$2,725,000
 $14,628 est/mo Sourced by Back At You

30853 14th Avenue,Federal Way, WA 98003

Federal Way, WA 98003

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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.

Details

MLS #2566450
Listing TypeFor Sale
Sub-TypeResale
StatusActive
Year1958
Days On Site16
Listing Provided ByWestlake Associates, Inc. | David W Petersen

Features

SQ Feet9,420
Car PortYes
Story(s)2
Units16
ZoningMulti-Family
Acreage0.71

Taxes

Property26635

Area Information

StateWA
CountyKing
CityFederal Way
Zip Code98003
Area110 Dash Point | Federal Way
Community NameFederal Way
Listing VS Median (in Federal Way)
Price:
$2,725,000
low | high
Med:
$524,900
100% of Average
sqft:
9,420
low | high
Med:
1,780
100% of Average
$ / sqft:
$289
low | high
Med:
$295
48.060859705185% of Average
On site:
16
low | high
Med:
13
100% of Average
Sourced by Back At You

Market Activity 98003

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Learn More About This Property

StateWA
CountyKing
CityFederal Way
Zip Code98003
Area110 Dash Point | Federal Way
Community NameFederal Way
Listing VS Median (in Federal Way)
Price:
$2,725,000
low | high
Med:
$524,900
100% of Average
sqft:
9,420
low | high
Med:
1,780
100% of Average
$ / sqft:
$289
low | high
Med:
$295
48.060859705185% of Average
On site:
16
low | high
Med:
13
100% of Average
Sourced by Back At You
Listing Updated: August 17, 2026 at 3:50:29 PM PDT