Sign Up Successful!
You now have access to more from Realmo!
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    The Largest CRE Database in the US with Over 1 Million Listings

    2320 West Commodore Way Seattle, WA 98199

    Loading data...
    Loading data...
    Loading data...
    For Lease
    Contact for pricing

    2,217 RSF office space with water views available for lease.

    Property Features for 2320 West Commodore Way

    General Information

    Standard status
    Active

    We can help!

    Listing Contact
    Ric Brandt
    Source: Cbre

    Listing Agent: Ric Brandt

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

    Learn more

    Overview

    Modern Office Space with Views

    This 32,866 RSF office building, completed in 2009, offers 2,217 RSF of available space on the first floor. Constructed by Schuchart Construction and Stuart Silk Architects, the building features high-quality construction on 0.81 acres. The property includes three stories above parking and storage, with 15-foot ceilings, expansive windows, and abundant natural light. Conveniently located with access to I-5, it is just 15 minutes from the Seattle CBD. Reserved surface parking is available. The building is strategically situated adjacent to maritime industries, steps away from the Ballard Ship Canal, Salmon Bay, and Ballard Locks, and within walking distance of restaurants and retail amenities. It is suitable for office, medical, or maritime-related uses.
    Location Intelligence

    Current Use by Public Records

    Cooper Center for Metabolism Doctor International Pacific Halibut ... Non-Profit Organization Dr. Emily L. ... Family Practice Physician Seattle Performance Medicine Sports Medicine Clinic Pauole Sport Club

    Suggested Use

    Restaurant Realty agency Law Firm Building Supply Dental Office Spa & Massage Wholesale Shop Auto Repair Shop Hair Salon Clothing Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Seattle
    County
    King
    State
    Washington
    Longitude
    -122.385793
    Latitude
    47.660895

    Nearby Similar for Lease

    • $38 SF/Yr
      1,391 SF

      Prime Retail/Office Space Available

      New mixed-use development in vibrant Seattle neighborhood.
      412 NW 65Th St, Seattle, WA 98117
      View Details
    • $25 SF/Yr
      928 SF

      Prime Wallingford Retail Space

      Inviting retail space in Seattle's vibrant Wallingford neighborhood.
      254 NE 45Th St, Seattle, WA 98105
      View Details
    • $28 SF/Yr
      2,788 SF

      Retail Space in Yesler Towers

      Retail spaces available in mixed-use tower, delivery Spring 2024.
      809 S Washington St, Seattle, WA 98104
      View Details
    • Contact for pricing

      Adaptable Space in Burien, WA

      Versatile property suitable for office, light manufacturing, or distribution.
      18319 8Th Ave S, Seattle, WA 98148
      View Details
    • $24 SF/Yr
      1,300 SF

      West Seattle Cafe/Restaurant Space

      Versatile cafe/restaurant space in West Seattle/White Center.
      1416 SW Roxbury St, Seattle, WA 98106
      View Details
    • Contact for pricing
      2,239 SF

      Freestanding Drive-Thru Restaurant Opportunity

      2,239 SF drive-thru ready for coffee or QSR concepts.
      10256 16Th Ave SW, Seattle, WA 98146
      View Details
    • Contact for pricing
      1,250 SF

      Professionally Configured Uptown Office Space

      Ground-floor office space in walkable Uptown neighborhood near Seattle Center.
      200 Roy St, Seattle, WA 98109
      View Details
    • Contact for pricing
      5,000 SF

      Turnkey Restaurant Space in Astra Hotel

      5,000 SF restaurant space for lease in Astra Hotel.
      1000 Thomas St, Seattle, WA 98109
      View Details
    • Contact for pricing
      95,000 SF

      Prime Seattle Commercial Office Space

      30-story office building with modern amenities and convenient transit access.
      1501 4Th Ave, Seattle, WA 98101
      View Details
    • $38 SF/Yr
      9,032 SF

      Retail Space in Grand Street Commons

      Mixed-use retail space available in Seattle's Grand Street Commons.
      1750 22Nd Ave S, Seattle, WA 98112
      View Details
    • $39 SF/Yr
      2,901 SF

      Prime Retail Space in Seattle

      Ground-floor commercial space in a vibrant, growing Seattle neighborhood.
      917 NE 63Rd St, Seattle, WA 98115
      View Details
    • $25 SF/Yr
      2,110 SF

      Belltown Retail/Office Space Available

      Retail or office space in a high-traffic Belltown location.
      2100-2106 3Rd Ave, Seattle, WA 98121
      View Details

    FAQs

    What type of property is this?
    Office space - 2,217 RSF office space with water views available for lease.
    Where is this office space located?
    The property is located at 2320 West Commodore Way Seattle, WA.
    What are key features of this property?
    This property features: - Water views and proximity to Ballard Ship Canal, Salmon Bay and Ballard Locks; - High-quality construction completed in 2009 by Schuchart Construction and Stuart Silk Architects; - Convenient access to I-5 and 15 minutes from the Seattle CBD
    (425) 462-6901
    Request Owner's contact information
    2320 West Commodore Way Seattle, WA 98199
    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.
    2320 West Commodore Way
    Seattle, WA 98199
    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
    2320 West Commodore Way Seattle, WA 98199
    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

    We can help!
    Listing Contact
    Ric Brandt
    (425) 462-6901
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.