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    Property profile & analytics

    34617 11Th Pl S Federal Way, WA 98003

    • Medical offices
    • 23,200 SF
    • 0.88 lot acres
    For Lease
    View listing
    $24 SF/Yr
    Last Sale
    May 28, 2021
    $2,200,000
    Value Estimations
    $2,260,000
    Cap Rate Potential
    Location Intelligence
    Property ID
    US90-1660429
    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

    • Medical offices

    Property Details for 34617 11Th Pl S

    Year built
    1981
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.88 lot acres
    Property size
    23,200 SF
    Zone code
    OP
    Property type
    Medical offices
    Property subtype
    Medical centers
    APN
    215470-0110
    APU
    2154700110

    Description

    Wellness Plaza is a distinguished Class A medical office building totaling 21,098 square feet, situated on a 0.88-acre lot (38,145 square feet) in King County. Built in 1981 and extensively renovated in 2022, this multi-tenant property offers immediate occupancy in five available suites ranging from 811 to 7,617 contiguous square feet. The building boasts a modern, technologically advanced main lobby. Ample free parking is available with a generous 6.90/1,000 SF ratio, totaling 97 spaces. Its convenient location offers easy access to public transportation, with a metro bus route just one block away, and a park and ride also within a block. The property benefits from state-of-the-art telecommunication services provided by CenturyLink and Comcast. Its strategic location places it five blocks from St. Francis Hospital and just five minutes from the Rhododendron Species Garden, providing a desirable setting for medical professionals and their patients. The property is zoned OP, Federal Way, and its APN is 215470-0110.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $2,370,000
      ML approach
      $2,270,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Federal Way
    County
    King
    State
    Washington
    Longitude
    -122.32
    Latitude
    47.2914
    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
    $24,907
    $457,700
    $1,959,100
    $2,416,800
    -
    $457,700
    $1,959,100
    $2,416,800

    Comparable in this City

    • Value Estimation
      $1,590,000
      8,960 SF

      720 320th St

      MEDICAL BUILDING • 8,960 SF
      720 320th St, Federal Way, WA 98003-5254
      View Details
    • Value Estimation
      $15,305,000
      86,393 SF

      33501 1st S Way

      MEDICAL BUILDING • 86,393 SF
      33501 1st S Way, Federal Way, WA 98003-6208
      View Details
    • Value Estimation
      $8,155,000
      50,353 SF

      34509 9th S Ave

      MEDICAL BUILDING • 50,353 SF
      34509 9th S Ave, Federal Way, WA 98003-6700
      View Details
    • Value Estimation
      $600,000
      5,205 SF

      31675 Pacific S Hwy

      MEDICAL BUILDING • 5,205 SF
      31675 Pacific S Hwy, Federal Way, WA 98003-5407
      View Details
    • Value Estimation by Request
      3,943 SF

      34621 11th S Ave

      MEDICAL BUILDING • 3,943 SF
      34621 11th S Ave, Federal Way, WA 98003
      View Details
    • Value Estimation
      $2,175,000
      16,325 SF

      34616 11th S Pl

      MEDICAL BUILDING • 16,325 SF
      34616 11th S Pl, Federal Way, WA 98003-8705
      View Details

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    • Contact for pricing

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      8,280 SF

      Federal Way Office Space Available

      Office space near future Link Light Rail Station in Federal Way.
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    Similar Nearby for Lease

    • $17 SF/Yr
      34,496 SF

      Maplewood Medical Center: Office Suites for Lease

      Prime Federal Way Medical Office Space Available
      33915 1St Way, Federal Way, WA 98003
      View Details
    • $24 SF/Yr
      1,730 SF

      Federal Way Office Space Available

      Professional or Medical office space for lease near St. Francis Hospital.
      34617 11Th Pl S, Federal Way, WA 98003
      View Details
    • Contact for pricing
      2,477 SF

      Medical Office Space Available

      2,477 SF medical office space for lease.
      34616 11Th Pl S, Federal Way, WA 98003
      View Details
    • $24 SF/Yr
      803 SF

      Federal Way Office Suite Available

      803 SF office suite suitable for medical or general use.
      118 SW 330Th St, Federal Way, WA 98003
      View Details
    • $18 SF/Yr
      1,550 SF

      Federal Way Office Space Available

      Medical or professional office space for lease in Federal Way.
      32717 1St Ave S, Federal Way, WA 98003
      View Details
    • $18 SF/Yr
      12,036 SF

      Federal Way Class A Office

      Class A office/medical building in Federal Way's West Campus.
      33301 9Th Ave S, Federal Way, WA 98003
      View Details
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    Federal Way, WA 98003
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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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