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    31601 Pacific Hwy Federal Way, WA 98003
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    31601 Pacific Hwy, Federal Way, WA 98003

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    • Retail properties & Spaces
    • 26,319 SF
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Retail properties & Spaces

    Property Details for 31601 Pacific Hwy

    Property type
    Retail properties & Spaces
    Property subtype
    Retail space

    Description

    This exceptional retail opportunity is located at 31601-31811 Pacific Hwy S, Federal Way, WA 98003, within the Pavilions Centre shopping center in King County. The property offers multiple tenancy options within a larger 26,319 square foot building. Currently, there are 6,951 square feet of vacant retail space available for lease, divisible into units ranging from a minimum of 2,958 square feet to a maximum contiguous space of 3,993 square feet. This makes it ideal for a variety of retail businesses seeking flexible space options. The property's strategic location on Pacific Highway South provides excellent visibility and accessibility, ensuring high foot traffic and convenient access for customers. The Pavilions Centre offers a vibrant retail environment, attracting a diverse customer base. This is a rare opportunity to secure prime retail space in a thriving Federal Way location. Interested parties should inquire about lease terms and availability. The property is categorized as a storefront and shopping center.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Federal Way
    County
    King
    State
    Washington
    Longitude
    -122.315
    Latitude
    47.3183

    Comparable in this City

    • Value Estimation by Request
      17,954 SF

      348th 1St Ave

      Individual retail properties
      348th 1St Ave, Federal Way, WA 98003
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    • Value Estimation
      $1,720,000
      9,839 SF

      31433 Pacific S Hwy

      RETAIL STORES (PERSONAL SERVICES)
      31433 Pacific S Hwy, Federal Way, WA 98003-5403
      View Details
    • Value Estimation
      $1,640,000
      8,640 SF

      32700 Pacific S Hwy

      RETAIL STORES (PERSONAL SERVICES)
      32700 Pacific S Hwy, Federal Way, WA 98003-6446
      View Details
    • Value Estimation
      $950,000
      5,722 SF

      31430 Pacific S Hwy

      RETAIL STORES (PERSONAL SERVICES)
      31430 Pacific S Hwy, Federal Way, WA 98003-5404
      View Details
    • Value Estimation
      $3,220,000
      25,206 SF

      1320 324th St

      RETAIL STORES (PERSONAL SERVICES)
      1320 324th St, Federal Way, WA 98003-8445
      View Details
    • Value Estimation
      $15,160,000
      141,256 SF

      1901 Cmns Commons

      RETAIL STORES (PERSONAL SERVICES)
      1901 Cmns Commons, Federal Way, WA 98003-6039
      View Details

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      Federal Way Office Space Available

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      Commercial property for sale on Pacific Highway South.
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    Similar Nearby for Lease

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      800 SF

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      Retail space available in a busy Federal Way shopping center.
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      Federal Way Retail Space Available

      Retail space available for lease in Federal Way, Washington.
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    • $25 SF/Yr
      1,960 SF

      Retail Space Near Light Rail

      Retail property near future light rail station and shopping mall.
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      1,224 SF

      Federal Way Retail Space Available

      Retail space available for lease in Federal Way, Washington.
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      View Details
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    31601 Pacific Hwy
    Federal Way, WA 98003
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    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
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