Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    3450 South 344Th Way Federal Way, WA 98001
    Property profile & analytics

    3450 South 344Th Way Federal Way, WA 98001

    View on Map
    • Office buildings
    • 64,965 SF
    • 3.50 lot acres
    For Lease
    $8,795,000
    View Listing →
    Class A Office Building For Lease
    $8,795,000

    Class A Office Building

    Two-story office building with quick access to major routes.

    3450 South 344th Way, Federal Way, WA 98001
    View Listing
    Property ID
    US90-0505841
    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

    • Office buildings

    Property Details for 3450 South 344Th Way

    Year built
    1999
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    3.50 lot acres
    Property size
    64,965 SF
    Zone code
    OP-1
    Property type
    Office buildings
    APN
    222104-9040
    APU
    2221049040

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $9,785,000
      Market price range: $9.79M - $25.7M

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

    Location Insight

    • Map
    • Local Demand
    City
    Federal Way
    County
    King
    State
    Washington
    Longitude
    -122.291
    Latitude
    47.2927
    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
    $71,597
    $1,829,500
    $5,167,500
    $6,997,000
    -
    $1,829,500
    $5,167,500
    $6,997,000

    Comparable in this City

    • Value Estimation
      $1,270,000
      8,329 SF

      1531 20th NW St

      OFFICE BUILDING • 8,329 SF
      1531 20th NW St, Auburn, WA 98001-3422
      View Details
    • Value Estimation
      $1,780,000
      9,528 SF

      1501 Vly N Hwy

      OFFICE BUILDING • 9,528 SF
      1501 Vly N Hwy, Auburn, WA 98001-1606
      View Details
    • Value Estimation by Request
      988 SF

      35019 Vly S Hwy

      OFFICE BUILDING • 988 SF
      35019 Vly S Hwy, Auburn, WA 98001-4324
      View Details
    • Value Estimation by Request
      1,698 SF

      1408 Main St

      OFFICE BUILDING • 1,698 SF
      1408 Main St, Auburn, WA 98001
      View Details
    • Value Estimation
      $575,000
      1,752 SF

      508 Main St

      OFFICE BUILDING • 1,752 SF
      508 Main St, Auburn, WA 98001-5227
      View Details
    • Value Estimation by Request
      1,920 SF

      30682 Military S Rd

      OFFICE BUILDING • 1,920 SF
      30682 Military S Rd, Auburn, WA 98001-3215
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      100,295 SF

      Class A Office Building

      Extensively renovated office building near I-5 and Federal Way Commons.
      32125 32Nd Ave S, Federal Way, WA 98001
      View Details
    • Contact for pricing

      Class-A Office Buildings For Sale

      Four Class-A office buildings totaling 250,000 SF.
      33810 Weyerhaeuser Way South, Federal Way, WA 98001
      View Details
    • Contact for pricing

      Class-A Office Buildings For Sale

      Four Class-A office buildings totaling 250,000 SF in Federal Way.
      33810 Weyerhaeuser Way South, Federal Way, WA 98001
      View Details
    • Contact for pricing
      187,612 SF

      Federal Way Office Campus Building

      Large suburban office property with adaptable infrastructure and data center.
      32275 32Nd Ave S, Federal Way, WA 98001
      View Details
    • Contact for pricing
      100,295 SF

      Federal Way Office Building

      Office building for sale in Federal Way, Washington.
      32125 32Nd Ave S, Federal Way, WA 98001
      View Details
    • Contact for pricing

      Downtown Auburn Office Sublease

      Office space in downtown Auburn with easy highway access.
      201 S Division St, Auburn, WA 98001
      View Details

    Similar Nearby for Lease

    • $0.37 SF/Yr

      Auburn Touchdown Yard Available

      Auburn location with easy access to SR 167 & I-5.
      121 49Th St NW, Auburn, WA 98001
      View Details
    • $18 SF/Yr

      Federal Way Class A Office

      Class A office building with I-5 access in Federal Way.
      32001 32Nd Ave S, Federal Way, WA 98001
      View Details
    • $0.37 SF/Yr

      Auburn Yard with Office Building

      Auburn location with yard and 1,500 SF office.
      121 49Th St NW, Auburn, WA 98001
      View Details
    • Contact for pricing

      Class A Office Building

      Two-story office building with quick access to major routes.
      3450 South 344Th Way, Federal Way, WA 98001
      View Details
    • $20 SF/Yr
      47,800 SF

      New Office Building For Lease

      New office building with excellent access on the east side.
      32200 Weyerhaeuser Way S, Federal Way, WA 98001
      View Details
    • Contact for pricing
      7,785 SF

      Auburn Office Space Available

      7,785 SF office space for rent in Auburn, WA.
      1602 Pike St NW, Auburn, WA 98001
      View Details
    View Listing
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    3450 South 344Th Way
    Federal Way, WA 98001
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    3450 South 344Th Way, Federal Way, WA, 98001
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!