Seattle SODO Business Park
For Sale
Contact for pricing
241 S Lander St, Seattle, WA 98134
Prime commercial hub with income and long-term growth potential.
Property Size83,346 SF
Lot Size2.37 Acres
Price / SF$221.97
Days on Market190
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
Occupancy
100%
Investment Type
Owner/User
Net Operating Income
$1,114,426
Listing Agency:
Kidder Mathews Seattle
(206) 398-2289
Listed By:
Tyler Nicholes · License #WA 127468
Source:
Crexi
Added: Feb 3
Changed: Aug 8
Last Checked: Aug 11 at 5:03PM
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
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 = 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
$1,463,195
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
7.91%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,831
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
Market
Vacancy Rate% for Office in Seattle, WA
Questions? Ask Rey
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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.
