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    32018 23Rd Ave Federal Way, WA 98003

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    For Lease
    Contact for pricing

    High-visibility retail spaces available

    Lot size:
    26,540 SF

    Property Features for 32018 23Rd Ave

    General Information

    Property type
    Retail properties
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    26,540 SF
    Total Rate
    55291.67

    Building Details

    Year Built
    1985
    Buildings
    1
    Stories
    1

    Spaces For Lease

    at 32018 23Rd Ave, Federal Way, WA 98003 Contact us
    Unit Suite 32038

    $25 /Mo

    Size
    1,280 SF
    Contact us

    We can help!

    Listing Contact
    Andrea Anderson
    Andrea Anderson

    Listing Agency: Johnson Commercial - Lakewood Listing Agent: Andrea Anderson

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    This exceptional King County retail property, Federal Way Towne Square, offers a prime opportunity for businesses seeking high visibility and convenient access. The 26,540 square foot, single-story building sits on a 2.01-acre lot (87,556 sq ft) and boasts a highly desirable location just off I-5 at the S. 320th St. exit. Currently, three retail spaces are available, totaling 4,372 square feet, or can be leased individually. Suite 32038 (1,280 sq ft), formerly occupied by Liberty Tax, and Suite 32040 (985 sq ft), formerly Vapor Cloud, are immediately available. Suite 32042 (2,107 sq ft) will become available March 1, 2025. Each space features mostly open floor plans with restrooms and convenient rear exits. Benefit from prominent signage on the building fascia and a highly visible monument sign at the lighted intersection of 320th St and 23rd Ave. Join established tenants including UW Medicine Federal Way Clinic, ATI Physical Therapy, I-5 Drive School, and Sign-A-Rama. The property is zoned CC-C and features a total of 26,540 square feet with 2,265 square feet currently vacant. Built in 1985, this property presents a unique chance to establish or expand your business in a thriving location. The APN is 162104-9028.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Real Estate Agency Restaurant Law Firm Building Supply Dental Office Spa & Massage Center Big Box & Wholesale Store Auto Repair Shop Hair Salon Hotel & Motel

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Federal Way
    County
    King
    State
    Washington
    Longitude
    -122.3033428709
    Latitude
    47.314658415061

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    FAQs

    What type of property is this?
    Retail property - High-visibility retail spaces available
    Where is this retail property located?
    The property is located at 32018 23Rd Ave Federal Way, WA.
    What is the lease rate?
    The lease rate is $25 SF/Yr.
    What are key features of this property?
    This property features: Retail property totaling 26,540 square feet on a 2.01-acre lot (87,556 square feet).; Single-story building constructed in 1985 with multiple tenants.; Currently, 2,265 square feet of retail space is available for lease. Three individual suites are available, totaling 4,372 square feet if combined. Individual suite sizes are 1,280 SF, 985 SF, and 2,107 SF (available March 1, 2025).
    (253) 444-7801 Call to check price and availability
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    32018 23Rd Ave Federal Way, WA 98003
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    Federal Way, WA 98003
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    32018 23Rd Ave Federal Way, WA 98003
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    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Andrea Anderson
    Andrea Anderson
    Real Estate License ID: 21028742
    (253) 444-7801 (253) 589-9999
    Learn more
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