Seattle SODO Business Park
241 S Lander St, Seattle, WA 98134
Prime commercial hub with income and long-term growth potential.
Type:Industrial, Office, Special Purpose
Property size:
83,346 SFLot size:
2.37 AcresPrice / SF:
$221/SF- Added:
- Feb 3, 2026
- Days on Market:
- 145
- Last Refresh:
- Mar 17 at 1:14 pm
Property Features for 241 S Lander St
General Information
- Standard status
- Active
- Size
- 83,346 SF
- Lot size
- 2.37 Acres
- Property subtype
- Industrial, Office, Special Purpose
Listing office Kidder Mathews Seattle
Listing date Feb 3, 2026
Source Crexi
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 Kidder Mathews Seattle
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.
- Versatile investment opportunity suitable for developers, value‑add investors, and owner/users.
- Excellent transportation connectivity with direct access to maritime shipping, Interstate 5, and major rail lines.
- Short‑term leases allows for potential full occupancy by Owner/Users by Q3 2026.
Overview
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.
Local Financial Insights For Office B
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $2.53M | $30.36 |
| − Vacancy | −$579.5k | −$6.95 |
| EGI | $1.95M | $23.41 |
| − OpEx | −$487.7k | −$5.85 |
| NOI | $1.46M | $17.56 |
83,346 SF · lease $30.36/SF/yr · vacancy 22.90% · expense 25.00%
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 local authorities.
Property Profile
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
Location Insight
- Map
- Local Demand
- City
- Seattle
- County
- King
- State
- Washington
- Longitude
- -122.3313101
- Latitude
- 47.5794104
Nearby Similar for Sale
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 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.
