Federal Way Multifamily Buyer
Sell Your Commercial Property In Federal Way, WA
Skyline Capital Investments buys commercial apartment buildings of 5+ units in Federal Way and across King County — listed or off-market, stabilized or value-add. Get clear feedback on your deal, typically within 48 hours.
- Clear feedback on your deal, typically within 48 hours
- 5 to 100+ units, stabilized or distressed, listed or off-market
- Owners, agents, and brokers welcome — every conversation is confidential
We buy:Tired landlordsEstate & trust sales1031 exchangesDeferred maintenanceHigh vacancyPartnership splits
Where We Look: City Center · Twin Lakes · Redondo · Lakeland — King County, WA
Local Demand
Our View On Federal Way
Federal Way, a King County city of 99,493 residents in the Census Bureau's ACS 2020-2024 estimates, rents more than Washington overall. Renters hold 44.7% of Federal Way's occupied homes, against 36.2% statewide. Median gross rent is $1,797 a month, and 59.4% of Federal Way renters spend 30% or more of income on rent. Owners who sell commercial property in Federal Way, WA bring a mixed stock to market: 35.5% of Federal Way's 37,479 housing units sit in buildings of five or more units, near St. Francis Hospital and the I-5 corridor.
I-5 commuter corridor
52.0% of Federal Way workers commute 30 minutes or more, mostly toward Seattle and Tacoma, per ACS 2020-2024 commuting data.St. Francis Hospital
Virginia Mason Franciscan Health's St. Francis Hospital carries 148 beds in Federal Way, per its 2022 news release.Downtown retail corridor
Downtown Federal Way covers 414 acres with 2.5 million square feet of retail space, per the city's page.Our Buy Box
What We Buy In Federal Way
Asset Type
Multifamily, 5+ Units
Apartment buildings and income-producing residential.
Size
5 – 100+ Units
Sweet spot: 15–25 units.
Condition
Stabilized To Distressed
Value-add, mismanaged, and high-vacancy properties welcome.
Deal Types
Listed Or Off-Market
Direct-to-owner, pocket listings, portfolios.
Local Market Data
Federal Way Apartment Market
Figures gathered October 2026 from public market data.
Who rents in Federal Way
Renters occupy 44.7% of Federal Way's occupied homes, 15,960 of 35,717 units, per ACS 2020-2024 tenure data. Federal Way has 13,317 homes in 5+ unit buildings, 35.5% of its 37,479 units, per ACS units-in-structure data. Another 40.1% predate 1980, per ACS year-built data.
Rents and affordability in Federal Way
Federal Way's median gross rent is $1,797 a month, per ACS 2020-2024 rent data, $752 below HUD's FY2027 two-bedroom rent. Among Federal Way renters, 59.4% spend 30% or more of income on rent, per ACS table B25070. Owners who sell commercial property in Federal Way, WA can use that gap to model upside.
| Unit size | HUD FY2027 FMR, Seattle-Bellevue, WA HUD Metro FMR Area |
|---|---|
| Efficiency | $2,091 |
| One-bedroom | $2,180 |
| Two-bedroom | $2,549 |
| Three-bedroom | $3,324 |
| Four-bedroom | $3,954 |
Source: HUD fair market rent documentation.
Property taxes in King County
Federal Way's tax code area 1190 carries a 2026 regular levy rate of $9.29817 per $1,000 assessed value, per the King County Assessor's ratebook. On a $2,000,000 building there, those levies total $18,596.34 a year.
Owners who sell commercial real estate in Federal Way, WA also owe Washington's real estate excise tax, usually paid by the seller, per the Department of Revenue. On a $2,000,000 sale starting January 1, 2027, the state portion is $31,208.50 and the city's 0.50% rate adds $10,000, for $41,208.50, per the DOR rate table.
Landlord rules in Federal Way
Washington's Attorney General guidance sets the 2026 maximum rent increase at 9.683%, with 90 days' written notice first. RCW 59.18.650 requires a listed cause to end a periodic tenancy, with 60 days' notice for a business reason and 90 days for owner occupancy.
RCW 35.21.830 preempts rent control by Washington cities, with low-income exceptions, and RCW 59.18.280 gives landlords 30 days to return deposits. Anyone selling commercial property in Federal Way should confirm these notice periods first.
What it means for an owner
Federal Way sits on the I-5 corridor between Seattle and Tacoma, where 52.0% of workers commute 30 minutes or more, per ACS 2020-2024 commuting data. Virginia Mason Franciscan Health's St. Francis Hospital carries 148 beds here, per its 2022 news release. Downtown Federal Way covers 414 acres with 2.5 million square feet of retail space, per the city's downtown page.
To sell commercial property in Federal Way, WA, lead with the $752 HUD gap and the 35.5% share of homes in larger buildings. Test pricing with our cap rate calculator. Skyline Capital Investments buys buildings of five or more units; if you plan to sell your apartment building in Federal Way, start with our sell my apartment building page.
Local Knowledge
What Shapes A Federal Way Offer
More about selling in Washington →Investing in Federal Way? See apartment syndications in Federal Way →
- Federal Way's median rent of $1,797 sits $752 below HUD's FY2027 two-bedroom fair market rent for Seattle-Bellevue.
- Owners who sell commercial real estate in Federal Way, WA face $41,208.50 excise tax on a $2,000,000 sale.
- Federal Way's tax code area 1190 carries a $9.29817 per $1,000 levy rate, per the King County Assessor.
Seller Guides
Federal Way Seller Situations
Learn More
Taxes & Rules For Federal Way Property
The Washington rules that shape any deal in Federal Way: what a sale costs in tax, how buildings are taxed, what landlords must follow, and how to defer gains.
Federal Way Seller FAQ
What should I know before I sell commercial property in Federal Way, WA?
Renters hold 44.7% of Federal Way homes in ACS 2020-2024, and median gross rent is $1,797 a month. Federal Way's tax code area 1190 carries a $9.29817 per $1,000 regular levy rate, or $18,596.34 a year on a $2,000,000 building, per the King County Assessor.
What taxes come due when I sell commercial real estate in Federal Way, WA?
The seller usually pays Washington's real estate excise tax, per the Department of Revenue. On a $2,000,000 sale beginning January 1, 2027, the state graduated portion is $31,208.50 and Federal Way's 0.50% local rate adds $10,000, for $41,208.50.
Can Federal Way pass its own rent control?
No. RCW 35.21.830 preempts rent control by Washington cities and towns, with exceptions for public and low-income properties. Statewide, the 2026 maximum increase is 9.683%, and landlords must give 90 days' written notice before an increase.
How do Federal Way rents compare with HUD's benchmark?
Federal Way's median gross rent is $1,797 in ACS 2020-2024, $752 below HUD's FY2027 two-bedroom fair market rent of $2,549 for Seattle-Bellevue. Owners who sell multifamily property in Federal Way can show buyers that gap when modeling rents.
What notice does a Federal Way landlord need to end a tenancy?
RCW 59.18.650 requires a listed cause for most periodic tenancies, with 60 days' notice for a legitimate economic or business reason, 90 days for owner occupancy, and shorter notice for lease violations or nonpayment of rent.
Will you buy a Federal Way property that needs work or has high vacancy?
Yes. We regularly evaluate value-add, mismanaged, and distressed multifamily properties and underwrite them as they are today — no repairs or lease-up required before selling.
Do you work with Federal Way brokers and agents?
We do. Agents can bring us listed or pocket-listing deals in Federal Way, and we keep every conversation confidential.
Is it possible to sell rental property in Federal Way without evicting tenants?
It is. We buy apartment buildings occupied, and tenants stay on their current leases. Skyline Capital Investments is a commercial real estate buyer of 5+ unit buildings, so occupied properties are the norm for us.
How fast can I sell my apartment building in Federal Way?
Most owners get clear feedback within 48 hours of sending the address, unit count, and a rent roll. Closing is typically set around your timeline, including extra time for a 1031 exchange.
Submit A Deal
Tell Us About Your Property In Federal Way
Send the address, unit count, and asking price if you have one. We keep every conversation confidential.
