Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    35415 SW 21St Ave Federal Way, WA 98023

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Sale
    Contact for pricing

    3.23 acre commercial land in Federal Way, WA for sale.

    We can help!

    Listing Contact
    Alexandar Hong
    Source: Corcoran

    Listing Agency: COMPASS Listing Agent: Alexandar Hong

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    Federal Way Development Opportunity

    This 3.23-acre property in Federal Way presents a development opportunity. Zoned BN (Business Neighborhood), the site is suitable for various revenue-generating uses. Feasibility studies have been conducted for a strip mall, restaurant concepts, a coffee shop, and office buildings. The sale includes parcels located at 35415, 35409, 35104, and 35305 21st Avenue SW, Federal Way, WA 98023. It is suited for investors and developers seeking a long-term income-producing asset.
    Location Intelligence

    Current Use by Public Records

    Commercial land

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Federal Way
    County
    King
    State
    Washington
    Longitude
    -122.361659
    Latitude
    47.2840437

    Nearby Similar for Sale

    • Contact for pricing

      Prime Office Location in Federal

      Ideally located office building near future Sound Transit Station.
      2505 S 320Th St, Federal Way, WA 98003
      View Details
    • Contact for pricing

      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
    • Contact for pricing

      Class-A Office Buildings For Sale

      Four Class-A office buildings totaling 250,000 SF.
      33810 Weyerhaeuser Way South, Federal Way, WA 98001
      View Details
    • Contact for pricing

      Fully Occupied Seattle MSA Property

      Prime investment opportunity in the thriving Seattle MSA market.
      32114 1St Ave S, Federal Way, WA 98003
      View Details
    • Contact for pricing
      187,612 SF

      Federal Way Office Campus Building

      Large suburban office property with adaptable infrastructure and data center.
      32275 32Nd Ave S, Federal Way, WA 98001
      View Details
    • Contact for pricing
      8,280 SF

      Federal Way Office Space Available

      Office space near future Link Light Rail Station in Federal Way.
      1230 South 336Th St, Federal Way, WA 98003
      View Details
    • Contact for pricing
      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
    • Contact for pricing
      74,031 SF

      Class A Office Building

      Prime office space near future Sound Transit Station.
      2505 S 320Th St, Federal Way, WA 98003
      View Details
    • Contact for pricing
      254,927 SF

      Class-A Office Buildings For Sale

      Four Class-A office buildings totaling 250,000 SF in Federal Way.
      33810 Weyerhaeuser Way South, Federal Way, WA 98001
      View Details
    • Contact for pricing

      Federal Way Industrial Opportunity

      37,250 SF industrial building in a prime location.
      Federal Way, WA 98003
      View Details
    • Contact for pricing
      4,800 SF

      Federal Way Office Building

      Office building for sale in Federal Way, Washington.
      918 S 348Th St, Federal Way, WA 98003
      View Details
    • Contact for pricing

      Federal Way Office Building For Sale

      Single tenant office building leased to State of Washington.
      616 S 348Th St, Federal Way, WA 98003
      View Details

    FAQs

    What type of property is this?
    Commercial land - 3.23 acre commercial land in Federal Way, WA for sale.
    Where is this commercial land located?
    The property is located at 35415 SW 21St Ave Federal Way, WA.
    What are key features of this property?
    This property features: - High-demand Federal Way location in a Business Neighborhood (BN) zone.; - 3.23-acre site suitable for various revenue-generating uses like a strip mall, restaurant, coffee shop, or office.; - Extensive feasibility studies completed, reducing development timeline and risk.
    (253) 987-1778
    Request Owner's contact information
    35415 SW 21St Ave Federal Way, WA 98023
    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.
    35415 SW 21St Ave
    Federal Way, WA 98023
    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
    35415 SW 21St Ave Federal Way, WA 98023
    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

    We can help!
    Listing Contact
    Alexandar Hong
    (253) 987-1778
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!