Church Facility with
For Sale
$2,900,000
33901 9th Ave S, Federal Way, WA 98003
Flexible institutional property with a large open activity area, updated HVAC, and access to transit and nearby retail.
Property Size11,556 SF
Price / SF$250.95
Days on Market17
Property Features for 33901 9th Ave S
General Information
Standard status
Active
Size
11,556 SF
Zoning
OP
Building Details
Year Built
1977
Listing Agency:
Frontier Realty
(425) 712-8949
Listed By:
Raymond Hwang
Source:
Montgomeryht
Added: Aug 12
Changed: Aug 28
Last Checked: Aug 26 at 10:19AM
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 Frontier Realty
Investment Insights
Based on property information with market context.
This 11,556-square-foot facility, built in 1977, is arranged around a gymnasium-style area of approximately 6,000 square feet. The property currently operates as an academy and religious facility, with a layout that can accommodate compatible uses under OP zoning, including school, church, office and warehouse, reception hall, sports training, physical therapy, government, and community services functions.
The building is located in West Campus Business Park on Lot 16A, near I-5, Federal Way Commons, major retailers, and transit. A central HVAC system was installed in 2024. Security surveillance, commercial kitchen equipment with a 6-foot commercial hood, and media or musical systems may be included at the buyer’s request.
The building is located in West Campus Business Park on Lot 16A, near I-5, Federal Way Commons, major retailers, and transit. A central HVAC system was installed in 2024. Security surveillance, commercial kitchen equipment with a 6-foot commercial hood, and media or musical systems may be included at the buyer’s request.
Key Highlights
- 11,556 SF facility on Lot 16A in West Campus Business Park
- Approximately 6,000 SF gymnasium‑style open area
- Current academy and religious facility use
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$165,905
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.72%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$3,318,100
$3.3M
Cap Rate 7%
$2,370,071
$2.4M
Cap Rate 9%
$1,843,389
$1.8M
Market Conditions
NOI Build-Up for 11,556 SF
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.
Gross rent
$318.3K $27.54/SF
− Vacancy
−$63.0K −$5.45/SF
EGI
$255.2K $22.09/SF
− OpEx
−$89.3K −$7.73/SF
NOI
$165.9K $14.36/SF
Area
King County, WA
Vacancy
19.80%
Lease Rate
$27.54 /SF/Yr
Expense Ratio
35.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$3,318,100
Cap Rate 7%
$2,370,071
Cap Rate 9%
$1,843,389
Alternative Uses
Best Use
Flex RnD
$2.37M
$2.07M – $2.77M
NOI $165,905 @ 7.0% cap · market cap 5.72%
Second Best
Industrial
$1.66M
$1.45M – $1.94M
NOI $116,222 @ 7.0% cap · market cap 4.01%
Theoretical Best
Office A
$4.63M
$4.05M – $5.40M
NOI $323,993 @ 7.0% cap · market cap 11.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,105
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
Market
Vacancy Rate% for Industrial in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Church & religious facility - Flexible institutional property with a large open activity area, updated HVAC, and access to transit and nearby retail.
Where is this church & religious facility located?
The property is located at 33901 9th Ave S Federal Way, WA.
What is the asking price?
The asking price for this property is $2,900,000.
What are key features of this property?
This property features: 11,556 SF facility on Lot 16A in West Campus Business Park; Approximately 6,000 SF gymnasium‑style open area; Current academy and religious facility use
