35405 23rd Ave SW, Federal Way, WA 98023

Multifamily · Federal Way · Seattle-Bellevue metro, WA

One of 255 reachable multifamily buildings in Federal Way. Larger than 73% of multifamily buildings in Federal Way (median 3,968 SF), derived from assessor records.

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Building size: 46,118 SF, King County Assessor
Lot size: 132,588 SF, King County Assessor
Year built: 1987, King County Assessor
Stories: 3, King County Assessor
Buildings on parcel: 2, King County Assessor
Predominant use: Waverly Apts, King County Assessor
Units: 58, King County Assessor
Assessed value: $12,719,000, per the King County Assessor (not a market appraisal)
Assessed value per building SF: $275.79/SF, derived from assessor records
Lot coverage: 35%, derived from assessor records
Vintage: 1980s vintage
Zoning: RM2400, King County
County use code: Apartment
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.

35434 25th Ave SW, Federal Way · 0.1 mi · 107,072 SF · built 1991 · assessed $284.98/SF
2111 SW 352nd St, Federal Way · 0.1 mi · 191,261 SF · built 1984 · assessed $213.19/SF
35205 25th Ave SW, Federal Way · 0.2 mi · 83,756 SF · built 1985 · assessed $252.03/SF
2220 SW 337th Pl, Federal Way · 1 mi · 43,202 SF · built 1980 · assessed $221.61/SF
2501 SW 336th St, Federal Way · 1.1 mi · 93,998 SF · built 1981 · assessed $323.20/SF
2206 SW 334th Pl, Federal Way · 1.2 mi · 152,604 SF · built 1976 · assessed $203.36/SF

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Sale history and market context

MakeMe Estimate: $11,753,303 (estimated market value), with a likely range of $10,433,259 to $13,407,251 (half of recent verified sales in this segment landed inside that range). Based on 667 verified arm's-length comparable sales (through 2026-05-29). Not an appraisal. How this estimate works. About $203K per unit at the midpoint (58 units).

Last sold: 2001-07-09 for $2,288,800 (recorded arm's-length sale).

Current ownership dates to 2003 (about 23 years) per recorded transfers.

2 administrative transfers (no consideration), 2003 to 2007

2001-07-09: $2,288,800 from D E & J Limited Partnership to Private party, rec. 20010710000075

1992-12-14: transfer from Private party to D E & J Partnership (non-market transfer), rec. 199301141933

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 $3,724,000 (2011) to $12,719,000 (2026), up 242% over 15 years, per county tax rolls. The 2026 roll splits $12,719,000 into $1,657,300 land and $11,061,700 improvements.

Zoning: RM2400 (per King County)

Lot: 132,588 sq ft

Water: Water District (per King County)

Sewer: Public (per King County)

Access: Public

Street surface: Paved

Floor and use mix: Multiple Residence (Low Rise) 46,118 SF (county building sections)

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