Medical Condo Near Overlake
For Sale
$1,600,000
1900 116th Ave NE Ste 200, Bellevue, WA 98004
2,521 SF medical condo in Bellevue's medical corridor.
Property Size1,768 SF
Price / SF$634.67
Days on Market304
Property Features for 1900 116th Ave NE Ste 200
General Information
Standard status
Active
Size
1,768 SF
Class
B
Property subtype
Office
Building Details
Building Size
1,768 SF
Listed By:
Matt Le · License #WA #23019714
(650) 888-3255
Source:
Naiglobal
Added: Nov 22, 2025
Changed: Sep 18
Last Checked: Sep 21 at 5:53AM
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 Matt Le
Investment Insights
Based on property information with market context.
This 2,521 SF medical/dental condominium, located at 1900 116th Ave NE, Suite 200, is situated along Bellevue’s premier medical corridor, directly across from Overlake Hospital and surrounded by healthcare providers. The property is zoned BR-MO and was originally built in 1979, with major upgrades completed in 2014. It offers professionally improved medical space, ample parking, and excellent visibility. Recent capital improvements include a new roof, HVAC systems, and exterior updates. The property's location along 116th Avenue NE ensures long-term tenant demand and strong patient traffic. The monthly HOA fee is $1,714.17. The parcel number is 6195980000.
Key Highlights
- Premier location directly across from Overlake Hospital on Bellevue’s premier medical corridor (116th Avenue NE).
- Professionally improved 2,521 SF medical/dental condominium, ready for immediate occupancy.
- Recent major upgrades including a new roof and HVAC systems.
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
$54,998
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
3.44%
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%
$1,099,960
$1.1M
Cap Rate 7%
$785,686
$785.7K
Cap Rate 9%
$611,089
$611.1K
Market Conditions
NOI Build-Up for 2,521 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
$90.8K $36.00/SF
− Vacancy
−$17.4K −$6.91/SF
EGI
$73.3K $29.09/SF
− OpEx
−$18.3K −$7.27/SF
NOI
$55.0K $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%
$1,099,960
Cap Rate 7%
$785,686
Cap Rate 9%
$611,089
Alternative Uses
Best Use
Office B
$785.7K
$687.5K – $916.6K
NOI $54,998 @ 7.0% cap · market cap 3.44%
Second Best
Healthcare Medical
$585.0K
$511.9K – $682.5K
NOI $40,949 @ 7.0% cap · market cap 2.56%
Theoretical Best
Office A
$1.17M
$1.02M – $1.36M
NOI $81,680 @ 7.0% cap · market cap 5.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
4,896
Businesses Nearby
Balanced
Demand for This Use
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in West region
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Frequently Asked Questions
What type of property is this?
Medical Office Space - 2,521 SF medical condo in Bellevue's medical corridor.
Where is this medical office space located?
The property is located at 1900 116th Ave NE Ste 200 Bellevue, WA.
What is the asking price?
The asking price for this property is $1,600,000.
What are key features of this property?
This property features: Premier location directly across from Overlake Hospital on Bellevue’s premier medical corridor (116th Avenue NE).; Professionally improved 2,521 SF medical/dental condominium, ready for immediate occupancy.; Recent major upgrades including a new roof and HVAC systems.
