33400 8Th Ave Federal Way, WA 98003
- Office buildings
- 68,586 SF
- 3.11 lot acres
Current Use by Public Records
- Office buildings
Property Details for 33400 8Th Ave
- Year built
- 1981
- Construction
- WOOD
- Lot size
- 3.11 lot acres
- Property size
- 68,586 SF
- Zone code
- OP
- Property type
- Office buildings
- APN
- 926500-0110
- APU
- 9265000110
Description
Park Center, located at 33400 8th Ave S in Federal Way, WA 98003, presents a compelling investment opportunity. This two-story, 50,150 square foot executive office building, constructed in 1981 and extensively renovated in 2020, sits on a 3.11-acre lot (135,633 square feet) within King County. The property boasts 228 parking spaces and is zoned OP - Office Park. Currently, the building has a 24.79% occupancy rate, offering significant potential for value-add improvements or owner-occupancy. The asking price is $7,000,000, translating to $160.32 per square foot. With a Net Operating Income (NOI) of $171,082.36, the property exhibits a strong 9.65% capitalization rate. This presents a rare chance to acquire a substantial office building in a desirable location with significant upside potential. The property's size, ample parking, and recent renovations make it an attractive prospect for both investors seeking high returns and businesses looking for a prominent presence in Federal Way. The APN is 926500-0110.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Federal Way
- County
- King
- State
- Washington
- Longitude
- -122.324
- Latitude
- 47.3038
- CBSA code
- 42660
- CBSA name
- SEATTLE-TACOMA-BELLEVUE, WA METROPOLITAN STATISTICAL AREA
