Seattle SODO Business Park
241 S Lander St, Seattle, WA 98134
For Sale
$18,500,000
Prime commercial hub with income and long-term growth potential.
Property Size83,346 SF
Lot Size2.37 Acres
Price / SF$221.97
Days on Market229
Property Features for 241 S Lander St
General Information
Standard status
Size
Total Parking Spaces
Lot size
Property subtype
Zoning
Site & Location
Neighborhood
Building Details
Year Built
Listing Agency:
R.H. Cooke & Associates
Listed By:
Bob Cooke · License WA #12404
(509) 327-2282
Source:
Rhcooke.idxbroker
Added: Mar 27
Changed: Oct 25
Last Checked: Nov 10 at 5:13AM
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 R.H. Cooke & Associates
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
The Seattle Pacific Business Park is situated in the heart of Seattle’s thriving SODO District. The park sits on a single 2.37 acre parcel and is currently fully leased to a variety of office, retail, and storage tenants, providing immediate income. Seattle’s SoDo district is a prime industrial and commercial hub with strong market value driven by its strategic location. It sits adjacent to the Port of Seattle, providing direct access to maritime shipping, and is just south of Downtown Seattle, making it ideal for businesses requiring proximity to the urban core. The district is bisected by Interstate 5, offering seamless freeway connectivity, and is interlaced with major rail lines, ensuring efficient freight movement. These transportation advantages make SoDo highly desirable for logistics, warehousing, and industrial operations. Seattle Pacific Business Park offers a compelling investment opportunity, distinguished by its unique combination of in-place income from short-term leases and a substantial land footprint. This flexibility creates multiple pathways for investors: developers can generate interim cash flow during entitlement and planning phases, value-add investors can enhance returns by improving the property and increasing rents, and Owner/Users have the option to fully occupy the site by Q3 2026. The property has a total size of 83346 square feet.
Key Highlights
- Prime SODO District location, a highly desirable industrial and commercial hub.
- Immediate income from current tenants.
- Substantial 2.37‑acre land footprint offers flexibility for various investment strategies.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$1,463,195
Cap Rate
7.91%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$29,263,900
$29.3M
Cap Rate 7%
$20,902,786
$20.9M
Cap Rate 9%
$16,257,722
$16.3M
Market Conditions
NOI Build-Up for 83,346 SF
Gross rent
$2.53M $30.36/SF
− Vacancy
−$579.5K −$6.95/SF
EGI
$1.95M $23.41/SF
− OpEx
−$487.7K −$5.85/SF
NOI
$1.46M $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%
$29,263,900
Cap Rate 7%
$20,902,786
Cap Rate 9%
$16,257,722
Alternative Uses
Best Use
Office B
$20.90M
$18.29M – $24.39M
NOI $1,463,195 @ 7.0% cap · market cap 7.91%
Second Best
Retail
$17.75M
$15.53M – $20.71M
NOI $1,242,759 @ 7.0% cap · market cap 6.72%
Theoretical Best
Office A
$25.07M
$21.94M – $29.25M
NOI $1,755,243 @ 7.0% cap · market cap 9.49%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,740
Businesses Nearby
Explore this area
Business Placement
Demographics for 98134, WA
1,216
Population
241
Households
5
Avg Household Size
38
Median Age
26%
College-Educated
89%
High-School Grad
3.3 sq mi
ZIP Area
368
Density / Sq Mi
$66,119
Median Household Income
$35,472
Median Earnings
$1,551
Median Rent
$385,300
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Average Price Trend$/SF for Mixed-use properties in Seattle, WA
Properties on Market for Mixed-use properties in Seattle
Vacancy Rate% for Office in Seattle, WA
Frequently Asked Questions
What type of property is this?
Mixed-use property - Prime commercial hub with income and long-term growth potential.
Where is this mixed-use property located?
The property is located at 241 S Lander St Seattle, WA.
What is the asking price?
The asking price for this property is $18,500,000.
What are key features of this property?
This property features: Prime SODO District location, a highly desirable industrial and commercial hub.; Immediate income from current tenants.; Substantial 2.37‑acre land footprint offers flexibility for various investment strategies.
