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Property profile & analytics
OFF-MARKET
Estimated value
$2,735,000
Warehouses
27500 16th S Ave, Federal Way, WA 98003-2352
Entity Owned
1-yr Hold
~
Est. High Equity
Property ID
US90-1497639
Property summary
AI-generated overview
This Federal Way industrial property presents a compelling sale-leaseback opportunity, offering up to a three-year leaseback arrangement. The 12,200 square foot warehouse, built in 1968, sits on a 1.19-acre lot (APN: 3322049170, 3322049217) zoned CB. The building boasts a 16-foot ceiling height and includes valuable features such as a wash bay and an oil-water separator. Strategically located at 27500 16th Ave S, Federal Way, WA 98003, this property enjoys convenient access to Pacific Highway South and I-5, placing it within easy reach of retail and service amenities. The asking price is $3,500,000, representing a 6.86% cap rate. This property is ideal for investors seeking a strong return and a potentially lucrative leaseback arrangement. The property consists of approximately 12,200 square feet situated on two parcels totaling 51,680 square feet. Further details regarding the leaseback terms are available upon request.
Property profile
Verified
Property type
Warehouses
Use group
WAREHOUSE, STORAGE
Year built
1968
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Total area
12,200 SF
Lot
0.86 ac (37,360 SF)
Zoning code
BC
APN
332204-9170
UPID
US90-1497639
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
$2.29M
Comparable Approach
Comparable
$2.26M
Blend (final)
Blend
$2.74M
Owner & transaction history
Bjornson Marine Properties LLC · 1 yrs held
Bjornson Marine Properties LLC
since 2025
Last sale
$3.2M
5 recorded transactions
Zoning & alternative use
BC · Federal Way, WA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Apartment house (5+ units)
$4.2M
+20.8%
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%
$2,485,000
6.5%
$2,290,000
7%
$2,130,000
Alternative Use
Use
Estimation
WAREHOUSE, STORAGE
$3,500,000
Current use
APARTMENT HOUSE (5+ UNITS)
$4,230,000
Change: +21% · Conversion: Difficult
Blend value · Realmo final
$2.74M
Range $2.46M – $3.01M · ±10% · vs last sale $3.20M (Dec 3 2024)
Last sale anchor
$3.20M
Dec 3 2024
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
$224 / 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
$17,119
Tax year 2022
Assessed value
$1,577,400
Assessed 2022
Previous assessed
$1,577,400
+0.0% YoY
Effective rate
1.09%
On assessed value
Assessed land
$597,700
Assessed improvement
$979,700
Land market value
$597,700
Improvement market value
$979,700
Total market value
$1,577,400
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
Warehouses
Use group
WAREHOUSE, STORAGE
Status
Off-Market
Year built
1968
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
FORCED AIR
Stories
1
Total area
12,200 SF
Lot
0.86 ac (37,360 SF)
Zoning code
BC
APN
332204-9170
UPID
US90-1497639
Jurisdiction
KING
Metro division
SEATTLE-BELLEVUE-EVERETT, WA METROPOLITAN DIVISION
Zoning & alternative use
BC · Federal Way, WA
Zoning BC · permitted uses
BC · 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
WAREHOUSE, STORAGE Current
Est. value
$3.5M
APARTMENT HOUSE (5+ UNITS)
Est. value
$4.2M
WAREHOUSE, STORAGE Current
APARTMENT HOUSE (5+ UNITS)
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
1968
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
FORCED AIR
Stories
1
Lot
0.86 ac
Current owner
From public records · entity-resolved
Bjornson Marine Properties LLC
Entity
Mailing address
PO BOX 3618, FEDERAL WAY, WA 98063-3618
Ownership since
2025
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
5 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Nov 17, 2025
—
Bjornson Marine Properties LLC
—
Deed
related
$471,000 · Washington Trust Bank
Mar 3, 2025
$3,200,000
Bjornson Marine Properties LLC
Liberty West LLC
Warranty Deed
$2,560,000 · Washington Trust Bank
Jun 15, 2017
$850,000
Glenns Building LLC
Ukyk LLC
Warranty Deed
$1,650,000 · Stearns Bank NA
Jul 1, 2013
—
Liberty West LLC
Liberty West Partners
Quit Claim Deed
related
$750,000 · Standard Insurance Co
May 2, 1989
—
Roger F Gossett
Schultz,ronald R
Quit Claim Deed
related
—
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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