31620 23Rd AveFederal Way, WA 98003

Property Details for 31620 23Rd Ave

Year built

1984

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

1.47 AC

Property size (Sq ft)

40,053 SF

Zone code

CC-F

Property type

Office buildings

APN

092104-9051

APU

921049051

Description

The Parklane Executive Center, located at 31620 23rd Avenue South in Federal Way, WA 98003, offers exceptional office space in a Class B building. This single, three-story building boasts a total of 40,053 square feet, with 720 square feet currently vacant. Multiple tenancy options are available, ranging from 720 to 4,408 square feet, providing flexibility for various business needs. Built in 1984 and renovated in 2004, the property sits on a 1.53-acre lot and features ample parking with 140 spaces and convenient elevator access. Its strategic location in the CBA Federal Way submarket of King County (APN 0921049051) provides excellent access to the I-5 corridor, placing it within a 20-minute commute to Seattle. The property is zoned CF and benefits from its proximity to a new transit center in downtown Federal Way, enhancing accessibility and convenience. This presents a compelling opportunity for businesses seeking well-maintained office space in a thriving and easily accessible location.

• CAP approach

  CAP return

  Valuation

  6%

  $10,838,440

  6.5%

  $10,004,714

  7%

  $9,290,092

• Comparable approach

  Method

  Valuation

  Relative Method

  $10,740,771

  Geo Method

  $7,713,406

• Alternative Use

  Use

  Valuation

  Residential

  $12,405,846

  Hospitality

  $11,363,688

  Educational

  $9,454,455

  Medical

  $9,779,608

  Retail

  $14,706,930

Location Insight

City

Federal Way

County

King

State

Washington

Latitude

47.3184

Longitude

-122.303

CBSA code

42660

CBSA name

SEATTLE-TACOMA-BELLEVUE, WA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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