Midscale Hotel with Indoor
1400 S 348th St Federal Way, WA 98003
For Sale
$7,250,000
Midscale franchised hotel with 65 rooms, business center, fitness center, and indoor pool, built in 2002 and renovated in 2020.
Property Size39,673 SF
Lot Size2.06 Acres
Price / SF$182.74
Days on Market115
Property Features for 1400 S 348th St
General Information
- Standard status
- Active
- Size
- 39,673 SF
- Lot size
- 2.06 Acres
- Property subtype
- Hospitality
Listing Agency:
NAI Puget Sound Properties
(425) 586-5637
Listed By:
Itzik Mizrahi
Source:
Nai-psp
Added: Apr 1
Changed: Jul 23
Last Checked: Jul 23 at 2:36PM
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.
Quality Inn & Suites Federal Way is a franchised midscale hotel on an approximately 2.06-acre site with 65 guest rooms in a single 3-story building. Originally constructed in 2002 and extensively renovated in 2020, the property offers a business center, fitness center, and indoor pool.
The hotel is positioned within the Kent/Renton submarket of the Seattle/Tacoma metropolitan area, with access that the marketing materials describe as supportive of lodging demand due to proximity to major employment centers, retail amenities, and heavily traveled transportation corridors.
Existing plans provide the opportunity to expand the hotel by an estimated 22–24 additional keys, creating potential for growth and reconfiguration through expansion and redevelopment optionality.
The hotel is positioned within the Kent/Renton submarket of the Seattle/Tacoma metropolitan area, with access that the marketing materials describe as supportive of lodging demand due to proximity to major employment centers, retail amenities, and heavily traveled transportation corridors.
Existing plans provide the opportunity to expand the hotel by an estimated 22–24 additional keys, creating potential for growth and reconfiguration through expansion and redevelopment optionality.
Key Highlights
- Midscale franchised hotel with 65 guest rooms across 3 stories on a 2.06‑acre site
- 39,673 SF total building size; originally constructed in 2002
- Extensively renovated in 2020
Financial Insights For Hotel Hospitality
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 | $1.36M | $34.18 |
| − Vacancy | −$295.6k | −$7.45 |
| EGI | $1.06M | $26.73 |
| − OpEx | −$556.7k | −$14.03 |
| NOI | $503.7k | $12.70 |
39,673 SF · lease $34.18/SF/yr · vacancy 21.80% · expense 52.50%
Alternative Uses
Best Use
Hotel Hospitality
$7.20M
$6.30M – $8.39M
NOI $503,695 @ 7.0% cap · market cap 6.95%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$15.89M
$13.90M – $18.54M
NOI $1,112,304 @ 7.0% cap · market cap 15.34%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Hotels
FAQs
What type of property is this?
Hotel - Midscale franchised hotel with 65 rooms, business center, fitness center, and indoor pool, built in 2002 and renovated in 2020.
Where is this hotel located?
The property is located at 1400 S 348th St Federal Way, WA.
What is the asking price?
The asking price for this property is $7,250,000.
What are key features of this property?
This property features: Midscale franchised hotel with 65 guest rooms across 3 stories on a 2.06‑acre site; 39,673 SF total building size; originally constructed in 2002; Extensively renovated in 2020
