Office/Flex Investment
1707 S 341st Pl Federal Way, WA 98003
1707 S 341st Pl, Federal Way, WA, 98003
$3,250,000
For Sale
$3,250,000
Fully leased office/flex building on NNN leases with 6 tenants and recent roof and HVAC improvements.
Property Size13,220 SF
Lot Size1.26 Acres
Price / SF$245.84
Days on Market106
Property Features for 1707 S 341st Pl
General Information
- Standard status
- Active
- Size
- 13,220 SF
- Lot size
- 1.26 Acres
- Property subtype
- Office
Listing agency
NAI Puget Sound Properties
(425) 586-5608
Listed by
Kyle Sterling
Source
Nai-psp
Added: Apr 7 Updated: Jul 20 at 6:19PM Checked: Jul 21 at 3:36AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of NAI Puget Sound Properties
Investment Insights
Based on property information with market context.
The Fortune Building is a fully leased office/flex investment property comprising a 13,200 SF building on a 54,901 SF lot. The property is currently leased to 6 tenants under NNN leases. Recent capital improvements include the roof and HVAC systems, supporting a stabilized operating profile.
The building is located in Federal Way, Washington, just north of a Walmart Supercenter and Federal Way Crossings. The current rent level is $14 per SF, as stated in the offering remarks.
The building is located in Federal Way, Washington, just north of a Walmart Supercenter and Federal Way Crossings. The current rent level is $14 per SF, as stated in the offering remarks.
Key Highlights
- Fortune Building: 13,200 SF office/flex building on a 54,901 SF lot (1.26 AC).
- Fully leased to 6 tenants under NNN leases.
- Current rents are $14/sf, stated to be 20%+ below market.
Local Financial Insights For Office B
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $475.9k | $36.00 |
| − Vacancy | −$104.2k | −$7.88 |
| EGI | $371.7k | $28.12 |
| − OpEx | −$92.9k | −$7.03 |
| NOI | $278.8k | $21.09 |
13,220 SF · lease $36.00/SF/yr · vacancy 21.90% · expense 25.00%
Alternative Uses
Best Use
Office B
$3.98M
$3.48M – $4.65M
NOI $278,770 @ 7.0% cap · market cap 8.58%
Second Best
Flex RnD
$2.71M
$2.37M – $3.16M
NOI $189,794 @ 7.0% cap · market cap 5.84%
Theoretical Best
Office A
$5.29M
$4.63M – $6.18M
NOI $370,646 @ 7.0% cap · market cap 11.40%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Flex space
Similar For Sale Nearby
Similar Off Market Nearby
- Nana Services LLC — 1010 South 336th St #205, Federal Way, WA 98003
- Tamu Foods — 1112 S 344th St # 304, Federal Way, WA 98003
FAQs
What type of property is this?
Flex space - Fully leased office/flex building on NNN leases with 6 tenants and recent roof and HVAC improvements.
Where is this flex space located?
The property is located at 1707 S 341st Pl Federal Way, WA.
What is the asking price?
The asking price for this property is $3,250,000.
What are key features of this property?
This property features: Fortune Building: 13,200 SF office/flex building on a 54,901 SF lot (1.26 AC).; Fully leased to 6 tenants under NNN leases.; Current rents are $14/sf, stated to be 20%+ below market.
