Midscale Hotel with Indoor
For Sale
$6,600,000
1400 S 348th St, Federal Way, WA 98003
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$166.36
Days on Market206
Property Features for 1400 S 348th St
General Information
Standard status
Active
Size
39,673 SF
Lot size
2.06 Acres
Property subtype
Hospitality
Amenities
Business Center
Fitness Center
Indoor Pool
Building Details
Year Built
2002
Year Renovated
2020
Stories
3
Listing Agency:
NAI Puget Sound Properties
Listed By:
Itzik Mizrahi
(425) 586-5637
Source:
Nai-psp
Added: Apr 1
Changed: Oct 8
Last Checked: Oct 20 at 6:55PM
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
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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
Estimated NOI and Cap Rate
NOI / Yr
$503,695
Cap Rate
7.63%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$10,073,900
$10.1M
Cap Rate 7%
$7,195,643
$7.2M
Cap Rate 9%
$5,596,611
$5.6M
Market Conditions
NOI Build-Up for 39,673 SF
Gross rent
$1.36M $34.18/SF
− Vacancy
−$295.6K −$7.45/SF
EGI
$1.06M $26.73/SF
− OpEx
−$556.7K −$14.03/SF
NOI
$503.7K $12.70/SF
Area
King County, WA
Vacancy
21.80%
Lease Rate
$34.18 /SF/Yr
Expense Ratio
52.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$10,073,900
Cap Rate 7%
$7,195,643
Cap Rate 9%
$5,596,611
Alternative Uses
Best Use
Hotel Hospitality
$7.20M
$6.30M – $8.39M
NOI $503,695 @ 7.0% cap · market cap 7.63%
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 16.85%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
1,257
Businesses Nearby
Explore this area
Business Placement
Demographics for 98003, WA
51,751
Population
20,380
Households
2.5
Avg Household Size
37
Median Age
28%
College-Educated
88%
High-School Grad
11.5 sq mi
ZIP Area
4,500
Density / Sq Mi
$70,800
Median Household Income
$39,497
Median Earnings
$1,650
Median Rent
$428,500
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Frequently Asked Questions
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 $6,600,000.
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
