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    35415 SW 21St Ave Federal Way, WA 98023
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    35415 SW 21St Ave, Federal Way, WA 98023

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    • Commercial land
    • 1.09 lot acres
    For Sale
    $1,500,000
    View Listing →
    Federal Way Development Opportunity For Sale
    $1,500,000
    3.23 Acres

    Federal Way Development Opportunity

    3.23 acre commercial land in Federal Way, WA for sale.

    35415 SW 21st Ave, Federal Way, WA 98023
    View Listing
    Property ID
    US90-2040520
    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

    • Commercial land

    Property Details for 35415 SW 21St Ave

    Lot size
    1.09 lot acres
    Zone code
    BN
    Property type
    Commercial land
    APN
    252103-9037
    APU
    2521039037

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Feb 21, 2020 — Hong Marital Trust Dong E Hong Quit Claim Deed · related —
    Feb 21, 2006 $900,000 Dong E Hong Audrey & Sydney M Irmas Charit Warranty Deed $690k · Key Bank NA
    Jun 15, 1990 $800,000 Irmas,sydney M Trustee North Grant Deed —
    — — Dong E Hong — Deed Of Trust · related $150k · John & Robert Pontius
    — — Dong E Hong — Deed Of Trust · related $250k · Washington First Int'l Bank

    Description

    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.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,025,000
      ML approach
      $985,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Federal Way
    County
    King
    State
    Washington
    Longitude
    -122.362
    Latitude
    47.2844
    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
    $6,924
    $570,100
    $0.00
    $570,100
    -
    $570,100
    $0.00
    $570,100

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    • Value Estimation
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      VACANT COMMERCIAL LAND
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    Similar Nearby for Sale

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      Federal Way Development Opportunity

      3.23 acre commercial land in Federal Way, WA for sale.
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      Federal Way Land Parcel

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      3.23 Acres Commercial Land Available

      Commercial land with diverse development opportunities near major transportation routes.
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      Land For Sale

      Land available for sale in Federal Way, Washington.
      SW Dash Point Rd, Federal Way, WA 98023
      View Details

    Similar Nearby for Lease

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      Retail space available in high-traffic Twin Lakes Village shopping center.
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      Federal Way Office Space Available

      Office space for rent in Federal Way, Washington.
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      Dash Point Retail Space Available

      Retail space available in Dash Point Village near Grocery Outlet.
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      View Details
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      Retail Space in Twin Lakes Village

      Retail space for lease in high-traffic shopping center.
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      View Details
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    Federal Way, WA 98023
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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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    35415 SW 21St Ave, Federal Way, WA, 98023
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