34007 1st Cir S

Federal Way, WA 98003

$1,395,000
Price
12
Beds
6
Baths
—Sq. Ft.
— / Sq. Ft.
—
Sq. Ft.
—
per Sq. Ft.
a front view of a house with a yard and garage
an aerial view of a house with yard and outdoor seating
a front view of a house with a garden
a car parked in front of a house
a view of empty room with wooden floor and fireplace
a view of a kitchen with electric appliances
a view of utility room
a kitchen with a stove and a refrigerator
a kitchen with a sink and a refrigerator
a kitchen with stainless steel appliances granite countertop a sink stove and cabinets
a bathroom with a sink toilet vanity and shower
an empty room with windows
a view of an empty room
Listing provided courtesy of Northmarq Multifamily, LLC

Description

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....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.
  1. Listed by Taylor Wyman • Northmarq Multifamily, LLC
  2. Listed by Steve Fischer • Northmarq Multifamily, LLC

Property Details for 34007 1st Circle South

Community Name
Panther Lake
School District
Federal Way
View
Territorial
Number of Assigned Spaces
9
Total Covered Parking
0
Entry Date
10-28-2025
Energy Source
Electric
Sewer
Sewer Connected
LISTING UPDATED: 10/28/2025 02:43 PM

Property Details for 34007 1st Circle South

StatusActive
MLS #2449226
Days on Market46
Cumulative Days on Market46
Taxes$13,767 / year
HOA Fees$1,017 / month
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeResidential Income
Year Built1979
Lot Size0.41 AC / 17,999 SF
CountyKing County

Location

Listing Courtesy of Northmarq Multifamily, LLC
Add your commute

Building Information for 34007 1st Circle South

Stories3Residences6Year Built1979Building Size-Lot Size0.41 AC / 17,999 SF

Payment Calculator

$9,057 per month

30 year fixed, 6.28% Interest

Principal and Interest

$6,893

Property Taxes

$1,147

HOA Dues

$1,017

The Payment Calculator is for illustrative purposes only.

Property Information for 34007 1st Circle South

Summary
Location and General Information
  • Style: 55 - 5-9 Units
  • Site Features: Athletic Court
  • Area: 110 - Dash Point/Federal Way
  • Effective Year Built Source: Public Records
  • Directions: From I-5 S take exit 142B and merge onto Hwy 18, 18 turns into S 348th St. Turn north on 1st Ave S, west onto 1st Pl S, west again on 1st Cir S.
  • Leased Items: None
  • Property Sub Type: MULT
  • View: Yes
  • Waterfront: No
Taxes and HOA Information
  • Tax Year: 2025
Parking
  • Number of Carport Spaces: 6.0
  • Carport: No
  • Open Parking Spaces: 3.0
  • Open Parking: Yes
Interior and Exterior Features
Bathroom Information
  • Full Baths Upper: 0
  • Three Quarter Baths Upper: 0
  • Half Baths Upper: 0
  • Main Level Bathrooms: 0
Bedroom Information
  • Bedrooms Upper: 0
Interior Features
  • Fireplaces Total: 0
  • Floor Covering: Vinyl, Vinyl Plank, Carpet
  • Amenities: Playground
  • Cooling: No
  • Cooling: None
  • Fireplace: No
  • Heating: Yes
  • Heating: Baseboard
Exterior Features
  • Exterior: Cement Planked
  • Roof: Composition, Torch Down
Property
Utilities
  • Water Source: Public
  • Water/Sewer/Garbage: 0
  • Power Production Type: Electric
Property and Assessments
  • New Construction YN: No
  • Foundation: Poured Concrete
  • Zoning Remarks: Multi-Family
  • Possible Use: Multi-Family
  • Preliminary Title Ordered: Yes
  • Senior Community: No
  • Special Listing Conditions: None
  • Year Built Effective: 2005
  • Photos Count: 13
Lot Information
  • Lot Details: Corner Lot, Dead End Street, Paved, Sidewalk
  • Lot Size Source: King County
  • Parcel Number Free Text: 1322020360
  • Building Condition: Good
  • Calculated Square Footage: 0
  • Structure Type: Multi Family
  • Square Footage Finished: 0
  • Square Footage Unfinished: 0
  • Building Area Total: 0.0
  • Building Area Units: Square Feet
  • Property Type: Residential Income
  • Elevation Units: Feet
  • Irrigation Water Rights: No
Multi Family
Building Details
  • Number of Uncovered Spaces: 3
  • Number of Stories in Building: 3
  • Vacancy Rate: 5
  • Number Of Units Total: 6
  • Units Below Grade: true
  • Units In Building Total: 6
Financing / Income and Expenses
  • Electric Expense: $125
  • Total Expenses: 46580
  • Gross Adjusted Income: 121638
  • Gross Rent Multiplier: 10.9
  • Gross Scheduled Income: $128,040
  • Insurance Expense: $4,364
  • Net Operating Income: $84,285
  • Other Expenses: $28,324
  • Total Monthly Income: 11439
  • Fuel Expense: $0
Unit 1
  • Name Unit 1: A
  • Washer/Dryer Unit 1: true
  • Range/Oven Unit 1: true
  • Refrigerator Unit 1: true
  • Dishwasher Unit 1: true
  • Square Feet Unit 1: 1000
  • Rent Unit 1: $1,750.00
  • Bedrooms Unit 1: 2
  • Fireplaces Unit 1: 1
  • Bathrooms Unit 1: 1
Unit 2
  • Name Unit 2: B
  • Washer/Dryer Unit 2: true
  • Range/Oven Unit 2: true
  • Refrigerator Unit 2: true
  • Dishwasher Unit 2: true
  • Square Feet Unit 2: 1000
  • Rent Unit 2: $1,775.00
  • Bedrooms Unit 2: 2
  • Fireplaces Unit 2: 1
  • Bathrooms Unit 2: 1
Unit 3
  • Name Unit 3: C
  • Washer/Dryer Unit 3: true
  • Range/Oven Unit 3: true
  • Refrigerator Unit 3: true
  • Dishwasher Unit 3: true
  • Square Feet Unit 3: 1000
  • Rent Unit 3: $1,800.00
  • Bedrooms Unit 3: 2
  • Fireplaces Unit 3: 1
  • Bathrooms Unit 3: 1
Unit 4
  • Name Unit 4: D
  • Washer/Dryer Unit 4: true
  • Range/Oven Unit 4: true
  • Refrigerator Unit 4: true
  • Dishwasher Unit 4: true
  • Square Feet Unit 4: 1000
  • Rent Unit 4: $1,700.00
  • Bedrooms Unit 4: 2
  • Fireplaces Unit 4: 1
  • Bathrooms Unit 4: 1
Unit 5
  • Name Unit 5: E
  • Washer/Dryer Unit 5: true
  • Range/Oven Unit 5: true
  • Refrigerator Unit 5: true
  • Dishwasher Unit 5: true
  • Square Feet Unit 5: 1000
  • Rent Unit 5: $1,895.00
  • Bedrooms Unit 5: 2
  • Fireplaces Unit 5: 1
  • Bathrooms Unit 5: 1
Unit 6
  • Name Unit 6: F
  • Washer/Dryer Unit 6: true
  • Range/Oven Unit 6: true
  • Refrigerator Unit 6: true
  • Dishwasher Unit 6: true
  • Square Feet Unit 6: 1000
  • Rent Unit 6: $1,750.00
  • Bedrooms Unit 6: 2
  • Fireplaces Unit 6: 1
  • Bathrooms Unit 6: 1
Rental
Rent Information
  • Occupant Type: Tenant
  • Leasable Area: 6000.0

Property History for 34007 1st Circle South

DateEvent & SourcePriceAppreciation
Oct 28, 2025

Listed (Active)

NWMLS #2449226

$1,395,000—
Aug 24, 2020

Sold

NWMLS #1628636

$950,000—
Aug 7, 2020

Sold (Public Record)

Public Record #675897862

$950,000—
Jul 16, 2020

Pending

NWMLS #1628636

—
Jul 11, 2020

Listed (Active)

NWMLS #1628636

$990,000—
DateEvent & SourcePrice
10/28/2025

Listed (Active)

NWMLS #2449226

$1,395,000
08/24/2020

Sold

NWMLS #1628636

$950,000
08/07/2020

Sold (Public Record)

Public Record #675897862

$950,000
07/16/2020

Pending

NWMLS #1628636

—
07/11/2020

Listed (Active)

NWMLS #1628636

$990,000

For completeness, Compass often displays two records for one sale: the MLS record and the public record.

Public Records for 34007 1st Circle South

Taxable ValueLand$270,000Additions$1,037,000Total$1,307,000
Tax Record2024$12,514 ($1,043 / month)
Home Facts
Total Finished SqFt5,400 SqFtAbove Ground SqFt5,400 SqFtStories2Lot Size17,999 SqFtStyleMulti-Family Dwelling (2-4)Year Built1979Year Renovated2005ZoningRM2400CountyKINGAPN132202-0360Fireplace TypeHas Fireplace

Schools near 34007 1st Circle South

This home is within Federal Way School District.
Rating
School
Type
Grades
Distance
Panther Lake Elementary School
Public - PK to 5
Illahee Middle School
Public - 5 to 8
Todd Beamer High School
Public - 9 to 12
Support School
Public - PK to 12
Rating
School
Distance
Panther Lake Elementary School
PublicPK to 5

Illahee Middle School
Public5 to 8

Todd Beamer High School
Public9 to 12

Support School
PublicPK to 12

School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.

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More information about 34007 1st Circle South, Federal Way, WA 98003

34007 1st Circle South is a multi-family home for sale in Federal Way, WA 98003. This property was listed for sale on October 28, 2025 by Northmarq Multifamily, LLC, it's currently listed at $1,395,000. It has been on the market for a total of 46 days and was last sold on August 24, 2020. This listing's school district is Federal Way School District. Nearby schools include Panther Lake Elementary School, Illahee Middle School and Todd Beamer High School. 34007 1st Circle South is a 12-bed, 6-bath, multi-family home built in 1979.

No guarantee, warranty or representation of any kind is made regarding the completeness or accuracy of descriptions or measurements (including square footage measurements and property condition), such should be independently verified, and Compass expressly disclaims any liability in connection therewith. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. Offers of compensation are subject to change at the discretion of the seller. No financial or legal advice provided. Equal Housing Opportunity.

Listing Courtesy of Northmarq Multifamily, LLC

Properties displayed may be listed or sold by various participants in the MLS. Based on information submitted to the MLS GRID as of 12/13/2025 10:08 PM. All data is obtained from various sources and may not have been verified by broker orMLS GRID. Supplied Open House Information is subject to change without notice. All informationshould be independently reviewed and verified for accuracy. Properties may or may not be listed bythe office/agent presenting the information.