1506 S 348th St, Federal Way, WA 98003

Small-Bay Industrial · Federal Way · Seattle-Bellevue metro, WA

One of 83 reachable small-bay industrial buildings in Federal Way. Larger than 31% of small-bay industrial buildings in Federal Way (median 11,040 SF), derived from assessor records.

Usable building area
5,900 SF, King County Assessor
Lot size
25,700 SF, King County Assessor
Year built
1983, King County Assessor
Stories
1, King County Assessor
Predominant use
Service Garage, King County Assessor
Assessed value
$1,491,400, per the King County Assessor (not a market appraisal)
Assessed value per usable SF
$252.78/SF, derived from assessor records
Usable area / lot
0.23, derived from assessor records
Vintage
1980s vintage
Zoning
CE, King County
County use code
Service Building

Nearby comparable buildings

Same building type, by distance. Assessor facts only; not an opinion of value.

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Sale history and market context

MakeMe Estimate: $1.88M (estimated market value), with a likely range of $1.36M to $2.33M (half of recent verified sales in this segment landed inside that range). Based on 8 verified arm's-length comparable sales (through 2026-06-01). Not an appraisal. How this estimate works.

lower confidence: 2 comparable sales within 3 miles; nearest 0.1 mi. This property type carries wider measured error; treat the estimate as a starting point.

Comparable sales used as evidence

Recorded arm's-length sales of similar buildings nearby; nearer and more recent sales rank first. Buyer and seller names are withheld. Get this data via API.

Market context: Industrial in Federal Way

3 sales in the last 12 months and 3 in 24 (newest verified sale 2026-01).

Thin market: under 5 verified sales in the last 24 months; treat these aggregates as directional.

Computed from 81 verified arm's-length sales in King County public records (3 in the trailing 24 months). Free public records. Not an appraisal.

Ownership tenure is not asserted for this parcel: the most recent recorded transfer is a non-market conveyance.

Source: King County recorded sales extract; buyer and seller shown only when a company or organization. Individual names are withheld.

Value over time

$0$1M$2M$3M201120142017202020232026$1.88M$1.49MCounty assessed valueMakeMe Estimate range

Dark line: county assessed value per King County tax rolls. Blue line: our estimate; dashed years are a modeled backcast built from recorded arm's-length sales in the building's segment, not estimates published at the time, and years without enough sales stay unmodeled. The shaded range is the model's measured error band; about half of verified sales in the segment land inside it. Not an appraisal. How this estimate works.

Land, site, and value history

Assessed value moved from $666,400 (2011) to $1,491,400 (2026), up 124% over 15 years, per county tax rolls. The 2026 roll splits $1,491,400 into $899,500 land and $591,900 improvements.

Taxes