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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1703 324th St Federal Way, WA 98003-8578

    • Commercial real estate
    • 2,856 SF
    • 0.27 lot acres
    OFF-MARKET
    Value Estimations
    $690,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US90-0725028
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Commercial real estate

    Property Details for 1703 324th St

    Year built
    1974
    Construction
    WOOD
    Lot size
    0.27 lot acres
    Property size
    2,856 SF
    Zone code
    BC
    Property type
    Commercial real estate
    APN
    250120-0110
    APU
    2501200110

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $795,000
      6.5%
      $735,000
      7%
      $680,000

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Federal Way
    County
    King
    State
    Washington
    Longitude
    -122.312
    Latitude
    47.3113
    CBSA code
    42660
    CBSA name
    SEATTLE-TACOMA-BELLEVUE, WA METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2022
    $6,665
    $214,000
    $423,500
    $637,500
    -
    $214,000
    $423,500
    $637,500

    Comparable in this City

    • Value Estimation
      $2,200,000
      12,550 SF

      29314 Pacific S Hwy

      COMMERCIAL (GENERAL) • 12,550 SF
      29314 Pacific S Hwy, Federal Way, WA 98003-3863
      View Details
    • Value Estimation
      $5,310,000
      22,000 SF

      32411 Pacific S Hwy

      COMMERCIAL (GENERAL) • 22,000 SF
      32411 Pacific S Hwy, Federal Way, WA 98003-8546
      View Details
    • Value Estimation
      $2,525,000
      12,000 SF

      34507 Pacific S Hwy

      COMMERCIAL (GENERAL) • 12,000 SF
      34507 Pacific S Hwy, Federal Way, WA 98003-6879
      View Details
    • Value Estimation
      $7,670,000
      25,024 SF

      31600 Pete Von Reichbauer S Way

      COMMERCIAL (GENERAL) • 25,024 SF
      31600 Pete Von Reichbauer S Way, Federal Way, WA 98003-5426
      View Details
    • Value Estimation
      $2,990,000
      12,698 SF

      1200 324th St

      COMMERCIAL (GENERAL) • 12,698 SF
      1200 324th St, Federal Way, WA 98003-8446
      View Details
    • Value Estimation
      $590,000
      3,376 SF

      31721 Pacific S Hwy

      COMMERCIAL (GENERAL) • 3,376 SF
      31721 Pacific S Hwy, Federal Way, WA 98003-5431
      View Details

    Similar Nearby for Sale

    • Contact for pricing

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      High-traffic location, development potential.
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      Updated 3-bedroom, move-in ready home with remodeled kitchen and bathrooms.
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      Land For Sale

      Land available for sale in Federal Way, Washington.
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    • $2,500,000
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      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
      74,031 SF

      Class A Office Building

      Prime office space near future Sound Transit Station.
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    Similar Nearby for Lease

    • $27 SF/Yr
      34,718 SF

      9th Avenue Pavilion Executive Suites

      Prestigious Federal Way office space available.
      33434 8Th Ave, Federal Way, WA 98003
      View Details
    • $25 SF/Yr
      26,540 SF

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      High-visibility retail spaces available
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      View Details
    • $21 SF/Yr
      3,290 SF

      Colonial Style Office Space

      Office space available for rent in a Colonial style building.
      31919 1St Ave S, Federal Way, WA 98003
      View Details
    • $13 SF/Yr
      1,084 SF

      Retail Space in Twin Lakes Village

      Retail space for lease in a high-traffic shopping center.
      2120-2324 SW 336Th St, Federal Way, WA 98003
      View Details
    • $1,530 /Mo
      960 SF

      Federal Way Office Space Available

      Office space for rent with private offices and bathroom.
      33100 Pacific Hwy S, Federal Way, WA 98003
      View Details
    • $18 SF/Yr
      1,550 SF

      Federal Way Office Space Available

      Medical or professional office space for lease in Federal Way.
      32717 1St Ave S, Federal Way, WA 98003
      View Details
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    1703 324th St
    Federal Way, WA 98003-8578
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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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