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    2320 West Commodore Way Seattle, WA 98199
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    Property profile & analytics

    2320 West Commodore Way, Seattle, WA 98199

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    • Office buildings
    • 41,362 SF
    • 0.81 lot acres
    For Sale
    $7,045,000
    View Listing →
    Seattle Office/Medical/Maritime Building For Sale
    $7,045,000
    32,866 SF

    Seattle Office/Medical/Maritime Building

    Office, medical, or maritime-use building available for lease or purchase.

    2320 West Commodore Way, Seattle, WA 98199
    View Listing
    Property ID
    US90-1598180
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Cooper Center for Metabolism / Physician
    • International Pacific Halibut Commission / Charitable Organization / Social Service Agency
    • Dr. Emily L. Cooper, MD / Pediatrician / Physician
    • Seattle Performance Medicine / Medical Clinic / Physician
    • Pauole Sport / Nightclub / Music Venue

    Property Details for 2320 West Commodore Way

    Year built
    2008
    Construction
    STEEL FRAME
    Lot size
    0.81 lot acres
    Zone code
    IG1 U/45
    Property type
    Office buildings
    APN
    277160-5313
    APU
    2771605313

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Dec 30, 2025 — Salmon Bay Investment Group LLC — Deed · related $3.9M · As Atlantic Us INC
    May 25, 2012 $5,125,000 Salmon Bay Investment Group Ll Colby Re LLC Grant Deed $3.6M · As Atlantic USA INC
    Jan 18, 2012 $3,900,000 Colby Re LLC Bohannon Michael D Trustees Deed · related —
    Aug 30, 2010 — Salmon Bay Landing West LLC — Deed Of Trust · related $14.9M · Cascade Bank
    Oct 9, 2009 — Salmon Bay Landing West LLC — Deed Of Trust · related $12.5M · Cascade Bank
    Oct 31, 2006 $1,600,000 Salmon Bay Landings LLC Salmon Bay Marine Center LLC Grant Deed $1.2M · Cascade Bank
    — — Salmon Bay Inv Group LLC — Loan Modification · related $1M · Mufg Union Bk NA
    — — Salmon Bay Landings LLC — Deed Of Trust · related $9.1M · Cascade Bank

    Description

    This exceptional three-story medical office building, totaling 32,866 square feet, presents a unique investment or leasing opportunity in the vibrant Seattle market. Located at 2320 West Commodore Way, King County, WA 98199, this 2009-constructed building sits on a 0.81-acre lot and offers 10,889 square feet of immediately available space. The building features a desirable multi-tenant configuration, allowing for flexibility in lease terms and tenant mix. Each floor boasts impressive 15-foot ceilings, providing ample space and a modern aesthetic. Parking is readily available with a generous 2.5 spaces per 1,000 square feet. The building is ideally suited for medical practices, but its design also allows for other office uses. The large contiguous space available makes it perfect for a single tenant seeking a significant footprint, or multiple tenants looking for smaller, yet modern suites. Its prime location in Seattle offers easy access to major transportation routes and a thriving business community. The building's modern design and ample parking make it an attractive option for both tenants and investors. This is a rare opportunity to acquire or lease a high-quality medical office building in a sought-after Seattle location. Contact us today to learn more about this exceptional property.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Seattle
    County
    King
    State
    Washington
    Longitude
    -122.386
    Latitude
    47.6609
    CBSA code
    42660
    CBSA name
    SEATTLE-TACOMA-BELLEVUE, WA METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2022
    $83,582
    $3,164,700
    $6,312,400
    $9,477,100
    -
    $3,164,700
    $6,312,400
    $9,477,100

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      2303 Commodore Way

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      View Details
    • Value Estimation
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      16,573 SF

      2356 Commodore Way

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      Seattle Office/Medical/Maritime Building

      Office, medical, or maritime-use building available for lease or purchase.
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      Seattle Medical Office Building

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    Seattle, WA 98199
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    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.

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