1405 308Th StFederal Way, WA 98003

Property Details for 1405 308Th St

Year built

2004

Lot size

0.53 AC

Property type

Residential income properties

Property subtype

Multifamily properties

Description

This exceptional 12-unit apartment building in Federal Way, WA, presents a compelling value-add investment opportunity. The property, built in 2004, boasts 10,160 square feet of net rentable space across three stories, situated on a 0.53-acre lot. Currently operating at 100% occupancy, the property features spacious two-bedroom, two-bathroom apartments averaging 847 square feet, each equipped with in-unit washer/dryer, private patio/balcony, and ample storage. The building also offers 19 parking spaces and controlled access. The current pro-forma NOI is $193,879, yielding a 6.69% cap rate at the asking price of $2,900,000 ($241,666.67 per unit). The property is zoned RM1.8 and is professionally managed with no delinquencies. Significant value-add potential exists due to below-market rents and a planned renovation program (new LVP flooring, stainless steel appliances, modern fixtures, and fresh paint) projected to increase monthly rents by $288 per unit. The Federal Way/Des Moines submarket shows limited new construction (200 units in the last decade) and strong projected demand (174 net move-ins in 2024), further enhancing the investment potential. The property's proximity to the Downtown Light Rail Station and the anticipated 2026 Light Rail extension to Federal Way will drive future rent growth. This is a rare opportunity to acquire a well-maintained, high-occupancy apartment building with substantial upside potential in a rapidly growing market. The APN is 250300-0015.

Location Insight

City

Federal Way

County

King

State

Washington

Latitude

47.326

Longitude

-122.315

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