Two-Story Medical Office
1220 116th Ave NE, Bellevue, WA 98004
For Sale
Contact for pricing
Established medical office property with parking garage and flexible owner-user occupancy options.
Property Size15,480 SF
Price / SF$503.88
Days on Market119
Property Features for 1220 116th Ave NE
General Information
Standard status
Size
Property subtype
Zoning
Site & Location
Neighborhood
Building Details
Buildings
Stories
Listing Agency:
Wallace Properties, Inc.
(425) 455-9976
Listed By:
Ann Bishop
(206) 229-7523
Source:
Moodyscre
Added: Jul 15
Changed: Oct 26
Last Checked: Nov 10 at 10:03AM
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 Wallace Properties, Inc.
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Investment Insights
Based on property information with market context.
This two-story medical office property includes a parking garage and supports immediate occupancy of 2,313 RSF, with additional space available as it comes open. The building is positioned for an owner-user seeking an established medical office setting with room to expand within the property.
Located at 1220 116th Ave. NE in Bellevue, the property sits across from the Overlake Medical Center campus. MU H zoning provides high-rise and transit-oriented future development potential, along with mixed-use flexibility and generous height allowances. The site is also near emerging light rail hubs as Bellevue continues expanding beyond its traditional downtown core.
Located at 1220 116th Ave. NE in Bellevue, the property sits across from the Overlake Medical Center campus. MU H zoning provides high-rise and transit-oriented future development potential, along with mixed-use flexibility and generous height allowances. The site is also near emerging light rail hubs as Bellevue continues expanding beyond its traditional downtown core.
Key Highlights
- 2,313 RSF available for immediate owner‑user occupancy
- Two‑story medical office building with parking garage
- Across from the Overlake Medical Center campus
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$337,712
Cap Rate
4.33%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$6,754,240
$6.8M
Cap Rate 7%
$4,824,457
$4.8M
Cap Rate 9%
$3,752,356
$3.8M
Market Conditions
NOI Build-Up for 15,480 SF
Gross rent
$557.3K $36.00/SF
− Vacancy
−$107.0K −$6.91/SF
EGI
$450.3K $29.09/SF
− OpEx
−$112.6K −$7.27/SF
NOI
$337.7K $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 Rate 5%
$6,754,240
Cap Rate 7%
$4,824,457
Cap Rate 9%
$3,752,356
Alternative Uses
Best Use
Office B
$4.82M
$4.22M – $5.63M
NOI $337,712 @ 7.0% cap · market cap 4.33%
Second Best
Healthcare Medical
$3.59M
$3.14M – $4.19M
NOI $251,445 @ 7.0% cap · market cap 3.22%
Theoretical Best
Office A
$7.17M
$6.27M – $8.36M
NOI $501,552 @ 7.0% cap · market cap 6.43%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
5,924
Businesses Nearby
Balanced
Demand for This Use
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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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Market
Properties on Market for Medical Office Space in Bellevue
Vacancy Rate% for Office in West region
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Established medical office property with parking garage and flexible owner-user occupancy options.
Where is this medical office space located?
The property is located at 1220 116th Ave NE Bellevue, WA.
What is the asking price?
The asking price for this property is $7,800,000.
What are key features of this property?
This property features: 2,313 RSF available for immediate owner‑user occupancy; Two‑story medical office building with parking garage; Across from the Overlake Medical Center campus
