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    32018 23Rd Ave Federal Way, WA 98003

    Sponsored
    For Lease
    $25 SF/Yr

    High-visibility retail spaces available

    Lot size:
    26,540 SF

    Description

    Added:
    Feb 13, 2025
    Days on Market:
    328
    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 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

    Unit(s) available at that property

    Space
    Suite 32038
    Size
    1,280 SF
    Rate per SF
    $25

    HighLights

    • 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).
    • High‑visibility location at a lighted intersection with monument and building fascia signage, situated off I‑5.
    • Strong tenant mix including UW Medicine Federal Way Clinic and ATI Physical Therapy. Zoned CC‑C in King County (APN: 162104‑9028).
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Realty agency Restaurant Law Firm Building Supply Dental Office Spa & Massage Wholesale Shop Auto Repair Shop Hair Salon Clothing Store

    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).
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    Realmo Value Estimation

    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.

    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.

    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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