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Property profile & analytics
OFF-MARKET
Estimated value
$1,045,000
Office buildings
1707 341st Pl Federal Way, WA 98003-6867
Entity Owned
8-yr Hold
~
Est. High Equity
Property ID
US90-1228256
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING
Year built
1980
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Total area
4,400 SF
Lot
1.26 ac (54,901 SF)
Zoning code
CE
APN
390380-0020
UPID
US90-1228256
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
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$1.05M
Owner & transaction history
Fortune Building LLC · 8 yrs held
Fortune Building LLC
since 2018
7 recorded transactions
Zoning & alternative use
CE · Federal Way, WA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Medical building
$1.7M
+37.3%
Auto repair, garage
$1.5M
+19.5%
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
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
OFFICE BUILDING
$1,265,000
Current use
MEDICAL BUILDING
$1,740,000
Change: +37% · Conversion: Easy
AUTO REPAIR, GARAGE
$1,515,000
Change: +20% · Conversion: Difficult
WAREHOUSE, STORAGE
$1,205,000
Change: -5% · Conversion: Difficult
RETAIL STORES
$1,165,000
Change: -8% · Conversion: Moderate
Blend value · Realmo final
$1.05M
Range $941k – $1.15M · ±10%
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
$238 / 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
$18,851
Tax year 2022
Assessed value
$1,655,400
Assessed 2022
Previous assessed
$1,655,400
+0.0% YoY
Effective rate
1.14%
On assessed value
Assessed land
$823,500
Assessed improvement
$831,900
Land market value
$823,500
Improvement market value
$831,900
Total market value
$1,655,400
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
Office buildings
Use group
OFFICE BUILDING
Status
Off-Market
Year built
1980
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
OTHER
Buildings
2
Stories
1
Total area
4,400 SF
Lot
1.26 ac (54,901 SF)
Zoning code
CE
APN
390380-0020
UPID
US90-1228256
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
OFFICE BUILDING Current
Est. value
$1.3M
MEDICAL BUILDING
Est. value
$1.7M
AUTO REPAIR, GARAGE
Est. value
$1.5M
WAREHOUSE, STORAGE
Est. value
$1.2M
RETAIL STORES
Est. value
$1.2M
OFFICE BUILDING Current
MEDICAL BUILDING
AUTO REPAIR, GARAGE
WAREHOUSE, STORAGE
RETAIL STORES
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
1980
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
OTHER
Stories
1
Buildings
2
Lot
1.26 ac
Current owner
From public records · entity-resolved
Fortune Building LLC
Entity
Mailing address
19936 BALLINGER WAY NE, SHORELINE, WA 98155-1223
Ownership since
2018
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
8 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Feb 28, 2018
$1,340,000
Fortune Building LLC
Norma S Dawson
Warranty Deed
$804,000 · Heritage Bank
Nov 24, 2015
—
Norma S Dawson
Dawson Gary L
Quit Claim Deed
related
—
Nov 21, 1995
$935,000
Gary L Dawson
W A C O
Grant Deed
$650,000 · First Mutual Savings Bank
Feb 2, 1990
—
W A Co
Anderson,robert
Quit Claim Deed
related
—
—
—
Gary L Dawson
—
Deed Of Trust
related
$648,461 · Washington Federal Savings
—
—
Gary L Dawson
—
Deed Of Trust
related
$647,000 · First Mutual Savings Bank
—
—
Gary L Dawson
—
Deed Of Trust
related
$51,267 · First Mutual Bank
—
—
Gary L Dawson
—
Deed Of Trust
related
$700,000 · First Mutual Bank
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.
Try Rey
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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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