Remodeled Office
For Sale
Contact for pricing
31003 18th Ave S, Federal Way, WA 98003
Two flexible structures offer private entrances, restrooms, and options for multiple occupants or shared office use.
Property Size5,193 SF
Price / SF$365.88
Days on Market49
Property Features for 31003 18th Ave S
General Information
Standard status
Active
Size
5,193 SF
Total Parking Spaces
14
Property subtype
OFFICE
Zoning
BC
Site & Location
Highway Access
Yes
Public Transit
Yes
Additional Details
Office Units
6
Building Details
Buildings
2
Tenancy
Multi
Listing Agency:
Red Rock Real Estate
(425) 296-2280
Listed By:
Connie Vega
(206) 850-9338
Source:
Moodyscre
Added: Sep 9
Changed: Oct 26
Last Checked: Oct 26 at 6:19PM
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 Red Rock Real Estate
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Investment Insights
Based on property information with market context.
This office property comprises two remodeled buildings totaling 5,193 square feet on a corner lot. The improvements can support as many as six separate office spaces, with individual entrances and bathrooms. Building One contains 3,617 square feet, including a 3,047-square-foot main level with private offices, a kitchenette, and four bathrooms, plus a 570-square-foot lower-level office with large windows. Building Two provides 1,576 square feet with three private offices, open workspace, reception, and two restrooms; its layout can serve one user or be divided into two suites.
The site includes 14 parking stalls and potential yard space. BC zoning allows a broad range of potential uses. The property is one block from Pacific Hwy, with I-5 and a new light rail station approximately 5 minutes away.
The configuration supports full-building occupancy, partial owner use, or separate office leasing within the two structures.
The site includes 14 parking stalls and potential yard space. BC zoning allows a broad range of potential uses. The property is one block from Pacific Hwy, with I-5 and a new light rail station approximately 5 minutes away.
The configuration supports full-building occupancy, partial owner use, or separate office leasing within the two structures.
Key Highlights
- Two remodeled office buildings totaling 5,193 square feet
- Up to six separate office spaces, each with its own entrance and bathroom
- Building One includes 3,617 square feet; Building Two includes 1,576 square feet
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$109,505
Cap Rate
5.76%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,190,100
$2.2M
Cap Rate 7%
$1,564,357
$1.6M
Cap Rate 9%
$1,216,722
$1.2M
Market Conditions
NOI Build-Up for 5,193 SF
Gross rent
$186.9K $36.00/SF
− Vacancy
−$40.9K −$7.88/SF
EGI
$146.0K $28.12/SF
− OpEx
−$36.5K −$7.03/SF
NOI
$109.5K $21.09/SF
Area
King County, WA
Vacancy
21.90%
Lease Rate
$36.00 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,190,100
Cap Rate 7%
$1,564,357
Cap Rate 9%
$1,216,722
Alternative Uses
Best Use
Office B
$1.56M
$1.37M – $1.83M
NOI $109,505 @ 7.0% cap · market cap 5.76%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.08M
$1.82M – $2.43M
NOI $145,595 @ 7.0% cap · market cap 7.66%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
Who owns this building?
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Current Use
Lease Details
6
Office units
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,407
Businesses Nearby
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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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Market
Vacancy Rate% for Office in West region
Frequently Asked Questions
What type of property is this?
Office building - Two flexible structures offer private entrances, restrooms, and options for multiple occupants or shared office use.
Where is this office building located?
The property is located at 31003 18th Ave S Federal Way, WA.
What is the asking price?
The asking price for this property is $1,900,000.
What are key features of this property?
This property features: Two remodeled office buildings totaling 5,193 square feet; Up to six separate office spaces, each with its own entrance and bathroom; Building One includes 3,617 square feet; Building Two includes 1,576 square feet
