Renton Medical/Office Space
For Sale
$1,295,000
Pending
912 1st St, Renton, WA 98057
Medical/office space for sale or lease near downtown Renton.
Property Size2,955 SF
Days on Market588
Property Features for 912 1st St
General Information
Standard status
Pending
Size
2,955 SF
Property subtype
Commercial
Building Details
Year Built
1942
Listing Agency:
ROB GASCA REAL ESTATE GROUP
(425) 444-2750
Listed By:
JOHN ROCHFORD
Source:
Corcoran
Added: Jan 10, 2025
Changed: Aug 8
Last Checked: Jul 23 at 8:53AM
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 ROB GASCA REAL ESTATE GROUP
Investment Insights
Based on property information with market context.
This property offers medical or office space in a location accessible and close to downtown Renton. The building provides 4,187 rentable square feet. Available space totals 2,955 rentable square feet, including 2,515 rentable square feet on the main floor and 440 rentable square feet of basement storage. The zoning is R-10, with office and medical uses permitted conditionally.
Key Highlights
- Available for sale ($1,295,000) or lease ($20/PSF + NNN).
- 2,955 RSF of available space, including 2,515 RSF on the main floor.
- Zoning: R‑10 (office/medical conditional use).
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
$52,292
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
4.04%
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%
$1,045,840
$1.0M
Cap Rate 7%
$747,029
$747.0K
Cap Rate 9%
$581,022
$581.0K
Market Conditions
NOI Build-Up for 2,955 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
$97.5K $33.00/SF
− Vacancy
−$27.8K −$9.41/SF
EGI
$69.7K $23.60/SF
− OpEx
−$17.4K −$5.90/SF
NOI
$52.3K $17.70/SF
Area
Renton, WA
Vacancy
28.50%
Lease Rate
$33.00 /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%
$1,045,840
Cap Rate 7%
$747,029
Cap Rate 9%
$581,022
Alternative Uses
Best Use
Office B
$747.0K
$653.7K – $871.5K
NOI $52,292 @ 7.0% cap · market cap 4.04%
Second Best
Healthcare Medical
$663.8K
$580.8K – $774.5K
NOI $46,467 @ 7.0% cap · market cap 3.59%
Theoretical Best
Office A
$962.8K
$842.4K – $1.12M
NOI $67,395 @ 7.0% cap · market cap 5.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,441
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 98057, WA
13,493
Population
6,656
Households
2
Avg Household Size
38
Median Age
34%
College-Educated
92%
High-School Grad
6.2 sq mi
ZIP Area
2,176
Density / Sq Mi
$68,097
Median Household Income
$53,994
Median Earnings
$1,767
Median Rent
$606,500
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Medical/office space for sale or lease near downtown Renton.
Where is this medical office space located?
The property is located at 912 1st St Renton, WA.
What is the asking price?
The asking price for this property is $1,295,000.
What are key features of this property?
This property features: Available for sale ($1,295,000) or lease ($20/PSF + NNN).; 2,955 RSF of available space, including **2,515 RSF on the main floor**.; Zoning: R‑10 (office/medical conditional use).
