35703 16th Ave S, Federal Way, WA 98003

Multifamily · Federal Way · Seattle-Bellevue metro, WA

Imagery suggests: garden apartments, appears multi-tenant. AI estimate from public imagery. In recent public imagery (2026-06), the building appears well maintained. AI estimate from public imagery; may be outdated.

One of 255 reachable multifamily buildings in Federal Way. Larger than 100% of multifamily buildings in Federal Way (median 3,968 SF), derived from assessor records.

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Building size: 423,700 SF, King County Assessor
Lot size: 721,187 SF, King County Assessor
Year built: 2014, King County Assessor
Stories: 3, King County Assessor
Buildings on parcel: 27, King County Assessor
Predominant use: Building Aa - Permit #102895, King County Assessor
Units: 293, King County Assessor
Assessed value: $56,301,500, per the King County Assessor (not a market appraisal)
Assessed value per building SF: $132.88/SF, derived from assessor records
Lot coverage: 59%, derived from assessor records
Vintage: 2010s vintage
Zoning: RM2400, King County
County use code: Apartment(Subsidized)
Parking (observed): surface lot, AI estimate from public imagery
Frontage (observed): interior, AI estimate from public imagery

Nearby comparable buildings

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

35810 16th Ave S, Federal Way · 0.2 mi · 128,890 SF · built 1990 · assessed $278.52/SF
2020 S 360th St, Federal Way · 0.4 mi · 235,100 SF · built 1986 · assessed $226.43/SF
35929 21st Pl S, Federal Way · 0.5 mi · 212,256 SF · built 1988 · assessed $194.82/SF
125 SW Campus Dr, Federal Way · 1.1 mi · 381,032 SF · built 1989 · assessed $264.78/SF
34242 1st Pl S, Federal Way · 1.2 mi · 3,600 SF · built 1977 · assessed $232.50/SF
1201 S 336th St, Federal Way · 1.2 mi · 308,792 SF · built 2015 · assessed $105.80/SF

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Sale history and market context

MakeMe Estimate: $69,928,837 (estimated market value), with a likely range of $63,873,308 to $72,167,134 (half of recent verified sales in this segment landed inside that range). Based on 98 verified arm's-length comparable sales (through 2026-05-29). Not an appraisal. How this estimate works. About $239K per unit at the midpoint (293 units).

Last sold: 2013-12-02 for $6,000,000 (recorded arm's-length sale).

Current ownership dates to 2013 (about 13 years) per recorded transfers.

2015-07-17: transfer from Park 16 LLC to Federal Way City of (non-market transfer), rec. 20150717000473

2014-06-13: $8,222 from Private party to Park 16 LLC (non-market transfer), rec. 20140613000591

2014-04-16: $7,628 from Private party to Park 16 LLC (part of a 3-parcel sale; price is the whole deal), rec. 20140606001200

2014-04-08: $6,500 from Private party to Park 16 LLC (part of a 2-parcel sale; price is the whole deal), rec. 20140606001199

2013-12-02: $6,000,000 from Dominion Holdings LLC to Park 16 LLC, rec. 20131202001506

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 $1,500,000 (2010) to $56,301,500 (2026), up 3653% over 16 years, per county tax rolls. The 2026 roll splits $56,301,500 into $9,014,800 land and $47,286,700 improvements.

Zoning: RM2400 (per King County)

Lot: 721,187 sq ft

Water: Water District (per King County)

Sewer: Public (per King County)

Access: Public

Street surface: Gravel

Floor and use mix: Apartment 308,241 SF; Multiple Residence (Low Rise) 81,677 SF; Parking Levels (Intermediate/Under Building) 23,718 SF; Clubhouse 10,064 SF (county building sections)

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

Permit history

2016-01-25: Remodel, declared value $2,334 (Complete), permit 15-106517-00-CO

2014-09-17: Remodel, declared value $25,000 (Complete), permit 13-102900-00-CO

2014-08-20: Building, New, declared value $1,176,381 (Complete), permit 13-102899-01-CO

2014-07-18: Building, New, declared value $450,260 (Complete), permit 13-102863-00-MF

2014-07-18: Building, New, declared value $450,260 (Complete), permit 13-102868-00-MF

2014-07-18: Building, New, declared value $450,260 (Complete), permit 13-102866-00-MF

2014-07-18: Building, New, declared value $450,260 (Complete), permit 13-102864-00-MF

2014-07-18: Building, New, declared value $450,260 (Complete), permit 13-102865-00-MF

2014-07-18: Building, New, declared value $450,260 (Complete), permit 13-102862-00-MF

2014-07-18: Building, New, declared value $450,260 (Complete), permit 13-102869-00-MF

Source: King County permit records (newest first).