31224 28th Avenue S, Federal Way, WA 98003

$1,025,000
2,540
SqFt

Listing courtesy of John L. Scott R.E. Lake Tapps. Selling Office: Best Choice Realty.

Sold Price
$1,025,000
List Price
$1,200,000
Status
SOLD
MLS#
2196735
Closing Date
Jun 14, 2024
Days on Market
70
Style
52 - Duplex
Building Condition
Fair
Finished SqFt
2,540
Area Total SqFt
2540
Annual Tax Ammount
9150.9
Lot Size (sq ft)
41,236
Sewer
Available

Property Description

New Prime opportunity in city of Federal Way! 2 rental houses located in desirable busy Downtown w/ 3 parcels totaling .95 acre (41,236 sf) zoned RM2400 Multifamily.Great opportunity to collect rents while you develop this flat, dry land, access w/ all utilities connected (water, sewer, electricity) gas in street. Immediate access to I-5, HOV on/off ramps & conveniently close to Hwy 167, 18 w/ walking distance to shopping, FW mall, Steel Lake, restaurants & most importantly the new Sound Transit Light rail & bus station This is a remarkable opportunity, allowable usages include zero lot line townhouses, multifamily dwelling stack units, senior housing & more!This site receives good exposure with 157' of frontage on 28th Ave. & backs to I-5.

Additional Information

List Date
2024-04-05 00:00:00
Community
Steel Lake
Net Operating Income
$25,561
Gross Adjusted Income
$35,700
Gross Scheduled Income
$35,700
Total Monthly Income
$2,975
Insurance Expenses
$988
Gross Rent Multiplier
33.61
Total Expenses
$10,138
Cap Rate
2.13
Total Number of Units
2
Unit Name
31224
Potential Terms
Cash Out, Conventional
Year Built
1961
View
Mountain(s), Territorial
Roof
Composition
Site Features
Cable TV, Fenced-Partially, Gas Available, High Speed Internet
Energy Source
Electric
School District
Federal Way
Total Monthly Income
$2,975
Gross Scheduled Income
$35,700
Gross Adjusted Income
$35,700
Tax Year
2023
Insurance Expense
$988
Total Expenses
$10,138
Net Operating Income
$25,561
Gross Rent Multiplier
33.61
Cap Rate
2.13
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