33400 8Th AveFederal Way, WA 98003

Property Details for 33400 8Th Ave

Year built

1981

Construction

WOOD

Lot size

3.11 AC

Property size (Sq ft)

68,586 SF

Zone code

OP

Property type

Office buildings

APN

926500-0110

APU

9265000110

Description

Park Center, located at 33400 8th Ave S in Federal Way, WA 98003, presents a compelling investment opportunity. This two-story, 50,150 square foot executive office building, constructed in 1981 and extensively renovated in 2020, sits on a 3.11-acre lot (135,633 square feet) within King County. The property boasts 228 parking spaces and is zoned OP - Office Park. Currently, the building has a 24.79% occupancy rate, offering significant potential for value-add improvements or owner-occupancy. The asking price is $7,000,000, translating to $160.32 per square foot. With a Net Operating Income (NOI) of $171,082.36, the property exhibits a strong 9.65% capitalization rate. This presents a rare chance to acquire a substantial office building in a desirable location with significant upside potential. The property's size, ample parking, and recent renovations make it an attractive prospect for both investors seeking high returns and businesses looking for a prominent presence in Federal Way. The APN is 926500-0110.

• CAP approach

  CAP return

  Valuation

  6%

  $18,559,540

  6.5%

  $17,131,884

  7%

  $15,908,177

• Comparable approach

  Method

  Valuation

  Relative Method

  $18,392,294

  Geo Method

  $13,208,292

• Alternative Use

  Use

  Valuation

  Residential

  $21,243,536

  Hospitality

  $19,458,964

  Educational

  $16,189,630

  Medical

  $16,746,416

  Retail

  $25,183,868

Location Insight

City

Federal Way

County

King

State

Washington

Latitude

47.3038

Longitude

-122.324

CBSA code

42660

CBSA name

SEATTLE-TACOMA-BELLEVUE, WA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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