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    31620 23Rd Ave Federal Way, WA 98003

    For Lease
    $26 SF/Yr

    Prime Federal Way Office Space, 720-4408 sqft available

    Lot size:
    40,053 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    363
    The Parklane Executive Center, located at 31620 23rd Avenue South in Federal Way, WA 98003, offers exceptional office space in a Class B building. This single, three-story building boasts a total of 40,053 square feet, with 720 square feet currently vacant. Multiple tenancy options are available, ranging from 720 to 4,408 square feet, providing flexibility for various business needs. Built in 1984 and renovated in 2004, the property sits on a 1.53-acre lot and features ample parking with 140 spaces and convenient elevator access. Its strategic location in the CBA Federal Way submarket of King County (APN 0921049051) provides excellent access to the I-5 corridor, placing it within a 20-minute commute to Seattle. The property is zoned CF and benefits from its proximity to a new transit center in downtown Federal Way, enhancing accessibility and convenience. This presents a compelling opportunity for businesses seeking well-maintained office space in a thriving and easily accessible location.

    Property Features for 31620 23Rd Ave

    General Information

    Property type
    Office Properties & Spaces
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    40,053 SF
    Class
    B
    Total Rate
    86781.5

    Building Details

    Year Built/Renovated
    1984/2004
    Buildings
    1
    Stories
    3

    Unit(s) available at that property

    Space
    Suite 110
    Size
    4,408 SF
    Rate per SF
    $26
    Space
    Suite 201
    Size
    720 SF
    Rate per SF
    $26

    HighLights

    • Class B office building in Federal Way City Center, WA.
    • Excellent I‑5 access, within 20 minutes of Seattle.
    • Adjacent to a new transit center.
    • Suites from 720 to 4,408 square feet available.
    • $24.00/SF full‑service; 720 SF currently vacant.
    • Walking distance to restaurants and shopping.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Realty agency Law Firm Restaurant Dental Office Spa & Massage Hair Salon Nail Salon Clothing Store Building Supply Gym & Fitness

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

    Location Insight

    • Map
    • Local Demand
    City
    Federal Way
    County
    King
    State
    Washington
    Longitude
    -122.3033602
    Latitude
    47.3183769

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    FAQs

    What type of property is this?
    Office Property / Space - Prime Federal Way Office Space, 720-4408 sqft available
    Where is this office property / space located?
    The property is located at 31620 23Rd Ave Federal Way, WA.
    What is the lease rate?
    The lease rate is $26 SF/Yr.
    What are key features of this property?
    This property features: Class B office building in Federal Way City Center, WA.; Excellent I-5 access, within 20 minutes of Seattle.; Adjacent to a new transit center.
    Request Owner's contact information
    31620 23Rd Ave Federal Way, WA 98003
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    Federal Way, WA 98003
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    Realmo Value Estimation

    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.

    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.

    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
    31620 23Rd Ave Federal Way, WA 98003
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