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Property profile & analytics
OFF-MARKET
Estimated value
$24,085,000
Warehouses
2010 356th St, Federal Way, WA 98023-7255
Individually Owned
4-yr Hold
~
Est. High Equity
Property ID
US90-3166959
Property profile
Verified
Property type
Warehouses
Use group
MINI-WAREHOUSE, STORAGE
Year built
2019
Construction
STEEL FRAME
Total area
39,600 SF
Lot
2.12 ac (92,336 SF)
Zoning code
BN
APN
252103-9010
UPID
US90-3166959
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
$24.47M
Blend (final)
Blend
$24.09M
Owner & transaction history
Public Storage · 4 yrs held
Public Storage
since 2021
Last sale
$23.4M
7 recorded transactions
Zoning & alternative use
BN · Federal Way, WA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Industrial (general)
$25.2M
+131.5%
Commercial (general)
$20.8M
+91.5%
Restaurant
$19.7M
+81.7%
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
$25,155,000
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
INDUSTRIAL (GENERAL)
$25,150,000
Change: +131% · Conversion: Easy
COMMERCIAL (GENERAL)
$20,805,000
Change: +91% · Conversion: Difficult
RESTAURANT
$19,745,000
Change: +82% · Conversion: Difficult
MEDICAL BUILDING
$15,640,000
Change: +44% · Conversion: Difficult
Blend value · Realmo final
$24.09M
Range $21.68M – $26.49M · ±10% · vs last sale $23.35M (Dec 17 2021)
Last sale anchor
$23.35M
Dec 17 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
$608 / 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
$197,807
Tax year 2022
Assessed value
$20,364,700
Assessed 2022
Previous assessed
$20,364,700
+0.0% YoY
Effective rate
0.97%
On assessed value
Assessed land
$1,108,000
Assessed improvement
$19,256,700
Land market value
$1,108,000
Improvement market value
$19,256,700
Total market value
$20,364,700
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
Warehouses
Use group
MINI-WAREHOUSE, STORAGE
Status
Off-Market
Year built
2019
Construction
STEEL FRAME
Heating
SPACE
Buildings
3
Stories
3
Total area
39,600 SF
Lot
2.12 ac (92,336 SF)
Zoning code
BN
APN
252103-9010
UPID
US90-3166959
Jurisdiction
KING
Metro division
SEATTLE-BELLEVUE-EVERETT, WA METROPOLITAN DIVISION
Zoning & alternative use
BN · Federal Way, WA
Zoning BN · permitted uses
BN · 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
INDUSTRIAL (GENERAL)
Est. value
$25.2M
COMMERCIAL (GENERAL)
Est. value
$20.8M
RESTAURANT
Est. value
$19.7M
MEDICAL BUILDING
Est. value
$15.6M
INDUSTRIAL (GENERAL)
COMMERCIAL (GENERAL)
RESTAURANT
MEDICAL 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
2019
Construction
STEEL FRAME
Heating
SPACE
Stories
3
Buildings
3
Lot
2.12 ac
Current owner
From public records · entity-resolved
Public Storage
Individual
Mailing address
PO BOX 25025, GLENDALE, CA 91221-5025
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
11 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Dec 17, 2021
$23,350,000
Public Storage
Fws Oivf LLC
Deed
—
Jul 25, 2018
—
City Of Fedl Way
Fws-oivf LLC
Warranty Deed
—
Jul 18, 2018
—
Fws Oivf LLC
—
Deed
related
$9,354,460 · Heritage Bank
Feb 12, 2018
$975,000
Fws-oivf LLC
21st Ave Sw Associates
Warranty Deed
—
Oct 24, 2013
—
21st Avenue Sw Associates
Blue Atlas LLC
Deed In Lieu Of Foreclosure
related
—
Feb 26, 2010
$700,000
Blue Atlas LLC
21st Avenue Sw Associates
Warranty Deed
$665,000 · 21st Avenue Sw Associates
Jan 26, 2010
$722,699
21st Avenue Sw Associates
Dean Jeffrey S
Trustees Deed
related
—
May 28, 2008
$1,150,000
Nfl Storage 21st Street LLC
21st Avenue Sw Associates
Warranty Deed
$600,000 · 21st Avenue Sw Associates
Jun 1, 2004
$190,000
1996 Donahue Family LP
21st Avenue Associates
Grant Deed
$195,000 · Columbia State Bank
—
—
Dale W Myers
—
Deed Of Trust
related
$36,911 · Individual
—
—
Nfl Storage 21st Street LLC
—
Deed Of Trust
related
$267,500 · Raonall Smith
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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