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    31509 Pacific S Hwy Federal Way, WA 98003-5405
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    Property profile & analytics

    31509 Pacific S Hwy, Federal Way, WA 98003-5405

    View on Map
    • Outlet malls
    • 43,506 SF
    • 3.45 lot acres
    Off-Market
    Property ID
    US90-1203531
    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
    $5,220,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Outlet malls

    Property Details for 31509 Pacific S Hwy

    Year built
    1995
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    3.45 lot acres
    Zone code
    CC-F
    Property type
    Outlet malls
    Property subtype
    Shopping centers
    APN
    082104-9174
    APU
    821049174

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Oct 16, 2000 $30,350,000 Kir Federal Way 035 LLC Ct Operating Partnership LP Grant Deed —
    Mar 11, 1998 — Alexander Haagen Properties Pavilions Centre Associates Lc Grant Deed · related —
    — — Kir Federal Way 035 LLC — Deed Of Trust · related $14M · Unum Life Ins Co America
    — — Pavilions Centre Associates — Deed Of Trust · related $25.4M · Teachers Insurance & Annuity

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $6,948,000
      Market price range: $5.58M - $17.7M

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

    Location Insight

    • Map
    • Local Demand
    City
    Federal Way
    County
    King
    State
    Washington
    Longitude
    -122.315
    Latitude
    47.3191
    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
    $57,375
    $4,202,300
    $1,037,000
    $5,239,300
    -
    $4,202,300
    $1,037,000
    $5,239,300

    Comparable in this City

    • Value Estimation
      $19,705,000
      125,007 SF

      1800 320th St

      WHOLESALE OUTLET, DISCOUNT STORE
      1800 320th St, Federal Way, WA 98003-5413
      View Details
    • Value Estimation
      $16,335,000
      137,024 SF

      35425 Enchanted S Pkwy

      WHOLESALE OUTLET, DISCOUNT STORE
      35425 Enchanted S Pkwy, Federal Way, WA 98003-8306
      View Details
    • Value Estimation
      $23,750,000
      207,031 SF

      34520 16th S Ave

      WHOLESALE OUTLET, DISCOUNT STORE
      34520 16th S Ave, Federal Way, WA 98003-6802
      View Details
    • Value Estimation
      $17,565,000
      137,155 SF

      1715 352nd St

      WHOLESALE OUTLET, DISCOUNT STORE
      1715 352nd St, Federal Way, WA 98003-8316
      View Details
    • Value Estimation
      $15,505,000
      101,909 SF

      2141 314th St

      WHOLESALE OUTLET, DISCOUNT STORE
      2141 314th St, Federal Way, WA 98003-5621
      View Details
    • Value Estimation
      $17,190,000
      159,614 SF

      35100 Enchanted S Pkwy

      WHOLESALE OUTLET, DISCOUNT STORE
      35100 Enchanted S Pkwy, Federal Way, WA 98003-8314
      View Details

    Similar Nearby for Sale

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      Remodeled retail building with high visibility and ample parking.
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      14,238 SF

      Walgreens NNN Investment Opportunity

      NNN Walgreens in Federal Way with strong traffic and demographics.
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      450 SF

      New Drive-Thru Investment Opportunity

      New single-tenant drive-thru leased to Bigfoot Java.
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      Federal Way Industrial Opportunity

      37,250 SF industrial building in a prime location.
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      Prime Office Location in Federal

      Ideally located office building near future Sound Transit Station.
      2505 S 320Th St, Federal Way, WA 98003
      View Details
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      Federal Way Office Space Available

      Office space in Federal Way with close access to I-5.
      1707-1727 S 341St Pl, Federal Way, WA 98003
      View Details

    Similar Nearby for Lease

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      5,437 SF

      Retail Space in Federal Way

      Retail space available in Federal Way, Washington.
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      View Details
    • Contact for pricing
      800 SF

      Retail Space Near The Commons

      Retail space in Federal Way, near major retailers.
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      View Details
    • Contact for pricing
      2,646 SF

      Retail Space Near Super Wal-Mart

      Retail space in a shopping center anchored by Super Wal-Mart.
      34410 16Th Ave S, Federal Way, WA 98003
      View Details
    • Contact for pricing
      1,879 SF

      Retail Space in Federal Way

      Retail space available in a busy Federal Way shopping center.
      2500 South 320Th St, Federal Way, WA 98003
      View Details
    • Contact for pricing
      2,200 SF

      Federal Way Retail Space Available

      2,200 SF retail space in Federal Way's retail core.
      1727 S 341St Pl, Federal Way, WA 98003
      View Details
    • Contact for pricing

      Prime Retail Location in Federal

      Thriving retail corridor with easy access and high visibility.
      32075 Pacific Hwy South, Federal Way, WA 98003
      View Details
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    Federal Way, WA 98003-5405
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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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