35415 SW 21St Ave Federal Way, WA 98023
This exceptional 3.23-acre development site in Federal Way, Washington presents a compelling investment opportunity. Located at 35415 21st Ave SW, 98023, this property comprises four parcels (APN: 2521039051, 2521039040, 2521039041, 2521039037) and is zoned Neighborhood Business (BN). Its strategic location offers unparalleled access to major transportation arteries including Highway 99, 509, I-5, and Highway 18, ensuring convenient connectivity throughout the region. The site is surrounded by existing residential development and is in close proximity to a variety of retail, shopping, and service amenities, creating a vibrant and desirable location for future development. The BN zoning allows for a diverse range of uses, including office, retail, multifamily residential, restaurants, and churches, providing significant flexibility for potential projects. Detailed information regarding permitted uses and regulations can be found in the Federal Way Revised Code Chapter 19.215, accessible at https://www.codepublishing.com/WA/FederalWay/. This prime location and flexible zoning make this property an ideal canvas for a variety of development projects. King County location offers access to a strong workforce and established infrastructure. Don't miss this chance to acquire a highly desirable development site in a thriving community.
Cap rate
Implied · in-place · derived from last sale + estimated NOIValue
AI, CAP & Alternative Use estimations · Realmo proprietary blendProperty tax & assessments
Tax year 2022Comparables
6 recent transactions · within 1.5 miComparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Property description
Physical attributes from public recordsZoning & alternative use
BN · Federal Way, WAFederal Way. Always verify with local authorities before improvements.
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.