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    2400 S 320Th St Federal Way, WA 98023

    For Sale
    $8,145,700

    Strategic land play near future light rail station.

    Property size:
    10,350 SF
    Lot size:
    1.87 Acres

    Property Features for 2400 S 320Th St

    General Information

    Size
    10,350 SF
    Lot size
    1.87 Acres

    Source: Lee & Associates Commercial Real Estate Services Agent Yeh-Hee Hahn

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

    Overview

    Federal Way Redevelopment Opportunity

    This property offers a strategic land acquisition opportunity in Federal Way, Washington, near the upcoming Federal Way Link Light Rail Station, scheduled to open in late 2025. It provides direct access to Interstate 5, facilitating regional connectivity. The zoning permits development up to 200 feet, making it suitable for a mixed-use project that could include residential, retail, and office spaces. This transit-oriented redevelopment site offers long-term potential. The property is currently leased to Black Angus Steakhouse through November 30, 2026, with an option for a five-year renewal. The existing lease provides income while allowing time for planning as the $3.1 billion light rail extension connects Federal Way to Downtown Seattle, Sea-Tac International Airport, and Tacoma. Federal Way's affordability and infrastructure investments are driving demand for housing, retail, and commercial development. The incoming light rail station is expected to accelerate growth in the surrounding area. The location benefits from a stable employment base, with major employers nearby, including Amazon, DaVita Healthcare Partners, Virginia Mason Medical Center, St. Francis Hospital, Federal Way Public Schools, and World Vision International. The property, with its flexible zoning and strong fundamentals, is suitable for developers and investors looking to participate in Federal Way’s growth. The property size is 10350 square feet.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Commercial land

    Suggested Use

    Restaurant Realty agency 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
    -122.3024901
    Latitude
    47.3157752

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    FAQs

    What type of property is this?
    Land - Strategic land play near future light rail station.
    Where is this land located?
    The property is located at 2400 S 320Th St Federal Way, WA.
    What is the asking price?
    The asking price for this property is $8,145,700.
    What are key features of this property?
    This property features: - Prime transit-oriented redevelopment site within walking distance of the new Federal Way Link Light Rail Station (opening late 2025) connecting to Seattle, Sea-Tac Airport, and Tacoma.; - Zoning allows for development up to 200 feet, suitable for a mixed-use project.; - Direct access to Interstate 5 provides exceptional regional connectivity.
    (253) 230-2412
    Request Owner's contact information
    2400 S 320Th St Federal Way, WA 98023
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    Federal Way, WA 98023
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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
    2400 S 320Th St Federal Way, WA 98023
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