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.
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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
Based on information submitted to the MLS GRID as of . All data is obtained from various sources and may not have been verified by broker or MLS GRID. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.IDX information is provided exclusively for consumers’ personal noncommercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.