Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Land Near Highway Access Title is generated by Realmo AI

    21st Ave SW, Federal Way, WA 98003

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Sale
    $1,500,000

    3.23 acres of commercial land with development potential.

    Type:VacantLand
    Lot size:
    3.23 Acres
    Added:
    May 14, 2026
    Days on Market:
    13
    Last Refresh:
    May 14 at 4:49 am

    Property Features for 21st Ave SW

    General Information

    Standard status
    Active
    Lot size
    3.23 Acres
    Property subtype
    VacantLand

    We can help!

    Listing Contact
    Brandon Thomas

    Listing agent Brandon Thomas

    Listing office Coldwell Banker Commercial Danforth

    Listing date May 14, 2026

    Source Commercialcafe

    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 Coldwell Banker Commercial Danforth

    HighLights

    • 3.23 Acres total land area
    • Zoning allows for a variety of uses, including office, retail, multifamily, restaurants, and churches
    • Close proximity to HWY 99, 509, I5 and HWY 18
    • Located near retail, shopping, and services
    • Consists of four parcels
    • Surrounded by rooftops

    Overview

    This property consists of four parcels totaling 3.23 acres. It is located in close proximity to retail, shopping, services, Highway 99, 509, I-5, and Highway 18. The zoning allows for a variety of uses including office, retail, multifamily, restaurants, and churches.
    Location Intelligence

    Current Use by Public Records

    Commercial land

    Suggested Use

    Real Estate Agency Law Firm Restaurant Dental Office Spa & Massage Center Hair Salon Nail Salon Building Supply Gym & Fitness Center Accounting Firm

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Federal Way
    County
    King
    State
    Washington
    Longitude
    -122.3608398
    Latitude
    47.5170976

    Nearby Similar for Sale

    • $20
      250,000 SF

      Class-A Office Buildings For Sale

      Four Class-A office buildings totaling 250,000 SF.
      33810 - 33940 Weyerhaeuser Way South, Federal Way, WA 98001
      View Details
    • $4,000,000
      9,998 SF

      Standalone Retail Building For Lease

      Remodeled retail building with high visibility and ample parking.
      30650 Pacific Hwy S, Federal Way, WA
      View Details
    • $21

      Prime Office Location in Federal

      Ideally located office building near future Sound Transit Station.
      2505 S 320th Street, Federal Way, WA 98003
      View Details
    • $8,145,700
      10,350 SF

      Federal Way Redevelopment Opportunity

      Strategic land play near future light rail station.
      2400 S 320th St, Federal Way, WA
      View Details
    • $3,950,000
      2,100 SF

      Federal Way Office Space Available

      Open office space with natural light and elevator access.
      34704 11th PL S, Federal Way, WA
      View Details
    • $3,000,000
      47,800 SF

      New Office Building For Lease

      New office building with excellent access on the east side.
      32200 Weyerhaeuser Way S, Federal Way, WA
      View Details
    • $14
      2,200 SF

      Federal Way Office Space Available

      Office space in Federal Way with close access to I-5.
      1707-1727 S 341st Pl, Federal Way , WA 98003
      View Details
    • $3,995,000
      732 SF

      Federal Way Office Space Available

      Office space for rent in a park-like setting.
      33710-33720 9th Ave S, Federal Way, WA
      View Details
    • $4,285,000
      14,238 SF

      Walgreens NNN Investment Opportunity

      NNN Walgreens in Federal Way with strong traffic and demographics.
      28817 Military Rd S, Federal Way, WA 98003
      View Details
    • $1,500,000
      140,699 SF

      3.23 Acres Commercial Land Available

      Commercial land with diverse development opportunities near major transportation routes.
      0 6th Ave SW, Federal Way, WA 98023
      View Details
    • $7,500,000

      Federal Way Office Building For Sale

      Single tenant office building leased to State of Washington.
      616 S 348th St, Federal Way, WA
      View Details
    • $2,975,000

      Federal Way Development Property

      4.26 acres of land with high traffic volume.
      30200 Pacific Hwy S, Federal Way, WA
      View Details

    FAQs

    What type of property is this?
    Commercial land - 3.23 acres of commercial land with development potential.
    Where is this commercial land located?
    The property is located at 21st Ave SW Federal Way, WA.
    What is the asking price?
    The asking price for this property is $1,500,000.
    What are key features of this property?
    This property features: 3.23 Acres total land area; Zoning allows for a variety of uses, including office, retail, multifamily, restaurants, and churches; Close proximity to HWY 99, 509, I5 and HWY 18
    We can help!
    Listing Contact
    Brandon Thomas
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    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.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    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.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    21st Ave SW, Federal Way, WA 98003
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!