Medical Office
For Sale
Contact for pricing
11415 Slater Ave NE, Kirkland, WA 98033
Medical office condo offering exam and lab rooms, plus multiple offices and a large common area with additional bathrooms.
Property Size3,700 SF
Price / SF$567.57
Days on Market173
Property Features for 11415 Slater Ave NE
General Information
Standard status
Active
Size
3,700 SF
Property subtype
OFFICE
Listing Agency:
NAI Puget Sound Properties
(206) 390-0889
Listed By:
Rick Page
(206) 390-0889
Source:
Moodyscre
Added: Feb 17
Changed: Aug 8
Last Checked: Aug 8 at 12:47PM
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 NAI Puget Sound Properties
Investment Insights
Based on property information with market context.
This medical office condominium provides 3,700 rentable square feet (3,300 square feet usable) designed for clinical and administrative use. Interior layout includes five exam rooms and one lab room, along with six offices, with four of those offices noted as convertible to exam rooms if needed. A large common area is included, along with additional bathrooms and a community room.
The property includes underground secured parking at a 4 per 1,000 square foot ratio. It is offered as an owner-user or investment opportunity.
The space is well-suited for a medical practice that needs dedicated exam and lab areas while maintaining separate office space, with flexibility to reconfigure up to four offices into additional exam rooms.
The property includes underground secured parking at a 4 per 1,000 square foot ratio. It is offered as an owner-user or investment opportunity.
The space is well-suited for a medical practice that needs dedicated exam and lab areas while maintaining separate office space, with flexibility to reconfigure up to four offices into additional exam rooms.
Key Highlights
- Medical commercial condominium with 3,700 rentable SF (3,300 SF usable)
- Layout includes 5 exam rooms and 1 lab room
- 6 offices total; 4 could be converted into additional 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
$78,022
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
3.72%
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%
$1,560,440
$1.6M
Cap Rate 7%
$1,114,600
$1.1M
Cap Rate 9%
$866,911
$866.9K
Market Conditions
NOI Build-Up for 3,700 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
$133.2K $36.00/SF
− Vacancy
−$29.2K −$7.88/SF
EGI
$104.0K $28.12/SF
− OpEx
−$26.0K −$7.03/SF
NOI
$78.0K $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%
$1,560,440
Cap Rate 7%
$1,114,600
Cap Rate 9%
$866,911
Alternative Uses
Best Use
Office B
$1.11M
$975.3K – $1.30M
NOI $78,022 @ 7.0% cap · market cap 3.72%
Second Best
Healthcare Medical
$700.5K
$612.9K – $817.2K
NOI $49,033 @ 7.0% cap · market cap 2.33%
Theoretical Best
Office A
$1.48M
$1.30M – $1.73M
NOI $103,736 @ 7.0% cap · market cap 4.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Medical office condo offering exam and lab rooms, plus multiple offices and a large common area with additional bathrooms.
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 $2,100,000.
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 and 1 lab room; 6 offices total; 4 could be converted into additional exam rooms if needed
