Single-Tenant Office
New
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 Market5
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%
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
Last Checked: Sep 20 at 6:22AM
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 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 = 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
$598,824
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
3.58%
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%
$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
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
$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 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%
$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.
Property Analytics
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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
Explore this area
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Seattle, WA
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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
