Redmond Condo with
For Sale
$637,000
10500 NE 221st Lane #202, Redmond, WA 98053
3-bed, 2-bath condo in Redmond near Microsoft.
Property Size1,341 SF
Days on Market399
Property Features for 10500 NE 221st Lane #202
General Information
Standard status
Active
Size
1,341 SF
Property subtype
Condominium
Amenities
Fireplace
Wall Furnace
Dishwasher
Disposal
Dryer
Microwave
Refrigerator
Stove(s)/Range(s)
Washer
Composition
Building Details
Building Size
1,341 SF
Year Built
2000
Listing Agency:
KW Western
(425) 422-7886
Listed By:
Lizbeth Loreto · License #86139
(425) 422-7886
Source:
Kw
Added: Jul 18, 2025
Changed: Aug 8
Last Checked: Aug 18 at 10:42PM
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 KW Western
Investment Insights
Based on property information with market context.
This 3-bedroom, 2-bath condo is located in Redmond. The top unit features an open floor plan, a gas fireplace, and a private balcony. The kitchen connects to the dining and living areas. The master bedroom includes an en-suite bath and a walk-in closet. There are two additional bedrooms. The property features top-of-the-line extra padded, stain-resistant carpet. It includes a 1-car garage with extra storage, plus a second open parking spot. The community is well-maintained and is located minutes from Microsoft, golf, and multiple parks and trails. It offers easy access to dining, shopping centers, and commuter routes. This property is suitable for both homeowners and investors.
Key Highlights
- Seller offering up to 3% credit toward interest rate buy‑down.
- Prime location in the heart of Redmond, minutes from Microsoft, golf, parks, trails, dining, shopping, and commuter routes.
- No rental cap, making it suitable for both homeowners and investors.
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
$20,843
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
3.27%
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%
$416,860
$416.9K
Cap Rate 7%
$297,757
$297.8K
Cap Rate 9%
$231,589
$231.6K
Market Conditions
NOI Build-Up for 1,341 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
$40.2K $30.00/SF
− Vacancy
−$2.3K −$1.74/SF
EGI
$37.9K $28.26/SF
− OpEx
−$17.1K −$12.72/SF
NOI
$20.8K $15.54/SF
Area
King County, WA
Vacancy
5.80%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
45.00%
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%
$416,860
Cap Rate 7%
$297,757
Cap Rate 9%
$231,589
Alternative Uses
Best Use
Apartment 5plus
$297.8K
$260.5K – $347.4K
NOI $20,843 @ 7.0% cap · market cap 3.27%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$537.1K
$470.0K – $626.6K
NOI $37,597 @ 7.0% cap · market cap 5.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
200
Businesses Nearby
Explore this area
Business Placement
Demographics for 98053, WA
22,523
Population
8,707
Households
2.6
Avg Household Size
43
Median Age
72%
College-Educated
98%
High-School Grad
27.7 sq mi
ZIP Area
813
Density / Sq Mi
$179,912
Median Household Income
$117,839
Median Earnings
$2,737
Median Rent
$1,155,500
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - 3-bed, 2-bath condo in Redmond near Microsoft.
Where is this apartment building located?
The property is located at 10500 NE 221st Lane #202 Redmond, WA.
What is the asking price?
The asking price for this property is $637,000.
What are key features of this property?
This property features: Seller offering up to 3% credit toward interest rate buy‑down.; Prime location in the heart of Redmond, minutes from Microsoft, golf, parks, trails, dining, shopping, and commuter routes.; No rental cap, making it suitable for both homeowners and investors.
