Bellevue Office Building For
For Sale
$3,890,000
Pending
13417 20th St, Bellevue, WA 98005
Office building with flexible lease terms and excellent connectivity.
Property Size5,590 SF
Days on Market950
Property Features for 13417 20th St
General Information
Standard status
Pending
Size
5,590 SF
Property subtype
Commercial
Building Details
Year Built
1991
Listing Agency:
LEE & ASSOCIATES COMMERCIAL REAL ESTATE SERVICES
(215) 917-1742
Listed By:
STREN LEA · License ##121073
Source:
Corcoran
Added: Jan 5, 2024
Changed: Aug 8
Last Checked: Aug 8 at 12:08PM
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 LEE & ASSOCIATES COMMERCIAL REAL ESTATE SERVICES
Investment Insights
Based on property information with market context.
This property, formerly home to Puget Sound Security, offers a secluded setting and is currently configured with professional offices upstairs and a mostly open work area downstairs. It is wired with excellent internet connectivity and security. The property is zoned BR-GC, allowing for a wide range of professional office commercial uses. Bellevue is poised to increase the zoning to mid or high rise mixed-use overlay. The building is available immediately and flexible lease terms are available on a triple-net (NNN) basis. The building has a size of 5590 square feet.
Key Highlights
- Excellent internet connectivity and security systems already in place.
- Flexible lease terms available.
- BR‑GC zoning allows for a wide range of professional and commercial uses.
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
$121,951
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
3.13%
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%
$2,439,020
$2.4M
Cap Rate 7%
$1,742,157
$1.7M
Cap Rate 9%
$1,355,011
$1.4M
Market Conditions
NOI Build-Up for 5,590 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
$201.2K $36.00/SF
− Vacancy
−$38.6K −$6.91/SF
EGI
$162.6K $29.09/SF
− OpEx
−$40.7K −$7.27/SF
NOI
$122.0K $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%
$2,439,020
Cap Rate 7%
$1,742,157
Cap Rate 9%
$1,355,011
Alternative Uses
Best Use
Office B
$1.74M
$1.52M – $2.03M
NOI $121,951 @ 7.0% cap · market cap 3.13%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.59M
$2.26M – $3.02M
NOI $181,116 @ 7.0% cap · market cap 4.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,858
Businesses Nearby
Explore this area
Business Placement
Demographics for 98005, WA
20,961
Population
9,420
Households
2.2
Avg Household Size
36
Median Age
71%
College-Educated
95%
High-School Grad
7.3 sq mi
ZIP Area
2,871
Density / Sq Mi
$158,396
Median Household Income
$87,000
Median Earnings
$2,380
Median Rent
$1,373,000
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.
Frequently Asked Questions
What type of property is this?
Office building - Office building with flexible lease terms and excellent connectivity.
Where is this office building located?
The property is located at 13417 20th St Bellevue, WA.
What is the asking price?
The asking price for this property is $3,890,000.
What are key features of this property?
This property features: Excellent internet connectivity and security systems already in place.; Flexible lease terms available.; BR‑GC zoning allows for a wide range of professional and commercial uses.
