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Property profile & analytics
OFF-MARKET
Estimated value
$20,425,000
Specialty properties
35703 16th S Ave Federal Way, WA 98003-7524
Entity Owned
12-yr Hold
~
Est. High Equity
Property ID
US90-0541709
Property profile
Verified
Property type
Specialty properties
Use group
PROFESSIONAL CLUBS/ASSOCIATIONS
Year built
2014
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Total area
302,083 SF
Lot
16.56 ac (721,187 SF)
Zoning code
RM2400
APN
292104-9107
UPID
US90-0541709
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
$20.42M
Blend (final)
Blend
$20.43M
Owner & transaction history
Park 16 LLC · 12 yrs held
Park 16 LLC
since 2013
7 recorded transactions
Zoning & alternative use
RM2400 · Federal Way, WA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Zoning description
The Purpose of this district is to promote Multi Family 1 Unit Per 2400 Square Feet
Zone name
Multi Family 1 Unit Per 2400 Square Feet
General category
RESIDENTIAL
Zone area
507.42 ac
Source
Realmo
Top alternative use upside
Industrial (general)
$31.5M
+54.2%
Apartment house (5+ units)
$28.4M
+39.2%
Commercial (general)
$26.5M
+29.7%
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
Alternative Use
Use
Estimation
CLUBS, LODGES, PROFESSIONAL ASSOCIATIONS
$20,425,000
Current use
INDUSTRIAL (GENERAL)
$31,485,000
Change: +54% · Conversion: Difficult
APARTMENT HOUSE (5+ UNITS)
$28,435,000
Change: +39% · Conversion: Difficult
COMMERCIAL (GENERAL)
$26,500,000
Change: +30% · Conversion: Difficult
OFFICE BUILDING
$20,770,000
Change: +2% · Conversion: Difficult
MEDICAL BUILDING
$17,855,000
Change: -13% · Conversion: Difficult
Blend value · Realmo final
$20.43M
Range $18.38M – $22.47M · ±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
$68 / 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
$18,369
Tax year 2022
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
Specialty properties
Use group
PROFESSIONAL CLUBS/ASSOCIATIONS
Status
Off-Market
Year built
2014
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
HEAT PUMP
Buildings
4
Stories
3
Units
293
Total area
302,083 SF
Lot
16.56 ac (721,187 SF)
Zoning code
RM2400
APN
292104-9107
UPID
US90-0541709
Jurisdiction
KING
Metro division
SEATTLE-BELLEVUE-EVERETT, WA METROPOLITAN DIVISION
Zoning & alternative use
RM2400 · Federal Way, WAZoning RM2400 · permitted uses
RM2400 · Federal Way, WA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Zoning description
The Purpose of this district is to promote Multi Family 1 Unit Per 2400 Square Feet
Zone name
Multi Family 1 Unit Per 2400 Square Feet
General category
RESIDENTIAL
Zone area
507.42 ac
Source
Realmo
Alternative use value scenarios
Repositioning upside vs current use
CLUBS, LODGES, PROFESSIONAL ASSOCIATIONS Current
Est. value
$20.4M
INDUSTRIAL (GENERAL)
Est. value
$31.5M
APARTMENT HOUSE (5+ UNITS)
Est. value
$28.4M
COMMERCIAL (GENERAL)
Est. value
$26.5M
OFFICE BUILDING
Est. value
$20.8M
MEDICAL BUILDING
Est. value
$17.9M
CLUBS, LODGES, PROFESSIONAL ASSOCIATIONS Current
INDUSTRIAL (GENERAL)
APARTMENT HOUSE (5+ UNITS)
COMMERCIAL (GENERAL)
OFFICE BUILDING
MEDICAL BUILDING
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
2014
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
HEAT PUMP
Stories
3
Buildings
4
Units
293
Lot
16.56 ac
Current owner
From public records · entity-resolved
Park 16 LLC
Entity
Mailing address
10900 NE 8TH ST STE #1200, BELLEVUE, WA 98004-4460
Mailing matches property
Yes
Owner-occupied
Yes
Ownership since
2013
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
10 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Sep 5, 2014
—
Park 16 LLC
—
Loan Modification
related
$32,750,000 · Washington St Hsng Fin Comm
Dec 2, 2013
$6,000,000
Park 16 LLC
Dominion Holdings LLC
Warranty Deed
$32,750,000 · Us Bank NA
Jan 17, 2007
$1,650,000
Dominion Holdings LLC
Group II LLC
Warranty Deed
$1,000,000 · Sterling Savings Bank
May 9, 2003
$1,500,000
Group II LLC
Lin,jin-kai & Chuen L
Grant Deed
$1,300,000 · Jin-kai & Chuen L Lin
Sep 27, 1990
$1,000,000
Federal Way Sch Dist 210
Accurate Plastic
Grant Deed
—
—
—
Park 16 LLC
—
Loan Modification
related
$34,060,000 · Us Bk
—
—
Dominion Holdings LLC
—
Deed Of Trust
related
$500,000 · Sterling Bank
—
—
Dominion Holdings LLC
—
Deed Of Trust
related
$3,242,459 · Sterling Savings Bank
—
—
Dominion Holdings LLC
—
Deed Of Trust
related
$400,000 · Sterling Savings Bank
—
—
Group II LLC
—
Deed Of Trust
related
$119,835 · Sshi LLC
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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