Additive manufacturing technologies have opened up new possibilities for realizing more comprehensive magnetic circuit designs ultimately leading to Electrical machines with enhanced performance lower material consumption and cost. This study introduces the properties of soft magnetic Fe-49Co-2V material produced by Laser Powder Bed Fusion (L-PBF) process from gas-atomized powder. The L-PBF process parameters were optimized for low porosity by implementing a Design of Experiments (DoE) approach. Samples were manufactured for magnetic and mechanical characterization using the optimized process parameters and heat-treated using different cycles. The magnetic properties were measured at different frequencies and magnetic flux densities and the mechanical properties were characterized by conducting tensile tests and hardness measurements. The samples manufactured with optimized process parameters had a very low porosity. Based on the magnetic measurements the best heat-treatment cycle led to magnetic saturation permeability and coercivity values comparable to commercial standardized Fe-49Co-2V alloy.