178 SW Campus Dr, Federal Way, WA 98023

NNN Retail · Federal Way · Seattle-Bellevue metro, WA

One of 241 reachable nnn retail buildings in Federal Way. Larger than 26% of nnn retail buildings in Federal Way (median 7,290 SF), derived from assessor records.

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Building size: 3,937 SF, King County Assessor
Lot size: 52,477 SF, King County Assessor
Year built: 2001, King County Assessor
Stories: 1, King County Assessor
Predominant use: Ihop, King County Assessor
Assessed value: $2,138,600, per the King County Assessor (not a market appraisal)
Assessed value per building SF: $543.21/SF, derived from assessor records
Lot coverage: 8%, derived from assessor records
Vintage: 2000s vintage
Zoning: BC, King County
County use code: Restaurant/Lounge
Parking (observed): surface lot, AI estimate from public imagery
Frontage (observed): mid block, AI estimate from public imagery

Nearby comparable buildings

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

164 SW Campus Dr, Federal Way · 0 mi · 5,120 SF · built 2018 · assessed $521.15/SF
160 SW Campus Dr, Federal Way · 0.1 mi · 80,286 SF · built 2000 · assessed $162.01/SF
125 S 348th St, Federal Way · 0.2 mi · 7,923 SF · built 2023 · assessed $455.26/SF
803 S 348th St, Federal Way · 0.6 mi · 450 SF · built 2024 · assessed $1,964/SF
33800 1st Way S, Federal Way · 0.6 mi · 1,733 SF · built 1982 · assessed $938.83/SF
35109 Pacific Hwy S, Federal Way · 0.8 mi · 4,416 SF · built 1980 · assessed $393.16/SF

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Sale history and market context

MakeMe Estimate: $2,883,901 (estimated market value), with a likely range of $2,113,590 to $3,372,775 (half of recent verified sales in this segment landed inside that range). Based on 79 verified arm's-length comparable sales (through 2026-05-29). Not an appraisal. How this estimate works.

Last sold: 2009-09-17 for $2,970,000 (recorded arm's-length sale).

Current ownership dates to 2009 (about 17 years) per recorded transfers.

2009-09-17: $2,970,000 from WB Equities IV LLC to Offer Girls LLC, rec. 20090917001682

2009-02-06: transfer from WB Equities IV LLC to Federal Way City of/Department of Public Works (non-market transfer), rec. 20090304001869

2002-09-12: $2,129,762 from Ihop Realty Corp to WB Equities IV LLC, rec. 20020919002522

2000-11-27: $800,000 from Winco Foods INC to Ihop Realty Corp, rec. 20001129000246

2000-10-25: transfer from Winco Foods INC to Federal Way City of (part of a 3-parcel sale; price is the whole deal), rec. 20001109000590

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

Value over time

Solid line: county appraised value per King County tax rolls. Shaded range: our modeled estimate for each year, built from recorded arm's-length sales in the building's segment; years without enough sales stay unmodeled. Dots: recorded arm's-length sales. Not an appraisal. How this estimate works.

Land, site, and value history

Assessed value moved from $1,060,900 (2011) to $2,138,600 (2026), up 102% over 15 years, per county tax rolls. The 2026 roll splits $2,138,600 into $1,574,300 land and $564,300 improvements.

Zoning: BC (per King County)

Lot: 52,477 sq ft

Water: Water District (per King County)

Sewer: Public (per King County)

Access: Public

Floor and use mix: Restaurant, Table Service 3,937 SF (county building sections)

County districts report (schools, fire, sewer, council; on kingcounty.gov)