). Excludes insurance, PMI, and closing costs. Not a commitment to lend or financial advice.
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Based on information submitted to the MLS GRID as of August 7, 2026 at 4:00 PM PDT. 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.