Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    35522 21st SW Ave Federal Way, WA 98023-3046
    Back to Search
    Property profile & analytics

    35522 21st SW Ave Federal Way, WA 98023-3046

    View on Map
    • Commercial real estate
    • 4,780 SF
    • 0.50 lot acres
    Off-Market
    Last Sale Oct 1, 2024
    $1,835,000
    Property ID
    US90-0204339
    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
    $1,545,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Commercial real estate

    Property Details for 35522 21st SW Ave

    Year built
    2008
    Construction
    WOOD
    Lot size
    0.50 lot acres
    Property size
    4,780 SF
    Zone code
    BN
    Property type
    Commercial real estate
    APN
    252103-9050
    APU
    2521039050

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,330,000
      6.5%
      $1,230,000
      7%
      $1,140,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $1,281,000
      Market price range: $192k - $1.30M

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

    Location Insight

    • Map
    • Local Demand
    City
    Federal Way
    County
    King
    State
    Washington
    Longitude
    -122.361
    Latitude
    47.283
    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
    $20,110
    $351,900
    $1,638,200
    $1,990,100
    -
    $351,900
    $1,638,200
    $1,990,100

    Comparable in this City

    • Value Estimation
      $2,360,000
      12,510 SF

      34024 Hoyt SW Rd

      COMMERCIAL (GENERAL) • 12,510 SF
      34024 Hoyt SW Rd, Federal Way, WA 98023-3224
      View Details
    • Value Estimation
      $4,585,000
      5,120 SF

      164 Campus Dr

      COMMERCIAL (GENERAL) • 5,120 SF
      164 Campus Dr, Federal Way, WA 98023-7926
      View Details
    • Value Estimation
      $2,950,000
      11,030 SF

      4610 320th St

      COMMERCIAL (GENERAL) • 11,030 SF
      4610 320th St, Federal Way, WA 98023
      View Details
    • Value Estimation
      $4,235,000
      4,286 SF

      33653 21st SW Ave

      COMMERCIAL (GENERAL) • 4,286 SF
      33653 21st SW Ave, Federal Way, WA 98023
      View Details
    • Value Estimation
      $1,380,000
      7,145 SF

      1600 Dash Pt Rd

      COMMERCIAL (GENERAL) • 7,145 SF
      1600 Dash Pt Rd, Federal Way, WA 98023-4573
      View Details
    • Value Estimation
      $1,095,000
      4,012 SF

      2317 320th St Ste, Unit 3

      COMMERCIAL (GENERAL) • 4,012 SF
      2317 320th St Ste, Federal Way, WA 98023-2567
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      Land For Sale

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

      Development Potential Property

      Flat land with utilities for development.
      5101 SW 316Th Pl, Federal Way, WA 98023
      View Details
    • $1,500,000
      140,699 SF

      3.23 Acres Commercial Land Available

      Commercial land with diverse development opportunities near major transportation routes.
      6th 6Th Ave SW, Federal Way, WA 98023
      View Details
    • Contact for pricing
      Pending

      Land with Subdivision Potential

      2.10 acres with utilities, suitable for subdivision.
      317 51St Ave SW, Federal Way, WA 98023
      View Details
    • Contact for pricing

      Vacant Land in Federal Way

      33,000 square feet of land near shopping and freeway.
      36922 6Th Ave Southwest, Federal Way, WA 98023
      View Details
    • Contact for pricing

      Vacant Land in Federal Way

      33,000 SF vacant land parcel in Federal Way.
      36922 6Th Ave SW, Federal Way, WA 98023
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      2,683 SF

      Federal Way Office Suite Available

      803 SF office suite suitable for medical or general use.
      118 SW 330Th St, Federal Way, WA 98023
      View Details
    • Contact for pricing
      31,795 SF

      Federal Way Retail Space Available

      31,795 SF retail space in a high-visibility location.
      2131 SW 336Th St, Federal Way, WA 98023
      View Details
    • $34,445
      31,795 SF

      Retail Space in Federal Way

      31,795 RSF retail space available in a high-visibility location.
      2131 336Th St, Federal Way, WA 98023
      View Details
    • $1,775 /Mo
      1,136 SF

      Federal Way Office Space Available

      Office space for rent in Federal Way, Washington.
      1600 Dash Point Rd, Federal Way, WA 98023
      View Details
    • Contact for pricing
      1,019 SF

      Federal Way Retail Space Available

      Retail space available for lease in Federal Way, Washington.
      1600 Southwest Dash Point Rd, Federal Way, WA 98023
      View Details

    Property Visit Statistics

    • Visits by month
      1.7k
    • Visitors by month
      942
    • Avg Time on site
      33 min
    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.
    35522 21st SW Ave
    Federal Way, WA 98023-3046
    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
    35522 21st SW Ave, Federal Way, WA, 98023
    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!