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Property profile & analytics
FOR LEASE
Office buildings
32129 Weyerhaeuser Way S Federal Way, WA 98001
Entity Owned
2-yr Hold
~
Est. High Equity
Property ID
US90-1139176
For Lease
$18 SF/Yr
32129 Weyerhaeuser Way S, Federal Way, WA 98001
View Listing →
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING
Year built
2007
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Total area
30,240 SF
Lot
1.63 ac (70,790 SF)
Zoning code
OP-1
APN
215484-0020
UPID
US90-1139176
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
$4.85M
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$5.76M
Blend (final)
Blend
$4.85M
Owner & transaction history
Isi Federal Way LLC · 2 yrs held
Isi Federal Way LLC
since 2024
Last sale
$4.9M
3 recorded transactions
Zoning & alternative use
OP-1 · Federal Way, WA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
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
$4,850,000
ML approach
$4,850,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
RETAIL STORES
$8,015,000
Change: -9% · Conversion: Moderate
Blend value · Realmo final
$4.85M
Range $4.37M – $5.34M · ±10% · vs last sale $4.85M (Feb 15 2024)
Last sale anchor
$4.85M
Feb 15 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
$160 / 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
$52,406
Tax year 2022
Assessed value
$5,180,400
Assessed 2022
Previous assessed
$5,180,400
+0.0% YoY
Effective rate
1.01%
On assessed value
Assessed land
$849,400
Assessed improvement
$4,331,000
Land market value
$849,400
Improvement market value
$4,331,000
Total market value
$5,180,400
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
For Lease
Year built
2007
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
FORCED AIR
Stories
2
Total area
30,240 SF
Lot
1.63 ac (70,790 SF)
Zoning code
OP-1
APN
215484-0020
UPID
US90-1139176
Jurisdiction
KING
Metro division
SEATTLE-BELLEVUE-EVERETT, WA METROPOLITAN DIVISION
Zoning & alternative use
OP-1 · Federal Way, WA
Zoning OP-1 · permitted uses
OP-1 · 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
RETAIL STORES
Est. value
$8.0M
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
2007
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
FORCED AIR
Stories
2
Lot
1.63 ac
Current owner
From public records · entity-resolved
Isi Federal Way LLC
Entity
Mailing address
477 W HORTON RD, BELLINGHAM, WA 98226-1205
Ownership since
2024
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
3 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Feb 15, 2024
$4,850,000
Isi Federal Way LLC
Langley Commercial Investments Ltd
Warranty Deed
$3,880,000 · Bank Of The Pacific
Sep 9, 2013
—
East Campus Terrace II LLC
Porter,esther L
Quit Claim Deed
related
—
Sep 9, 2013
$5,350,000
Langley Commercial Invs Ltd
East Campus Terrace II LLC
Warranty Deed
—
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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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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