Opportunity is knocking with this expansive 0.69-acre (approx. 30,000 sq ft) parcel in the sought-after Steel Lake area. This is a true teardown, (720 square-foot single family home), making it the perfect blank canvas for your next project—whether you're a first-time investor looking to get into development or a seasoned builder ready to maximize potential. Zoned RS7.2, the property offers strong subdivision potential for multiple single-family homes/Townhomes, (buyer to verify), giving you flexibility to build and scale in an established neighborhood. Large, usable lots like this are becoming increasingly rare—especially in a location close to shopping, schools, and major commuter routes. An incredible opportunity to create value from the ground up. Bring your vision, your plans, and your ambition—this is where your next project begins.
Active
Listed by: Windermere Real Estate Co. • Brooks Glenn
Price cut: $95K (5/27)
$400,000
31021 20th Avenue S, Federal Way, WA 98003
--beds
--baths
0.69Acres
Unimproved Land
Built in ----
0.69 Acres Lot
$397,400 Zestimate®
$--/sqft
$-- HOA
What's special
- 80 days |
- 169 |
- 8 |
Zillow last checked:
Listing updated:
Listed by:
Brooks Glenn,
Windermere Real Estate Co.
Source: NWMLS as distributed by MLS GRID,MLS#: 2512126
Facts & features
Interior
Features
- Has fireplace: No
Interior area
- Total structure area: 0
Property
Lot
- Size: 0.69 Acres
Details
- Parcel number: 7853600045
- Zoning description: Jurisdiction: City
- Special conditions: Standard
Utilities & green energy
- Electric: Available
- Gas: In Street
- Sewer: Available
- Water: Available
- Utilities for property: Electricity Available, Natural Gas Available
Community & HOA
Community
- Subdivision: Federal Way
Location
- Region: Federal Way
Financial & listing details
- Tax assessed value: $388,000
- Annual tax amount: $3,820
- Date on market: 4/23/2026
- Cumulative days on market: 81 days
- Listing terms: Conventional
- Road surface type: See Remarks
Estimated market value
$397,400
$334,000 - $469,000
$1,733/mo
Price history
| Date | Event | Price |
|---|---|---|
| 5/27/2026 | Price change | $400,000-19.2% |
Source:  NWMLS as distributed by MLS GRID #2512126 Report a problem | ||
| 4/23/2026 | Listed for sale | $495,000+456.5% |
Source: NWMLS as distributed by MLS GRID #2512126 Report a problem | ||
| 10/13/1998 | Sold | $88,950 |
Source: Public Record Report a problem | ||
Public tax history
| Year | Property taxes | Tax assessment |
|---|---|---|
| 2025 | $4,089 +7.1% | $388,000 +4.3% |
| 2024 | $3,820 +0.8% | $372,000 +9.7% |
| 2023 | $3,791 -0.3% | $339,000 -10.8% |
| 2022 | $3,802 +12.6% | $380,000 +30.1% |
| 2021 | $3,375 +9.5% | $292,000 +16.8% |
| 2020 | $3,082 +5.9% | $250,000 +4.2% |
| 2019 | $2,911 +8.9% | $240,000 +5.3% |
| 2018 | $2,674 -9.7% | $228,000 +11.2% |
| 2017 | $2,962 +31.3% | $205,000 +8.5% |
| 2016 | $2,256 | $189,000 +9.2% |
| 2015 | $2,256 | $173,000 +13.8% |
| 2014 | $2,256 | $152,000 +18.8% |
| 2013 | $2,256 | $128,000 +4.9% |
| 2012 | -- | $122,000 -6.9% |
| 2011 | -- | $131,000 -12.1% |
| 2010 | -- | $149,000 |
| 2009 | -- | $149,000 -2.6% |
| 2007 | -- | $153,000 +5.5% |
| 2006 | -- | $145,000 +12.4% |
| 2005 | -- | $129,000 +37.2% |
| 2001 | $1,297 +2.6% | $94,000 +6.8% |
| 2000 | $1,264 | $88,000 |
Find assessor info on the county website
Monthly payment
Estimated monthly payment$1,822
All calculations are estimates and provided by Zillow, Inc. for informational purposes only. Actual amounts may vary.
HOA fees may include property taxes on listings classified as Co-Ops. Contact the listing agent and/or owner for fee details.
Mortgage interest rates are dependent on a number of factors, including credit score, down payment, and repayment length. Interest rate data provided by Zillow Group Marketplace, Inc. as of 1/1/1970 from various mortgage lenders with which we have lead or other similar arrangements; the Estimated Payment is an average of those rates.
See how much you could borrow to make a competitive offer.
Climate risks
Neighborhood: Steel Lake
Nearby schools
GreatSchools rating
- 5/10Wildwood Elementary SchoolGrades: PK-5Distance: 0.7 mi
- 5/10Sacajawea Middle SchoolGrades: 6-8Distance: 0.9 mi
- 3/10Federal Way Senior High SchoolGrades: 9-12Distance: 0.4 mi
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A local agent can set up tours, give advice and negotiate with sellers.
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- Washington
- King County
- Federal Way
- 98003
- Steel Lake
- 31021 20th Avenue S
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