33915 1St WayFederal Way, WA 98003

Property Details for 33915 1St Way

Year built

2005

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

2.53 AC

Property size (Sq ft)

34,496 SF

Zone code

OP

Property type

Office properties

Property subtype

Office buildings

APN

926504-0150

APU

9265040150

Description

This exceptional two-story, Class B medical office building, totaling 34,496 square feet, presents a unique leasing opportunity in the desirable CBA Federal Way submarket. Built in 2005 and renovated in 2010, the property boasts a modern aesthetic and efficient layout. Situated on a spacious 2.53-acre lot at 33915 1st Way S, Federal Way, WA 98003, this building offers convenient access and ample parking. Multiple tenancy options are available, with spaces ranging from a minimum of 1,011 square feet to a maximum contiguous space of 2,290 square feet. Currently, 7,161 square feet of space is vacant, providing flexibility for various medical practices or professional businesses. The building features convenient amenities including elevators and is zoned OP. This is an ideal location for healthcare providers seeking a well-maintained, established facility in a thriving community. The property's strategic location within the CBA Federal Way submarket ensures high visibility and accessibility for patients and clients. Interested parties are encouraged to inquire about available space and lease terms. This is a rare opportunity to secure high-quality medical office space in a prime Federal Way location.

• CAP approach

  CAP return

  Valuation

  6%

  $9,334,702

  6.5%

  $8,616,648

  7%

  $8,001,174

• Comparable approach

  Method

  Valuation

  Relative Method

  $9,250,584

  Geo Method

  $6,643,240

• Alternative Use

  Use

  Valuation

  Residential

  $10,684,644

  Hospitality

  $9,787,077

  Educational

  $8,142,733

  Medical

  $8,422,774

  Retail

  $12,666,473

Location Insight

City

Federal Way

County

King

State

Washington

Latitude

47.2976

Longitude

-122.33

CBSA code

42660

CBSA name

SEATTLE-TACOMA-BELLEVUE, WA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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