About this home

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 $208K per unit with a cap rate of 6.7%, it presents an attractive basis.

Exterior features

Cement Planked

Schools

Elementary

Panther Lake Elem

Middle

Federal Way Public A

High

Federal Way Snr High

Property details

Heating: Baseboard
Cooling: None
Flooring: Vinyl, Vinyl Plank, Carpet
View: Territorial
Lot: Corner Lot, Dead End Street, Paved
Water source: Public
Sewer: Sewer Connected

Costs

Annual taxes: $14,489 (2026)
HOA dues: $1,017 / monthly

Estimate your monthly payment

$8,545/mo

Principal & interest: $6,321
Property taxes: $1,207
HOA dues: $1,017

Down payment (20%) $250,000 Interest rate (%) Loan term (years)

Loan amount $1,000,000

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 Northmarq Multifamily, LLC— Taylor Wyman.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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