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Property profile & analytics
OFF-MARKET
Estimated value
$8,420,000
Industrial properties
33721 9th S Ave, Federal Way, WA 98003
Individually Owned
Free & Clear
Property ID
US90-1588174
Property profile
Verified
Property type
Industrial properties
Use group
INDUSTRIAL (GENERAL)
Year built
1976
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Total area
15,005 SF
Lot
3.5 ac (152,500 SF)
Zoning code
OP
APN
926480-0180
UPID
US90-1588174
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
$8.00M
CAP Approach
CAP
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$8.42M
Owner & transaction history
State Of Washington
State Of Washington
since 2025
7 recorded transactions
Zoning & alternative use
OP · Federal Way, WA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
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
by Request
ML approach
$7,995,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
INDUSTRIAL (GENERAL)
$9,530,000
Current use
COMMERCIAL (GENERAL)
$7,885,000
Change: -17% · Conversion: Difficult
Blend value · Realmo final
$8.42M
Range $7.58M – $9.26M · ±10%
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
$561 / 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
$58,806
Tax year 2022
Assessed value
$5,561,800
Assessed 2022
Previous assessed
$5,561,800
+0.0% YoY
Effective rate
1.06%
On assessed value
Assessed land
$1,830,000
Assessed improvement
$3,731,800
Land market value
$1,830,000
Improvement market value
$3,731,800
Total market value
$5,561,800
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
Industrial properties
Use group
INDUSTRIAL (GENERAL)
Status
Off-Market
Year built
1976
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
HEAT PUMP
Buildings
2
Stories
1
Total area
15,005 SF
Lot
3.5 ac (152,500 SF)
Zoning code
OP
APN
926480-0180
UPID
US90-1588174
Jurisdiction
KING
Metro division
SEATTLE-BELLEVUE-EVERETT, WA METROPOLITAN DIVISION
Zoning & alternative use
OP · Federal Way, WA
Zoning OP · permitted uses
OP · 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) Current
Est. value
$9.5M
COMMERCIAL (GENERAL)
Est. value
$7.9M
INDUSTRIAL (GENERAL) Current
COMMERCIAL (GENERAL)
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
1976
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
HEAT PUMP
Stories
1
Buildings
2
Lot
3.5 ac
Current owner
From public records · entity-resolved
State Of Washington
Individual
Free & Clear · 0 yrs held
Mailing address
21520 YORBA LINDA BLVDG523, YORBA LINDA, CA 92887-3762
Ownership since
2025
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
11 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Nov 5, 2025
—
State Of Washington
Los Angeles Iron & Steel Company
Deed
—
Mar 30, 2023
$14,405,000
Los Angeles Iron & Steel Company
Bkm Federal Way North 245 LLC
Bargain And Sale Deed
—
Nov 21, 2019
—
Bkm Federal Way North 245 LLC
—
Grant Deed
related
$13,220,000 · Ready Cap Structured Fin
Aug 1, 2019
$8,165,000
Bkm Federal Way North 245 LLC
Campus Bp I LLC
Warranty Deed
—
Sep 29, 2017
—
Campus Bp I LLC
—
Grant Deed
related
$3,440,000 · Boeing Emps Cu
Dec 22, 2011
—
Herb Simon
Campus Business Parks LLC
Grant Deed
related
—
Oct 29, 2007
—
Campus Bp III LLC
Ann E Johnson
Quit Claim Deed
related
$8,950,000 · Wells Fargo Bank NA
Jul 18, 2006
$12,575,000
Herb Simon
Campus Business Parks LLC
Grant Deed
$9,800,000 · Key Bank NA
Jun 30, 1997
—
Inter Co-op USA #3
—
Deed Of Trust
related
$6,500,000 · Us Bank
Aug 1, 1990
$9,300
Inter Co Op USA
Koll
Grant Deed
$8,300 · Company Misc
—
—
Inter Co-op USA #3
—
Deed Of Trust
related
$100,000 · Oregon State Public Emp Retire
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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