Medical Office
For Sale
Contact for pricing
11415 Slater Ave NE, Kirkland, WA 98033
Medical office condo with 5 exam rooms, 1 lab room, and underground secured parking.
Property Size4,894 SF
Price / SF$490.40
Days on Market365
Property Features for 11415 Slater Ave NE
General Information
Standard status
Active
Size
4,894 SF
Property subtype
OFFICE
Additional Details
Office Units
6
Amenities
common area
community room
underground secured parking
Listing Agency:
Broderick Group, Inc.
(425) 646-3444
Listed By:
Jeff Livingston
(509) 991-3227
Source:
Moodyscre
Added: Sep 8, 2025
Changed: Aug 12
Last Checked: Jul 23 at 10:36AM
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 Broderick Group, Inc.
Investment Insights
Based on property information with market context.
This medical office condominium offers approximately 3,700 rentable square feet with 3,300 square feet of usable space. The interior configuration includes 5 exam rooms and 1 lab room, along with 6 offices, 4 of which could be converted into additional exam rooms if needed. The suite also features a large common area with additional bathrooms and a community room.
Access is supported by underground secured parking with a 4/1,000 parking ratio. The property is presented as an owner-user or investment opportunity.
Overall, the layout is designed around clinical exam and lab uses while retaining flexible office space options.
Access is supported by underground secured parking with a 4/1,000 parking ratio. The property is presented as an owner-user or investment opportunity.
Overall, the layout is designed around clinical exam and lab uses while retaining flexible office space options.
Key Highlights
- Medical commercial condominium with 3,700 rentable SF (3,300 SF usable)
- Layout includes 5 exam rooms plus 1 lab room
- Six offices available, with 4 convertible into exam rooms if needed
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
$103,200
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
4.30%
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%
$2,064,000
$2.1M
Cap Rate 7%
$1,474,286
$1.5M
Cap Rate 9%
$1,146,667
$1.1M
Market Conditions
NOI Build-Up for 4,894 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
$176.2K $36.00/SF
− Vacancy
−$38.6K −$7.88/SF
EGI
$137.6K $28.12/SF
− OpEx
−$34.4K −$7.03/SF
NOI
$103.2K $21.09/SF
Area
King County, WA
Vacancy
21.90%
Lease Rate
$36.00 /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%
$2,064,000
Cap Rate 7%
$1,474,286
Cap Rate 9%
$1,146,667
Alternative Uses
Best Use
Office B
$1.47M
$1.29M – $1.72M
NOI $103,200 @ 7.0% cap · market cap 4.30%
Second Best
Healthcare Medical
$926.5K
$810.7K – $1.08M
NOI $64,857 @ 7.0% cap · market cap 2.70%
Theoretical Best
Office A
$1.96M
$1.72M – $2.29M
NOI $137,212 @ 7.0% cap · market cap 5.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Office units
Location Intelligence
Trade Area within ½ mile
1,510
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 98033, WA
41,763
Population
18,211
Households
2.3
Avg Household Size
39
Median Age
73%
College-Educated
98%
High-School Grad
9.2 sq mi
ZIP Area
4,539
Density / Sq Mi
$174,005
Median Household Income
$97,472
Median Earnings
$2,386
Median Rent
$1,259,900
Median Home Value
Market
Vacancy Rate% for Office in West region
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Medical office condo with 5 exam rooms, 1 lab room, and underground secured parking.
Where is this medical office space located?
The property is located at 11415 Slater Ave NE Kirkland, WA.
What is the asking price?
The asking price for this property is $2,400,000.
What are key features of this property?
This property features: Medical commercial condominium with 3,700 rentable SF (3,300 SF usable); Layout includes 5 exam rooms plus 1 lab room; Six offices available, with 4 convertible into exam rooms if needed
