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Property profile & analytics
OFF-MARKET
Estimated value
$11,130,000
Hotels
1688 348th St, Federal Way, WA 98003-8915
Entity Owned
4-yr Hold
~
Est. High Equity
Property ID
US90-3262329
Property profile
Verified
Property type
Hotels
Use group
HOTEL/MOTEL
Year built
1982
Construction
WOOD
Total area
55,200 SF
Lot
2.91 ac (126,820 SF)
Zoning code
CE
APN
212104-9078
UPID
US90-3262329
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$10.78M
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$11.13M
Owner & transaction history
King County · 4 yrs held
King County
since 2021
Last sale
$11.0M
7 recorded transactions
Zoning & alternative use
CE · Federal Way, WA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Federal Way submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Federal Way submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
$11,810,000
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
$11,680,000
6.5%
$10,780,000
7%
$10,010,000
Alternative Use
Use
Estimation
HOTEL/MOTEL
$18,480,000
Current use
OFFICE BUILDING
$15,885,000
Change: -14% · Conversion: Difficult
Blend value · Realmo final
$11.13M
Range $10.02M – $12.24M · ±10% · vs last sale $10.96M (Sep 7 2021)
Last sale anchor
$10.96M
Sep 7 2021
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$202 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2022Property tax & assessments
Tax year 2022
Tax billed
$6,808
Tax year 2022
Applied tax rate
1,205.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Hotels
Use group
HOTEL/MOTEL
Status
Off-Market
Year built
1982
Construction
WOOD
Heating
HEAT PUMP
Buildings
2
Stories
2
Total area
55,200 SF
Lot
2.91 ac (126,820 SF)
Zoning code
CE
APN
212104-9078
UPID
US90-3262329
Jurisdiction
KING
Metro division
SEATTLE-BELLEVUE-EVERETT, WA METROPOLITAN DIVISION
Zoning & alternative use
CE · Federal Way, WA
Zoning CE · permitted uses
CE · Federal Way, WA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Federal Way. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
HOTEL/MOTEL Current
Est. value
$18.5M
OFFICE BUILDING
Est. value
$15.9M
HOTEL/MOTEL Current
OFFICE BUILDING
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1982
Construction
WOOD
Heating
HEAT PUMP
Stories
2
Buildings
2
Lot
2.91 ac
Current owner
From public records · entity-resolved
King County
Entity
Mailing address
500 4TH AVE RM #830, SEATTLE, WA 98104-2371
Ownership since
2021
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
9 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Sep 7, 2021
$10,960,000
King County
Shreeji Investment LLC
Warranty Deed
—
Aug 1, 2019
$7,300,000
Shreeji Investment LLC
Jabez Ents LLC
Warranty Deed
$5,850,000 · Bank Of Hope
Feb 24, 2017
$8,625,000
Jabez Enterprises LLC
Sandhu Nw Hospitality LLC
Warranty Deed
$5,720,000 · Peoples Bank
Oct 10, 2014
$4,415,000
Sandhu Nw Hospitality LLC
Myong S Yang
Warranty Deed
$3,549,495 · Peoples Bank
Jul 12, 2012
—
Coridon M Brewer
Jennifer C Brewer
Intrafamily Transfer
related
$194,200 · Wells Fargo Bank NA
Apr 25, 2011
$4,300,000
Myong S Yang
Sung Min Moon
Warranty Deed
$3,800,000 · Hana Small Business Lending INC
Jul 31, 2007
$4,834,902
Sung M Moon
Peninsula Group LLC
Grant Deed
$3,854,092 · Unibank
—
—
8 Motels Northwest 1 Super
—
Deed Of Trust
related
$730,000 · Us Bank
—
—
Sandhu Nw Hospitality LLC
—
Deed Of Trust
related
$2,327,000 · Ameritrust Cdc
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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