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    Property profile & analytics

    33702 21St Ave SW Federal Way, WA 98023

    • Outlet malls
    • 195,246 SF
    • 15.52 lot acres
    For Lease
    View listing
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US90-1694083
    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

    • Outlet malls

    Property Details for 33702 21St Ave SW

    Year built
    1991
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    15.52 lot acres
    Property size
    195,246 SF
    Zone code
    BN
    Property type
    Outlet malls
    APN
    930100-0010
    APU
    9301000010

    Description

    This exceptional 195,246 square foot retail property, situated in Federal Way, Washington, presents a compelling investment opportunity. Anchored by a Fred Meyer grocery store, this Class C center boasts a prime location at 33702 21st Ave SW, benefiting from high visibility and accessibility. The single-story building, constructed in 1991 and renovated in 1995, sits on a substantial 15.52-acre lot. The property features a multiple-tenancy structure, providing diverse income streams. With a total of 195,246 square feet of retail space, the center offers ample room for various businesses. Convenient parking is available, with a ratio of 4 spaces per 1000 square feet. The property's strategic location off 21st Ave SW and SW Campus Dr benefits from a combined daily traffic count of 36,000 vehicles. The King County location, with APN 930100-0010 and BN zoning, ensures a stable and desirable investment environment. This property is an excellent opportunity for investors seeking a well-established, high-traffic retail center in a thriving community. The absence of elevators is noted.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Federal Way
    County
    King
    State
    Washington
    Longitude
    -122.359
    Latitude
    47.2982
    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
    $203,623
    $13,517,100
    $5,319,600
    $18,836,700
    -
    $13,517,100
    $5,319,600
    $18,836,700

    Comparable in this City

    • Value Estimation by Request
      0.53 Acres

      32701 1st S Ave

      SHOPPING CENTER, STRIP CENTER • 0.53 Acres
      32701 1st S Ave, Federal Way, WA 98023
      View Details
    • Value Estimation
      $4,985,000
      36,744 SF

      2109 336th St

      GROCERY, SUPERMARKET • 36,744 SF
      2109 336th St, Federal Way, WA 98023-2847
      View Details
    • Value Estimation
      $525,000
      2,519 SF

      2309 336th St

      DRIVE-THRU RESTAURANT, FAST FOOD • 2,519 SF
      2309 336th St, Federal Way, WA 98023
      View Details
    • Value Estimation
      $680,000
      2,400 SF

      104 312th St

      CONVENIENCE STORE • 2,400 SF
      104 312th St, Federal Way, WA 98023-4609
      View Details
    • Value Estimation
      $635,000
      3,937 SF

      178 Campus Dr

      RESTAURANT • 3,937 SF
      178 Campus Dr, Federal Way, WA 98023-7926
      View Details
    • Value Estimation
      $11,735,000
      80,286 SF

      160 Campus Dr

      GROCERY, SUPERMARKET • 80,286 SF
      160 Campus Dr, Federal Way, WA 98023
      View Details

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    Similar Nearby for Lease

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      2,646 SF

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      Retail Space in Federal Way

      Retail space available in Fred Meyer-anchored shopping center.
      33702 21St Ave SW, Federal Way, WA 98023
      View Details
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      Retail Space in Federal Way

      Retail space available for lease in Federal Way, Washington.
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      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
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    33702 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.

    More about this property
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