728 - 31906S 320th St
Federal Way WA 98003

Capital Square

728 - 31906S 320th St Federal Way WA 98003

Listing #: 711279 | Status: Available | Last Modified: 4/27/2026 |

For Sale
Raymond Vara
  • Phone:(206) 584-6195
  • Email:Rvara@northmarq.com
  • Office Name:Northmarq Commercial, LLC
  • Office Phone:(206) 693-2239
  • Office Website:
Showing Instructions
  • Call Listing AgentNo
  • Use DiscretionNo
Price Information
  • Listing Price$ 11,100,000.0
  • $/SF$ 244.8
  • Listing StatusAvailable
  • Days on Market24
  • Asset ClassRetail, Office
  • Terms
Investment Information
  • Investment Type
  • Investment PropYes
  • Gross Income0
  • Vacancy Factor %0.00%
  • Operating Expenses0
  • Net Operating Income0
  • CAP Rate 6.78 %
Detail Listing Information
  • Min Total SF0
  • Max Total SF0
  • Lease Rate Low$ 00.0
  • Lease Rate High$ 00.0
  • Heat Source
  • Total Units
Utilities
  • Water
  • Electricity
  • Storm Sewer
Retail Information
  • SignageSignage on Building and Freestanding
  • Anchor
Retail Asset Class Info
  • Crane Count
  • Crane Tonnage0
  • Clearance Height Min
  • Clearance Height Max
  • Bay Depth
  • Second Road Front
  • Grade Level Door Count
  • Tennant Improvement Allowance
Building Information
  • Building StatusExisting
  • # of Buildings5
  • # of Floors1
  • # of Units
  • # of Elevators
  • Clearance Height Min
  • Clearance Height Max
  • Bay Depth
  • Total Building SF45340
  • Net Rentable Area0
  • Total Office SF
  • Largest Contiguous SF
  • Lot SF200376
  • Acres4.6
Property Type
  • Property TypeOffice
  • Office TypeOther
  • Building Class
Location
  • CountyKing
  • Vicinity
  • Location Description
  • Second Address
  • Cross Street6th Ave S
  • Market AreaFederal Way
  • Tax ID #0821049279
  • Additional Parcels0821049050, 0821049265, 0821049266, 0821049267
  • ZoningPO
Construction
  • Year Built1987
  • Year Renovated
  • Completion Date
  • Roof Type
  • Construction Type

Capitol Square

Public Comments

Capitol Square is a 45,340 SF, 100% occupied office and medical park featuring 18 suites across five buildings. The property is anchored by a high-synergy mix of medical and health-service tenants, including Franciscan Medical Group, Labcorp, and various dental, chiropractic, and wellness providers. This medical oriented base, combined with Federal Way’s lower occupancy costs relative to CBD alternatives, provides investors with stable, durable in-place cash flow. The asset offers significant strategic flexibility through its staggered lease expirations, which allow an investor to smooth rollover risk and mark rents to market over time. Uniquely, each of the five buildings is situated on its own tax parcel, creating a clear path for future value creation through phased sales, or individua

Listing Images