35929 21st Pl S, Federal Way, WA 98003

Multifamily · Federal Way · Seattle-Bellevue metro, WA

One of 255 reachable multifamily buildings in Federal Way. Larger than 93% of multifamily buildings in Federal Way (median 3,968 SF), derived from assessor records.

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Building size: 212,256 SF, King County Assessor
Lot size: 848,894 SF, King County Assessor
Year built: 1988, King County Assessor
Stories: 2, King County Assessor
Predominant use: Evergreen Vale, King County Assessor
Units: 132, King County Assessor
Assessed value: $41,352,000, per the King County Assessor (not a market appraisal)
Assessed value per building SF: $194.82/SF, derived from assessor records
Lot coverage: 25%, derived from assessor records
Vintage: 1980s vintage
Zoning: R-4, King County
County use code: Apartment

Nearby comparable buildings

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

2020 S 360th St, Federal Way · 0.1 mi · 235,100 SF · built 1986 · assessed $226.43/SF
35810 16th Ave S, Federal Way · 0.3 mi · 128,890 SF · built 1990 · assessed $278.52/SF
35703 16th Ave S, Federal Way · 0.5 mi · 423,700 SF · built 2014 · assessed $132.88/SF
1201 S 336th St, Federal Way · 1.4 mi · 308,792 SF · built 2015 · assessed $105.80/SF
2253 S 333rd St, Federal Way · 1.5 mi · 3,328 SF · built 1985 · assessed $294.77/SF
1001 S 336th St, Federal Way · 1.5 mi · 45,084 SF · built 2002 · assessed $245.21/SF

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Sale history and market context

MakeMe Estimate: $46,250,409 (estimated market value), with a likely range of $42,245,328 to $47,730,802 (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 $350K per unit at the midpoint (132 units).

Last sold: 2019-04-24 for $33,350,000 (recorded arm's-length sale).

Current ownership dates to 2019 (about 7 years) per recorded transfers.

2019-04-24: $33,350,000 from Fpa5 Evergreen Vale LLC to Prime 21st Place LLC, rec. 20190424000787

2017-07-26: $20,225,000 from Evergreen Vale LLC to Fpa5 Evergreen Vale LLC, rec.

2009-04-28: transfer from Private party to Evergreen Vale LLC (non-market transfer), rec. 20090430000989

2001-01-26: $11,361,000 from Evergreen Vale LLC to Private party, rec. 20010215001561

1999-05-25: $8,370,775 from Private party to Private party, rec. 199905251607

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 $12,044,000 (2011) to $41,352,000 (2026), up 243% over 15 years, per county tax rolls. The 2026 roll splits $41,352,000 into $2,971,100 land and $38,380,900 improvements.

Zoning: R-4 (per King County)

Lot: 848,894 sq ft

Water: Water District (per King County)

Sewer: Public (per King County)

Access: Public

Floor and use mix: Multiple Residence (Low Rise) 171,445 SF; Basement, Parking 40,811 SF (county building sections)

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