30853 14th Avenue S, Federal Way, WA 98003

Federal Way
Local realty services provided by:Better Homes and Gardens Real Estate Northwest Home Team
Listed by: david w petersen, chad michael martini
Office: westlake associates, inc.206-505-9400
MLS#:2566450
Source:NWMLS
30853 14th Avenue S,Federal Way, WA 98003
$2,725,000
  • - Beds
  • - Baths
  • 9,420 sq. ft.
  • Multi-family
  • Active

Price summary

  • Price:$2,725,000
  • Price per sq. ft.:$289.28

About this home

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.

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Home facts

  • Year built:1958
  • Subdivision & Development:Federal Way
  • Listing ID #:2566450
  • Updated:November 10, 2026 at 01:34 AM

Rooms and interior

  • Living area:9,420 sq. ft.

Heating and cooling

  • Heating:Baseboard

Structure and exterior

  • Roof:Flat Roof
  • Year built:1958
  • Building area:9,420 sq. ft.
  • Lot area:0.71 Acres
  • Lot Features:Curbed Lot, Paved, Sidewalk
  • Construction Materials:Brick Exterior Finish, Wood Exterior Finish
  • Exterior Features:Fenced-Partially, Patio

Utilities

  • Sewer:Sewer Connected

Finances and disclosures

  • Price:$2,725,000
  • Price per sq. ft.:$289.28
  • Tax amount:$26,635 (2026)

Parking

  • Total parking spaces:20
  • Carport spaces:3
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