Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Industrial Space with Spec Office Title is generated by Realmo AI

    2341 South 208th Street, Seatac, WA 98198

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Lease
    Contact for pricing

    32,252 SF warehouse with spec office near I-5.

    Type:Industrial
    Added:
    Nov 22, 2025
    Days on Market:
    180
    Last Refresh:
    May 19 at 9:22 pm

    Property Features for 2341 South 208th Street

    General Information

    Standard status
    Active
    Property subtype
    Industrial

    We can help!

    Listing Contact
    Andrew Stark

    Listing agent Andrew Stark

    Listing office CBRE

    Listing date Nov 22, 2025

    Source Cbre

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    All listing content including descriptions, pricing, images are the copyrighted material of CBRE

    HighLights

    • Easy access to I‑5 and Hwy 509
    • 30' Clear Height
    • 10 Dock High and 1 Grade Level Doors
    • 32,252 SF Shell
    • 1,968 SF spec office
    • ESFR Sprinkler System

    Overview

    This industrial property offers a 32,252 square foot shell space with a 1,968 square foot spec office. The warehouse features a 30' clear height, 10 dock-high doors, and 1 grade-level door. It is equipped with an ESFR sprinkler system and is located in an end-cap space. Ample parking is available. The property provides easy access to I-5 and Highway 509 and is situated in a corporate park.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Warehouses

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    • Access - Scanning, Records Storage, and Document Management — 21024 24th Ave S #117, SeaTac, WA 98198
    • International Boulevard Self Storage — 19825 International Blvd, SeaTac, WA 98188
    • Self-Storage at U-Haul — 20024 International Blvd, SeaTac, WA 98188
    • Prologis — 21024 24th Ave S, SeaTac, WA 98198

    Location Insight

    • Map
    • Local Demand
    City
    Seatac
    County
    King
    State
    Washington
    Longitude
    -122.3035652
    Latitude
    47.4142262

    Nearby Similar for Lease

    • $0.99 SF/Yr
      11,198 SF

      Industrial Warehouse Space For Lease

      11,198 SF industrial warehouse for lease near SeaTac Airport.
      19240 Des Moines Memorial Drive, SeaTac, WA 98148
      View Details
    • $840/Mo
      1,066 SF

      SeaTac Office Space For Rent

      Office space near SeaTac Airport with lake view and balcony.
      19550 International Blvd, SeaTac, WA 98188
      View Details
    • $3,100/Mo
      1,550 SF

      SeaTac Office Space Available

      Office space for rent in a prime SeaTac location.
      21400 International Blvd S, SeaTac, WA 98198
      View Details
    • $3,500/Mo
      1,750 SF

      SeaTac Office Space Available

      Office space for rent in a prime SeaTac location.
      21400 International Blvd S, SeaTac, WA 98198
      View Details
    • $1,193/Mo
      895 SF

      SeaTac Commercial Spaces For Lease

      Cost-effective commercial spaces with excellent visibility and convenient access.
      15300 33rd Ave S, SeaTac, WA 98188
      View Details
    • $654/Mo
      327 SF

      Prime SeaTac Office Space

      Office space in prime SeaTac location with convenient access.
      21400 International Blvd S, SeaTac, WA 98198
      View Details
    • $2,825/Mo
      2,119 SF

      Commercial Spaces For Lease

      Cost-effective commercial spaces for lease in SeaTac.
      15300 33rd Ave S, SeaTac, WA 98188
      View Details
    • $1,700/Mo
      1,275 SF

      Commercial Spaces in SeaTac Hub

      Cost-effective commercial spaces for lease with excellent visibility.
      15311 33rd Ave S, SeaTac, WA 98188
      View Details
    • $1,944/Mo
      1,296 SF

      SeaTac Commercial Spaces For Lease

      Cost-effective commercial spaces for lease in the hub of SeaTac.
      15311 33rd Ave S, SeaTac, WA 98188
      View Details
    • $1,434/Mo
      956 SF

      Commercial Spaces For Lease

      Cost-effective commercial spaces for lease in SeaTac.
      15311 33rd Ave S, SeaTac, WA 98188
      View Details
    • $1,387/Mo
      1,040 SF

      SeaTac Commercial Spaces For Lease

      Cost-effective commercial spaces for lease in the hub of SeaTac.
      15311 33rd Ave S, SeaTac, WA 98188
      View Details
    • $1,664/Mo
      1,248 SF

      Commercial Spaces For Lease

      Cost-effective commercial spaces for lease in SeaTac.
      15300 33rd Ave S, SeaTac, WA 98188
      View Details

    FAQs

    What type of property is this?
    Warehouse - 32,252 SF warehouse with spec office near I-5.
    Where is this warehouse located?
    The property is located at 2341 South 208th Street Seatac, WA.
    What are key features of this property?
    This property features: Easy access to I‑5 and Hwy 509; 30' Clear Height; 10 Dock High and 1 Grade Level Doors
    (206) 442-2746
    We can help!
    Listing Contact
    Andrew Stark
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    2341 South 208th Street, SeaTac, WA, 98198
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!