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Property profile & analytics
OFF-MARKET
Estimated value
$24,910,000
Warehouses
33620 21st SW Ave, Federal Way, WA 98023-7761
Entity Owned
1-yr Hold
Free & Clear
Property ID
US90-0600908
Property profile
Verified
Property type
Warehouses
Use group
MINI-WAREHOUSE, STORAGE
Year built
2019
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Total area
40,000 SF
Lot
3.41 ac (148,396 SF)
Zoning code
BN
APN
242103-9001
UPID
US90-0600908
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
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$24.72M
Blend (final)
Blend
$24.91M
Owner & transaction history
Extra Space Properties Two LLC · 1 yrs held
Extra Space Properties Two LLC
since 2024
Last sale
$25.1M
7 recorded transactions
Zoning & alternative use
BN · Federal Way, WA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Industrial (general)
$25.4M
+131.5%
Commercial (general)
$21.0M
+91.5%
Restaurant
$19.9M
+81.7%
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
$24,720,000
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
INDUSTRIAL (GENERAL)
$25,400,000
Change: +131% · Conversion: Easy
COMMERCIAL (GENERAL)
$21,015,000
Change: +91% · Conversion: Difficult
RESTAURANT
$19,945,000
Change: +82% · Conversion: Difficult
MEDICAL BUILDING
$15,800,000
Change: +44% · Conversion: Difficult
Blend value · Realmo final
$24.91M
Range $22.42M – $27.40M · ±10% · vs last sale $25.10M (Dec 31 2024)
Last sale anchor
$25.10M
Dec 31 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
$623 / 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
$254,908
Tax year 2022
Assessed value
$26,027,900
Assessed 2022
Previous assessed
$26,027,900
+0.0% YoY
Effective rate
0.98%
On assessed value
Assessed land
$2,967,900
Assessed improvement
$23,060,000
Land market value
$2,967,900
Improvement market value
$23,060,000
Total market value
$26,027,900
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
Warehouses
Use group
MINI-WAREHOUSE, STORAGE
Status
Off-Market
Year built
2019
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
SPACE
Buildings
4
Stories
2
Total area
40,000 SF
Lot
3.41 ac (148,396 SF)
Zoning code
BN
APN
242103-9001
UPID
US90-0600908
Jurisdiction
KING
Metro division
SEATTLE-BELLEVUE-EVERETT, WA METROPOLITAN DIVISION
Zoning & alternative use
BN · Federal Way, WA
Zoning BN · permitted uses
BN · 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
INDUSTRIAL (GENERAL)
Est. value
$25.4M
COMMERCIAL (GENERAL)
Est. value
$21.0M
RESTAURANT
Est. value
$19.9M
MEDICAL BUILDING
Est. value
$15.8M
INDUSTRIAL (GENERAL)
COMMERCIAL (GENERAL)
RESTAURANT
MEDICAL BUILDING
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
2019
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
SPACE
Stories
2
Buildings
4
Lot
3.41 ac
Current owner
From public records · entity-resolved
Extra Space Properties Two LLC
Entity
Free & Clear · 1 yrs held
Mailing address
65 E WADSWORTH PARK DR STE #200, DRAPER, UT 84020-7951
Mailing matches property
Yes
Owner-occupied
Yes
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
13 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Dec 31, 2024
$25,100,000
Extra Space Properties Two LLC
Lv 8250 LLC
Warranty Deed
—
Feb 14, 2020
—
Lv 8250 LLC
Realty Vii-wsp I Seattle Fe Ch
Quit Claim Deed
related
—
Feb 14, 2020
$21,695,000
Lv 8250 LLC
Realty Vii-wsp I Seattle Fe Ch
Grant Deed
—
Nov 6, 2019
—
City Of Fedl Way
Realty Vii-wsp I Seattle Fe Ch
Warranty Deed
—
Apr 27, 2018
—
Ch Realty Vii-wsp I Seattle Fe
—
Deed
related
$11,885,996 · Texas Cap Bk
Mar 31, 2017
$4,100,000
Ch Realty Vii-wsp I Seattle Fe
Brnk Federal Way LLC
Grant Deed
—
May 3, 2016
—
Brnk Federal Way LLC
—
Deed
related
$15,292,552 · Wells Fargo Bk
Jul 31, 2013
$1,457,122
Brnk Federal Way LLC
Comm 2006 Fl12 Washington Spe LLC
Bargain And Sale Deed
$74,000,000 · Wells Fargo Bank NA
Oct 16, 2012
—
2006-fl12 Washington Spe Comm
Abnk Properties LLC
Deed In Lieu Of Foreclosure
related
—
Aug 7, 2006
$2,819,111
Abnk Properties LLC
Newkirk Renlake LP
Special Warranty Deed
$150,000,000 · Barclays Capital Real Estate INC
Jun 14, 2000
$27,500
Renlake Associates LP
Nk-remainder Interest LLC
Quit Claim Deed
related
—
Feb 4, 2000
$31,470
Nk Remainder Interest LLC
Hebrew Home For The Aged At Ri
Quit Claim Deed
related
—
—
—
Ch Realty Vii-wsp I Seattle Fe
—
Deed Of Trust
related
$11,885,996 · Texas Cap Bk
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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