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    33520 21St Ave SW Federal Way, WA 98023
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    33520 21St Ave SW Federal Way, WA 98023

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    • Retail space
    • 14,568 SF
    • 1.12 lot acres
    For Sale
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    CVS Zero Cash Flow Asset For Sale
    Contact for pricing

    CVS Zero Cash Flow Asset

    Absolute net lease CVS in affluent Seattle suburb.

    33520 21st Ave SW, Federal Way, WA 98023
    View Listing
    Property ID
    US90-1172473
    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
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Retail space

    Property Details for 33520 21St Ave SW

    Year built
    2017
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    1.12 lot acres
    Property size
    14,568 SF
    Zone code
    BN
    Property type
    Retail space
    APN
    132103-9098
    APU
    1321039098

    Description

    This exceptional investment opportunity presents a fee-simple, 12,900-square-foot CVS Pharmacy in Federal Way, WA, at 33520 21st Ave SW, 98023. The property boasts a strong, credit-rated tenant (CVS Pharmacy) under an absolute triple-net lease, eliminating landlord responsibilities. With a remaining lease term of 20.2 years (including 10 five-year renewal options), this offering provides exceptional long-term stability and predictable cash flow. The asking price is $8,735,910, representing a compelling $677.20 per square foot and a 6.21% capitalization rate. The property generates a net operating income (NOI) of $542,493. This zero cash flow structure, coupled with a paydown/re-advance option and a fully amortizing loan, requires low equity investment. The investment-grade tenant (NYSE: CVS, S&P: BBB) further mitigates risk. This is an ideal opportunity for investors seeking a secure, high-return retail investment with minimal management requirements. The property is 100% occupied and situated in King County, Washington.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Federal Way
    County
    King
    State
    Washington
    Longitude
    -122.36
    Latitude
    47.3012
    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
    2024
    $50,885
    $1,215,300
    $2,936,600
    $4,151,900
    -
    $1,215,300
    $2,936,600
    $4,151,900

    Comparable in this City

    • Value Estimation
      $2,930,000
      14,488 SF

      34008 Hoyt SW Rd

      RETAIL STORES (PERSONAL SERVICES) • 14,488 SF
      34008 Hoyt SW Rd, Federal Way, WA 98023-3208
      View Details
    • Value Estimation
      $1,165,000
      6,053 SF

      33510 21st SW Ave

      RETAIL STORES (PERSONAL SERVICES) • 6,053 SF
      33510 21st SW Ave, Federal Way, WA 98023-2874
      View Details
    • Value Estimation
      $8,800,000
      1,840 SF

      3440 320th St

      RETAIL STORES (PERSONAL SERVICES) • 1,840 SF
      3440 320th St, Federal Way, WA 98023-2293
      View Details
    • Value Estimation
      $1,085,000
      6,558 SF

      803 312th St

      RETAIL STORES (PERSONAL SERVICES) • 6,558 SF
      803 312th St, Federal Way, WA 98023-4526
      View Details
    • Value Estimation
      $710,000
      3,840 SF

      2301 336th St

      RETAIL STORES (PERSONAL SERVICES) • 3,840 SF
      2301 336th St, Federal Way, WA 98023-3823
      View Details
    • Value Estimation by Request
      1,764 SF

      112 312th St

      RETAIL STORES (PERSONAL SERVICES) • 1,764 SF
      112 312th St, Federal Way, WA 98023-4609
      View Details

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      Land For Sale

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      Development Potential Property

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    • $1,500,000
      140,699 SF

      3.23 Acres Commercial Land Available

      Commercial land with diverse development opportunities near major transportation routes.
      6th 6Th Ave SW, Federal Way, WA 98023
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      Pending

      Land with Subdivision Potential

      2.10 acres with utilities, suitable for subdivision.
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    Similar Nearby for Lease

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      1,224 SF

      Federal Way Retail Space Available

      Retail space available for lease in Federal Way, Washington.
      1700-1916 S 320Th St, Federal Way, WA 98023
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    • Contact for pricing

      Retail Space in Federal Way

      Retail space available for lease in Federal Way, Washington.
      4627 SW 320Th St, Federal Way, WA 98023
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      31,795 SF

      Federal Way Retail Space Available

      31,795 SF retail space in a high-visibility location.
      2131 SW 336Th St, Federal Way, WA 98023
      View Details
    • $24 SF/Yr
      800 SF

      Retail Space Near The Commons

      Retail space in Federal Way, near major retailers.
      1200 S 324Th St, Federal Way, WA 98023
      View Details
    • Contact for pricing
      40,639 SF

      Retail Space Available Now

      40,639 SF retail space in a high-visibility location.
      2109 SW 336Th St, Federal Way, WA 98023
      View Details
    • Contact for pricing
      1,333 SF

      Retail Space Available For Rent

      Retail space available in Federal Way, Washington.
      34008-34024 Hoyt Rd SW, Federal Way, WA 98023
      View Details
    View Listing
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    33520 21St Ave SW
    Federal Way, WA 98023
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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.

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    33520 21St Ave SW, Federal Way, WA, 98023
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