Multi-Tenant Industrial Flex
For Sale
Contact for pricing
1915 S Corgiat Dr, Seattle, WA 98108
Industrial building with 7 dock-high doors, 1 grade-level door, and 7,493 SF of office on a 1.20-acre site.
Property Size35,869 SF
Lot Size1.20 Acres
Price / SF$249.52
Days on Market254
Property Features for 1915 S Corgiat Dr
General Information
Standard status
Active
Size
35,869 SF
Lot size
1.20 Acres
Property subtype
INDUSTRIAL
Warehouse & Industrial
Dock-High Doors
7
Drive-In Doors
1
Heavy Power
Yes
Additional Details
Business Included
No
Listing Agency:
NAI Puget Sound Properties
(425) 586-5631
Listed By:
Nick Bierly · License #126435
(425) 586-5631
Source:
Moodyscre
Added: Dec 4, 2025
Changed: Aug 8
Last Checked: Aug 14 at 12:36PM
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.
Industrial flex building totaling 35,869 SF with 7,493 SF of office. The property is situated on a 1.20-acre site across two tax parcels and is described as having an attractive layout with a flexible multi-tenant configuration, supporting a range of user setups.
The facility includes 7 dock-high doors and 1 grade-level door, along with heavy 3-phase power. The property is located in the Georgetown industrial area.
This offering is positioned as an owner-user opportunity.
The facility includes 7 dock-high doors and 1 grade-level door, along with heavy 3-phase power. The property is located in the Georgetown industrial area.
This offering is positioned as an owner-user opportunity.
Key Highlights
- 35,869 SF industrial building plus 7,493 SF of office space
- 1.20‑acre site across two tax parcels
- 7 dock‑high doors and 1 grade‑level door for loading access
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
$394,244
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
4.40%
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%
$7,884,880
$7.9M
Cap Rate 7%
$5,632,057
$5.6M
Cap Rate 9%
$4,380,489
$4.4M
Market Conditions
NOI Build-Up for 35,869 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
$503.6K $14.04/SF
− Vacancy
−$39.8K −$1.11/SF
EGI
$463.8K $12.93/SF
− OpEx
−$69.6K −$1.94/SF
NOI
$394.2K $10.99/SF
Area
Seattle, WA
Vacancy
7.90%
Lease Rate
$14.04 /SF/Yr
Expense Ratio
15.00%
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%
$7,884,880
Cap Rate 7%
$5,632,057
Cap Rate 9%
$4,380,489
Alternative Uses
Best Use
Warehouse
$5.63M
$4.93M – $6.57M
NOI $394,244 @ 7.0% cap · market cap 4.40%
Second Best
Flex RnD
$5.40M
$4.72M – $6.30M
NOI $377,701 @ 7.0% cap · market cap 4.22%
Theoretical Best
Office A
$10.79M
$9.44M – $12.59M
NOI $755,391 @ 7.0% cap · market cap 8.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
7
Dock-high doors
1
Drive-in doors
Yes
Heavy power
Location Intelligence
Trade Area within ½ mile
457
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 98108, WA
25,009
Population
9,096
Households
2.7
Avg Household Size
37
Median Age
37%
College-Educated
83%
High-School Grad
7.4 sq mi
ZIP Area
3,380
Density / Sq Mi
$90,806
Median Household Income
$48,703
Median Earnings
$1,463
Median Rent
$693,500
Median Home Value
Market
Vacancy Rate% for Industrial in Seattle, WA
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Flex space - Industrial building with 7 dock-high doors, 1 grade-level door, and 7,493 SF of office on a 1.20-acre site.
Where is this flex space located?
The property is located at 1915 S Corgiat Dr Seattle, WA.
What is the asking price?
The asking price for this property is $8,950,000.
What are key features of this property?
This property features: 35,869 SF industrial building plus 7,493 SF of office space; 1.20‑acre site across two tax parcels; 7 dock‑high doors and 1 grade‑level door for loading access
