31119 21st Pl SW, Federal Way, WA 98023

Industrial · Federal Way · Seattle-Bellevue metro, WA

One of 12 reachable industrial buildings in Federal Way. Larger than 17% of industrial buildings in Federal Way (median 78,232 SF), derived from assessor records.

Usable building area
56,550 SF, King County Assessor
County gross area
69,215 SF, King County Assessor
Excluded area
12,665 SF outside primary usable area
Lot size
100,623 SF, King County Assessor
Year built
1989, King County Assessor
Stories
2, King County Assessor
Buildings on parcel
3, King County Assessor
Predominant use
Mini Warehouse, King County Assessor
Assessed value
$8,539,300, per the King County Assessor (not a market appraisal)
Assessed value per usable SF
$151/SF, derived from assessor records
Usable area / lot
0.56, derived from assessor records
Vintage
1980s vintage
Zoning
BN, King County
County use code
Mini Warehouse

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: $8.08M (estimated market value), with a likely range of $6.66M to $9.88M (half of recent verified sales in this segment landed inside that range). Based on 5 verified arm's-length comparable sales (through 2026-06-01). Not an appraisal. How this estimate works.

lower confidence: 1 comparable sale within 3 miles; nearest 2.3 mi. This property type carries wider measured error; treat the estimate as a starting point. Comparable-sale caveat: the estimate is 28% below the $199.46/SF median of the shown comparable sales.

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.

Current ownership dates to 1997 (about 29 years) per recorded transfers.

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

Value over time

$0$5M$10M$15M$20M201120142017202020232026$8.08M$8.54MCounty 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 $3,907,300 (2011) to $8,539,300 (2026), up 119% over 15 years, per county tax rolls. The 2026 roll splits $8,539,300 into $654,000 land and $7,885,300 improvements.

Taxes

Permit history

Source: King County permit records (newest first).