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.

Exterior features

BrickWood

Property details

Heating: Baseboard
Cooling: None
Lot: Curbs, Paved, Sidewalk
Sewer: Sewer Connected

Costs

Annual taxes: $26,635 (2026)

Estimate your monthly payment

$15,999/mo

Principal & interest: $13,779
Property taxes: $2,220

Down payment (20%) $545,000 Interest rate (%) Loan term (years)

Loan amount $2,180,000

Estimate only — excludes homeowner's insurance and PMI. Rates shown are not a quote. Talk to us to connect with a lender.

Location

Federal Way, WA 98003

Approximate location. Contact us to confirm the exact address.

Listing courtesy of Westlake Associates, Inc.— David W Petersen.Listing data courtesy of the Northwest Multiple Listing Service (NWMLS). Information deemed reliable but not guaranteed and should be independently verified. All properties are subject to prior sale, change, or withdrawal.

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