Single-Tenant Office
For Sale
$16,735,000
1820 Eastlake Ave E, Seattle, WA 98102
Fully leased office property with NNN income and a residential redevelopment massing study.
Property Size34,110 SF
Lot Size0.76 Acres
Price / SF$490.62
Days on Market52
Property Features for 1820 Eastlake Ave E
General Information
Standard status
Active
Size
34,110 SF
Lot size
0.76 Acres
Property subtype
Office
Zoning
C1-55 (M)
Occupancy
100%
Site & Location
Neighborhood
Broadway
Land
Land Use
office
Buildable Units
184
Additional Details
Asking Price
$16,735,000
Building Details
Buildings
1
Building Size
34,110 SF
Tenancy
Single
Listing Agency:
NAI Puget Sound Properties
Listed By:
Chris O'Connor · License #22101
(425) 586-5640
Source:
Nai-psp
Added: Sep 16
Changed: Oct 25
Last Checked: Nov 6 at 7:07AM
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
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Investment Insights
Based on property information with market context.
This 34,110-square-foot office building is fully leased to a single tenant and includes an associated parking lot. The property is structured for NNN income and occupies a two-parcel assemblage totaling 33,470 square feet, or 0.76 acres.
Located at 1820 Eastlake Ave E in Seattle’s Eastlake / South Lake Union area, the site carries C1-55 (M) zoning with a 55-foot height limit. A massing study evaluates redevelopment potential for approximately 184 residential units. The property’s existing office improvements, parking, lease structure, parcel configuration, and zoning provide a combination of current occupancy and documented redevelopment planning.
Located at 1820 Eastlake Ave E in Seattle’s Eastlake / South Lake Union area, the site carries C1-55 (M) zoning with a 55-foot height limit. A massing study evaluates redevelopment potential for approximately 184 residential units. The property’s existing office improvements, parking, lease structure, parcel configuration, and zoning provide a combination of current occupancy and documented redevelopment planning.
Key Highlights
- 34,110 SF existing office building
- 100% leased to a single tenant
- NNN lease structure
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$598,824
Cap Rate
3.58%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$11,976,480
$12.0M
Cap Rate 7%
$8,554,629
$8.6M
Cap Rate 9%
$6,653,600
$6.7M
Market Conditions
NOI Build-Up for 34,110 SF
Gross rent
$1.04M $30.36/SF
− Vacancy
−$237.1K −$6.95/SF
EGI
$798.4K $23.41/SF
− OpEx
−$199.6K −$5.85/SF
NOI
$598.8K $17.56/SF
Area
Seattle, WA
Vacancy
22.90%
Lease Rate
$30.36 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$11,976,480
Cap Rate 7%
$8,554,629
Cap Rate 9%
$6,653,600
Alternative Uses
Best Use
Office B
$8.55M
$7.49M – $9.98M
NOI $598,824 @ 7.0% cap · market cap 3.58%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$10.26M
$8.98M – $11.97M
NOI $718,347 @ 7.0% cap · market cap 4.29%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
Who owns this building?
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Open Analytics
Current Use
Lease Details
100%
Occupancy
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,507
Businesses Nearby
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Business Placement
Demographics for 98102, WA
25,066
Population
17,944
Households
1.4
Avg Household Size
34
Median Age
79%
College-Educated
99%
High-School Grad
1.3 sq mi
ZIP Area
19,282
Density / Sq Mi
$114,395
Median Household Income
$80,130
Median Earnings
$1,920
Median Rent
$988,700
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Average Price Trend$/SF for Office buildings in Seattle, WA
Properties on Market for Office buildings in Seattle
Vacancy Rate% for Office in Seattle, WA
Frequently Asked Questions
What type of property is this?
Office building - Fully leased office property with NNN income and a residential redevelopment massing study.
Where is this office building located?
The property is located at 1820 Eastlake Ave E Seattle, WA.
What is the asking price?
The asking price for this property is $16,735,000.
What are key features of this property?
This property features: 34,110 SF existing office building; 100% leased to a single tenant; NNN lease structure
