Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    241 S Lander St Seattle, WA 98134

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Sale
    Contact for pricing

    Prime commercial hub with income and long-term growth potential.

    Property size:
    83,346 SF
    Lot size:
    2.37 Acres

    Property Features for 241 S Lander St

    General Information

    Standard status
    Active
    Size
    83,346 SF
    Lot size
    2.37 Acres

    We can help!

    Listing Contact
    Tyler Nicholes
    Source: Crexi

    Listing Agency: Kidder Mathews Seattle Listing Agent: Tyler Nicholes

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    Seattle SODO Business Park Investment

    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.
    Location Intelligence

    Current Use by Public Records

    Sea Renovation Construction Company There's a Wine for That! Specialty Food Shop Green Movers Moving Company Equipt Health Production Facility The Redeemed Christian Church ... Church

    Suggested Use

    Real Estate Agency Restaurant Law Firm Dental Office Spa & Massage Center Building Supply Hair Salon Auto Repair Shop Big Box & Wholesale Store Pharmacy

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Seattle
    County
    King
    State
    Washington
    Longitude
    -122.3313101
    Latitude
    47.5794104

    Nearby Similar for Sale

    • $5,449,950

      SODO Mixed-Use Opportunity

      Versatile property in Seattle's SODO district with income potential.
      3228 1St Ave S, Seattle, WA 98134
      View Details
    • $560,000
      1,021 SF

      Seattle University District Office Condo

      1,021 SF office condo in Seattle's University District.
      2901 Blakeley St, Seattle, WA 98105
      View Details
    • $3,250,000
      8,586 SF

      Seattle NNN Investment Opportunity

      NNN investment with long-term tenant and rent growth potential.
      13036 Lake City Way NE, Seattle, WA 98125
      View Details
    • Contact for pricing
      1,368 SF

      Commercial Condo Near Ballard

      Commercial condominium with open space, offices, and kitchen.
      6042-6044 Seaview Ave NW, Seattle, WA 98107
      View Details
    • New
      $1,299,950

      Street-Front Condo Unit for Sale

      Own your space! Ideal for retail or professional services.
      5230 California Ave SW, Seattle, WA 98136
      View Details
    • $715,000
      1,531 SF

      Commercial Condos at Maple Court

      Two commercial condo units with street frontage and excellent visibility.
      9222 Roosevelt Way NE, Seattle, WA 98115
      View Details
    • New
      $1,299,950

      Street-Front Condo Unit For Sale

      Own your space! Ideal for retail or professional services.
      5430 California Ave SW, Seattle, WA 98136
      View Details
    • $865,000

      Corner Lot Stand-Alone Building

      Corner lot building in Bryant neighborhood with redevelopment potential.
      7000 35Th Ave NE, Seattle, WA 98115
      View Details
    • $695,000
      1,281 SF

      Pioneer Square Commercial Condo

      Commercial condo in historic Pioneer Square, ideal for various uses.
      512 1St Ave S, Seattle, WA 98104
      View Details
    • $4,500,000
      5,039 SF

      West Seattle Redevelopment Opportunity

      Income-producing property on West Seattle's primary retail corridor.
      5261 California Ave SW, Seattle, WA 98136
      View Details
    • $2,500,000

      White Center Redevelopment Opportunity

      17,380 SF vacant building in White Center.
      9625 16Th Ave SW, Seattle, WA 98106
      View Details
    • New
      $625,000

      Retail Space in Seattle

      Ground floor commercial condominium unit, currently built out as a salon.
      2950 Eastlake Ave E, Seattle, WA 98102
      View Details

    FAQs

    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 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.
    Request Owner's contact information
    241 S Lander St Seattle, WA 98134
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    241 S Lander St
    Seattle, WA 98134
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    241 S Lander St Seattle, WA 98134
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Tyler Nicholes
    Real Estate License ID: 127468
    Learn More
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!