Southcenter Office Campus
For Sale
Contact for pricing
370 Corporate Drive North, Tukwila, WA 98188
Office unit in a centrally located Southcenter office campus.
Property Size3,932 SF
Lot Size7.24 Acres
Price / SF$629.22
Days on Market2015
Property Features for 370 Corporate Drive North
General Information
Standard status
Active
Size
3,932 SF
Lot size
7.24 Acres
Property subtype
OFFICE
Listing Agency:
NAI Puget Sound Properties
(425) 586-5618
Listed By:
Mike George
(425) 586-5618
Source:
Moodyscre
Added: Jan 29, 2021
Changed: Jul 6
Last Checked: Jul 21 at 8:46AM
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 NAI Puget Sound Properties
Investment Insights
Based on property information with market context.
This office unit, which can be demised to approximately 1,500 square feet, is located within a 10-building, 200,000 square foot office campus centrally located in Southcenter. On-site amenities include a 50-person conference room, fitness center and two-story atrium lounge. Several improvements are planned for 2021, including updated common areas and new restrooms. Abundant parking is available, with a ratio of 4+ per 1,000 square feet. There is no local business and occupation tax. The property benefits from strong and responsive local ownership. Several high-speed and fiber internet providers are available. The tax ID is 2623049144. The property size is 3,932 square feet.
Key Highlights
- Centrally located in Southcenter within a 200,000 SF office campus.
- Abundant parking with a ratio of 4+/1,000 SF.
- On‑site amenities include a 50‑person conference room and fitness center.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$82,914
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.35%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,658,280
$1.7M
Cap Rate 7%
$1,184,486
$1.2M
Cap Rate 9%
$921,267
$921.3K
Market Conditions
NOI Build-Up for 3,932 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$141.6K $36.00/SF
− Vacancy
−$31.0K −$7.88/SF
EGI
$110.6K $28.12/SF
− OpEx
−$27.6K −$7.03/SF
NOI
$82.9K $21.09/SF
Area
King County, WA
Vacancy
21.90%
Lease Rate
$36.00 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,658,280
Cap Rate 7%
$1,184,486
Cap Rate 9%
$921,267
Alternative Uses
Best Use
Office B
$1.18M
$1.04M – $1.38M
NOI $82,914 @ 7.0% cap · market cap 3.35%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.57M
$1.38M – $1.84M
NOI $110,241 @ 7.0% cap · market cap 4.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,136
Businesses Nearby
Explore this area
Business Placement
Demographics for 98188, WA
27,851
Population
12,025
Households
2.3
Avg Household Size
37
Median Age
26%
College-Educated
88%
High-School Grad
8.1 sq mi
ZIP Area
3,438
Density / Sq Mi
$76,559
Median Household Income
$45,245
Median Earnings
$1,641
Median Rent
$452,900
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Office unit in a centrally located Southcenter office campus.
Where is this office units located?
The property is located at 370 Corporate Drive North Tukwila, WA.
What is the asking price?
The asking price for this property is $2,474,100.
What are key features of this property?
This property features: Centrally located in Southcenter within a 200,000 SF office campus.; Abundant parking with a ratio of 4+/1,000 SF.; On‑site amenities include a 50‑person conference room and fitness center.
