Downtown Bellevue Office Condo For
For Sale
$975,000
Pending
999 110th Ave NE, Bellevue, WA 98004
Rare small office condo in downtown Bellevue ready for improvements.
Property Size1,794 SF
Days on Market738
Property Features for 999 110th Ave NE
General Information
Standard status
Pending
Size
1,794 SF
Property subtype
Commercial
Building Details
Year Built
2023
Listing Agency:
KIDDER MATHEWS
(425) 450-1127
Listed By:
JEFF CHANEY · License #41682
Source:
Corcoran
Added: Aug 5, 2024
Changed: Aug 8
Last Checked: Aug 8 at 4:51AM
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 KIDDER MATHEWS
Investment Insights
Based on property information with market context.
Located in downtown Bellevue, this office condominium is situated on the 2nd floor as a corner unit featuring expansive floor-to-ceiling windows. The space is currently a grey shell, ready for buyer improvements. Access to shared common restrooms is available adjacent to the unit. The property is ideally situated close to freeways, transit, parks, cafes, and world-class retail and restaurants at Bellevue Square and The Shops at Bravern. The unit includes 2 reserved parking stalls in a garage on a vehicle lift system. The property has a size of 1794 square feet and is currently under court-appointed receivership. Any offer will require a sale motion and court approval.
Key Highlights
- Rare Downtown Bellevue office condominium.
- Grey shell condition allows for custom build‑out.
- Corner unit boasts expansive floor‑to‑ceiling windows.
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
$39,138
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
4.01%
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%
$782,760
$782.8K
Cap Rate 7%
$559,114
$559.1K
Cap Rate 9%
$434,867
$434.9K
Market Conditions
NOI Build-Up for 1,794 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
$64.6K $36.00/SF
− Vacancy
−$12.4K −$6.91/SF
EGI
$52.2K $29.09/SF
− OpEx
−$13.0K −$7.27/SF
NOI
$39.1K $21.82/SF
Area
Bellevue, WA
Vacancy
19.20%
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%
$782,760
Cap Rate 7%
$559,114
Cap Rate 9%
$434,867
Alternative Uses
Best Use
Office B
$559.1K
$489.2K – $652.3K
NOI $39,138 @ 7.0% cap · market cap 4.01%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$830.4K
$726.6K – $968.8K
NOI $58,126 @ 7.0% cap · market cap 5.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
8,288
Businesses Nearby
Explore this area
Business Placement
Demographics for 98004, WA
39,136
Population
20,977
Households
1.9
Avg Household Size
37
Median Age
76%
College-Educated
97%
High-School Grad
7.3 sq mi
ZIP Area
5,361
Density / Sq Mi
$176,367
Median Household Income
$120,667
Median Earnings
$2,706
Median Rent
$2,000,001
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?
Office units - Rare small office condo in downtown Bellevue ready for improvements.
Where is this office units located?
The property is located at 999 110th Ave NE Bellevue, WA.
What is the asking price?
The asking price for this property is $975,000.
What are key features of this property?
This property features: Rare Downtown Bellevue office condominium.; Grey shell condition allows for custom build‑out.; Corner unit boasts expansive floor‑to‑ceiling windows.
