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 Market468
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
Listed By:
Lizbeth Loreto · License #86139
(425) 422-7886
Source:
Kw
Added: Jul 18, 2025
Changed: Oct 25
Last Checked: Oct 28 at 1:22PM
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
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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 / Yr
$20,843
Cap Rate
3.27%
Suggested Prices Based on Cap Rates
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
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 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.
How Realmo checks its estimates
Property Analytics
Who owns this building?
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Open Analytics
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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.
