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Property profile & analytics
OFF-MARKET
Estimated value
$14,745,000
Warehouses
35205 Enchanted S Pkwy, Federal Way, WA 98003-8315
Entity Owned
12-yr Hold
~
Est. High Equity
Property ID
US90-1610609
Property profile
Verified
Property type
Warehouses
Use group
MINI-WAREHOUSE, STORAGE
Year built
1992
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Total area
121,831 SF
Lot
5.89 ac (256,512 SF)
Zoning code
CE
APN
292104-9096
UPID
US90-1610609
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
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$19.04M
Blend (final)
Blend
$14.75M
Owner & transaction history
Arec 20 LLC · 12 yrs held
Arec 20 LLC
since 2014
7 recorded transactions
Zoning & alternative use
CE · 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
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Blend value · Realmo final
$14.75M
Range $13.27M – $16.22M · ±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
$121 / 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
$173,440
Tax year 2022
Assessed value
$16,735,000
Assessed 2022
Previous assessed
$16,735,000
+0.0% YoY
Effective rate
1.04%
On assessed value
Assessed land
$5,130,200
Assessed improvement
$11,604,800
Land market value
$5,130,200
Improvement market value
$11,604,800
Total market value
$16,735,000
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
Warehouses
Use group
MINI-WAREHOUSE, STORAGE
Status
Off-Market
Year built
1992
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
OTHER
Cooling
OTHER
Stories
1
Total area
121,831 SF
Lot
5.89 ac (256,512 SF)
Zoning code
CE
APN
292104-9096
UPID
US90-1610609
Jurisdiction
KING
Metro division
SEATTLE-BELLEVUE-EVERETT, WA METROPOLITAN DIVISION
Zoning & alternative use
CE · Federal Way, WA
Zoning CE · permitted uses
CE · 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.
Building & site characteristics
From public records
Year built
1992
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
OTHER
Cooling
Yes
Stories
1
Lot
5.89 ac
Current owner
From public records · entity-resolved
Arec 20 LLC
Entity
Mailing address
PO BOX 29046, PHOENIX, AZ 85038-9046
Ownership since
2014
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
9 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Feb 26, 2025
—
Arec 20 LLC
—
Deed
related
$180,000,000 · Prudential Insurance Of America
Apr 10, 2014
—
Arec 20 LLC
Amerco Real Estate Co
Grant Deed
$40,000,000 · Cantor Com'l R/e Lndg
Jan 30, 2012
$5,000,000
Amerco Real Estate Co
Lowes Hiw INC
Grant Deed
—
Jul 12, 2011
—
Lowes Hiw INC
Federal Way Lowes LLC
Quit Claim Deed
—
Jan 30, 2007
—
City Of Federal Way
Federal Way Lowes LLC
Quit Claim Deed
related
—
Mar 15, 2005
$16,400,000
Federal Way Lowes LLC
Rs Eagle Federal Way LLC
Warranty Deed
—
Dec 14, 1999
$15,200
Rs Eagle Federal Way LLC
Lexington Federal Way LLC
Grant Deed
—
May 8, 1998
$13,700,000
Lexington Federal Way LLC
R & B Development INC
Grant Deed
—
Mar 9, 1992
$3,691,000
R & B Devel INC
Starkovich
Grant Deed
—
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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