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    27500 16th S Ave Federal Way, WA 98003-2352
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    Property profile & analytics

    27500 16th S Ave Federal Way, WA 98003-2352

    View on Map
    • Warehouses
    • 12,200 SF
    • 0.86 lot acres
    Off-Market
    Last Sale Dec 3, 2024
    $3,200,000
    Property ID
    US90-1497639
    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.
    Value Estimations
    $2,735,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Warehouses

    Property Details for 27500 16th S Ave

    Year built
    1968
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.86 lot acres
    Property size
    12,200 SF
    Zone code
    BC
    Property type
    Warehouses
    APN
    332204-9170
    APU
    3322049170

    Description

    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.

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $2,485,000
      6.5%
      $2,290,000
      7%
      $2,130,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $2,257,000
      Market price range: $2.26M - $5.68M

    • Alternative Use

      Use
      Estimation
      WAREHOUSE, STORAGE
      $3,500,000
      Current use
      APARTMENT HOUSE (5+ UNITS)
      $4,230,000
      Change: +21% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Federal Way
    County
    King
    State
    Washington
    Longitude
    -122.313
    Latitude
    47.355
    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
    $17,119
    $597,700
    $979,700
    $1,577,400
    -
    $597,700
    $979,700
    $1,577,400

    Comparable in this City

    • Value Estimation by Request
      3,040 SF

      1200 356th St

      WAREHOUSE, STORAGE • 3,040 SF
      1200 356th St, Federal Way, WA 98003
      View Details
    • Value Estimation
      $3,745,000
      35,480 SF

      33926 9th S Ave

      WAREHOUSE, STORAGE • 35,480 SF
      33926 9th S Ave, Federal Way, WA 98003-6708
      View Details
    • Value Estimation
      $5,405,000
      59,600 SF

      34114 21st S Ave

      WAREHOUSE, STORAGE • 59,600 SF
      34114 21st S Ave, Federal Way, WA 98003-8984
      View Details
    • Value Estimation
      $2,005,000
      55,847 SF

      27818 Pacific S Hwy

      MINI-WAREHOUSE, STORAGE • 55,847 SF
      27818 Pacific S Hwy, Federal Way, WA 98003-3401
      View Details
    • Value Estimation by Request
      1,500 SF

      1120 324th St

      MINI-WAREHOUSE, STORAGE • 1,500 SF
      1120 324th St, Federal Way, WA 98003-8478
      View Details
    • Value Estimation
      $1,625,000
      15,400 SF

      33930 9th S Ave

      WAREHOUSE, STORAGE • 15,400 SF
      33930 9th S Ave, Federal Way, WA 98003-6708
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      Federal Way Industrial Opportunity

      37,250 SF industrial building in a prime location.
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      Federal Way Multifamily Opportunity

      Multifamily property for sale in Federal Way, Washington.
      28426 16Th Ave S, Federal Way, WA 98003
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    • $3,995,000
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      Federal Way Office Space Available

      Office space for rent in a park-like setting.
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    • $4,000,000
      9,998 SF

      Standalone Retail Building For Lease

      Remodeled retail building with high visibility and ample parking.
      30650 Pacific Hwy S, Federal Way, WA 98003
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      14,238 SF

      Walgreens NNN Investment Opportunity

      NNN Walgreens in Federal Way with strong traffic and demographics.
      28817 Military Rd S, Federal Way, WA 98003
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    • $250,000
      1,524 SF

      Commercial Property on Pacific Highway

      Commercial property for sale on Pacific Highway South.
      32225 Pacific Hwy S, Federal Way, WA 98003
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    Similar Nearby for Lease

    • Contact for pricing
      4,045 SF

      Federal Way Warehouse/Office Space

      2,513 SF warehouse with office space for lease.
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      1,976 SF

      Federal Way Warehouse Space Available

      2,876 SF warehouse with office space for lease.
      33639 9Th Ave South, Federal Way, WA 98003
      View Details
    • Contact for pricing
      214,266 SF

      Federal Way Warehouse Space Available

      214,266 SF warehouse with office space in Federal Way.
      33855 Weyerhaeuser Way S, Federal Way, WA 98003
      View Details
    • Contact for pricing

      Federal Way Flex Space Available

      Flex space ideal for light manufacturing and distribution with office.
      1112 S 344Th St, Federal Way, WA 98003
      View Details
    • $2,470 /Mo
      2,529 SF

      Manufacturing/Distribution Space with Office

      Light manufacturing and distribution space with office near major highways.
      34310 9Th Ave S, Federal Way, WA 98003
      View Details
    • Contact for pricing
      1,098 SF

      Federal Way Office Space Available

      Office space available for lease in Federal Way, Washington.
      33400 9Th Ave S, Federal Way, WA 98003
      View Details
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    Federal Way, WA 98003-2352
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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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