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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    33653 21st SW Ave Federal Way, WA 98023

    • Commercial real estate
    • 4,286 SF
    • 0.82 lot acres
    OFF-MARKET
    Last Sale
    Aug 23, 2021
    $4,206,000
    Value Estimations
    $4,235,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US90-1354765
    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.

    Current Use by Public Records

    • Commercial real estate

    Property Details for 33653 21st SW Ave

    Year built
    1993
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.82 lot acres
    Property size
    4,286 SF
    Zone code
    BN
    Property type
    Commercial real estate
    APN
    930100-0020
    APU
    9301000020

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $4,530,000
      ML approach
      $4,435,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $3,788,000
      Market price range: $696k - $3.79M

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

    Location Insight

    • Map
    • Local Demand
    City
    Federal Way
    County
    King
    State
    Washington
    Longitude
    -122.36
    Latitude
    47.2993
    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
    $20,463
    $712,000
    $1,286,800
    $1,998,800
    -
    $712,000
    $1,286,800
    $1,998,800

    Comparable in this City

    • Value Estimation
      $2,360,000
      12,510 SF

      34024 Hoyt SW Rd

      COMMERCIAL (GENERAL) • 12,510 SF
      34024 Hoyt SW Rd, Federal Way, WA 98023-3224
      View Details
    • Value Estimation
      $4,585,000
      5,120 SF

      164 Campus Dr

      COMMERCIAL (GENERAL) • 5,120 SF
      164 Campus Dr, Federal Way, WA 98023-7926
      View Details
    • Value Estimation
      $1,545,000
      4,780 SF

      35522 21st SW Ave

      COMMERCIAL (GENERAL) • 4,780 SF
      35522 21st SW Ave, Federal Way, WA 98023-3046
      View Details
    • Value Estimation
      $1,380,000
      7,145 SF

      1600 Dash Pt Rd

      COMMERCIAL (GENERAL) • 7,145 SF
      1600 Dash Pt Rd, Federal Way, WA 98023-4573
      View Details
    • Value Estimation
      $1,095,000
      4,012 SF

      2317 320th St Ste, Unit 3

      COMMERCIAL (GENERAL) • 4,012 SF
      2317 320th St Ste, Federal Way, WA 98023-2567
      View Details
    • Value Estimation
      $4,495,000
      25,000 SF

      2140 356th St

      COMMERCIAL (GENERAL) • 25,000 SF
      2140 356th St, Federal Way, WA 98023-3058
      View Details

    Similar Nearby for Sale

    • $3,300,000

      Land For Sale

      Land available for sale in Federal Way, Washington.
      SW Dash Point Rd, Federal Way, WA 98023
      View Details
    • Contact for pricing

      Federal Way Land Parcel

      6000 sq ft land parcel in Federal Way.
      37301 2Nd Ave, Federal Way, WA 98023
      View Details
    • $295,000
      0.42 Acres

      Federal Way Land Opportunity

      Expansive residential lots in prime King County location.
      2nd 2Nd Ave SW, Federal Way, WA 98023
      View Details
    • $1,950,000

      Corner Land in Federal Way

      Signalized corner lot with timber and high visibility.
      955 S 356Th St, Federal Way, WA 98023
      View Details
    • $129,950

      Private Lot in Dumas Bay

      Quarter-acre building lot near Poverty Bay Park.
      30412 28Th Ave, Federal Way, WA 98023
      View Details
    • $1,475,000
      1.85 Acres

      Federal Way Buildable Lots Opportunity

      Five adjacent lots totaling 1.853 acres in Federal Way.
      2nd 2Nd Ave SW, Federal Way, WA 98023
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      2,655 SF

      Retail Space in Federal Way

      Retail space available for lease in Federal Way, Washington.
      4627 SW 320Th St, Federal Way, WA 98023
      View Details
    • Contact for pricing
      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
      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 98023
      View Details
    • $18 SF/Yr
      12,334 SF

      Federal Way Office and Flex

      Turn-key office and flex space with excellent highway access.
      3455 S 344Th 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
    • $24 SF/Yr
      450 SF

      Retail Space Near The Commons

      Retail space in Federal Way, near major retailers.
      1200 S 324Th St, Federal Way, WA 98023
      View Details
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    33653 21st SW Ave
    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.

    More about this property
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