Leased Medical Office
For Sale
$18,000,000
12301 10th Pl, Bellevue, WA 98005
Recently renovated, fully leased medical/office building offering stable, long-term income in Bellevue’s Eastside submarket.
Property Size32,329 SF
Price / SF$556.78
Days on Market110
Property Features for 12301 10th Pl
General Information
Standard status
Active
Size
32,329 SF
Property subtype
Commercial
Zoning
MUR-M
Occupancy
100%
Additional Details
Highway Access
Yes
Building Details
Year Built
1980
Listing Agency:
LEIBSOHN & COMPANY
(425) 586-4655
Listed By:
DAN KREKEL, CCIM · License #52285
Source:
Corcoran
Added: May 6
Changed: Aug 23
Last Checked: Aug 22 at 6:48PM
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 LEIBSOHN & COMPANY
Investment Insights
Based on property information with market context.
This is a fully leased medical/office building in Bellevue with stable, long-term income. The property was recently renovated, with modern common areas designed to support day-to-day operations.
The building is described as being located near Downtown Bellevue, Overlake Medical Center, and SR-520. Zoning is identified as MUR-M, which the remarks cite as providing future redevelopment potential.
The offering is structured as a for-sale opportunity for investors seeking a stabilized, leased medical/office asset with recent common-area updates.
The building is described as being located near Downtown Bellevue, Overlake Medical Center, and SR-520. Zoning is identified as MUR-M, which the remarks cite as providing future redevelopment potential.
The offering is structured as a for-sale opportunity for investors seeking a stabilized, leased medical/office asset with recent common-area updates.
Key Highlights
- Medical/office building built in 1990
- Fully leased with stable, long‑term income
- Recently renovated with modern common areas
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
$705,289
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
3.92%
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%
$14,105,780
$14.1M
Cap Rate 7%
$10,075,557
$10.1M
Cap Rate 9%
$7,836,544
$7.8M
Market Conditions
NOI Build-Up for 32,329 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
$1.16M $36.00/SF
− Vacancy
−$223.5K −$6.91/SF
EGI
$940.4K $29.09/SF
− OpEx
−$235.1K −$7.27/SF
NOI
$705.3K $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%
$14,105,780
Cap Rate 7%
$10,075,557
Cap Rate 9%
$7,836,544
Alternative Uses
Best Use
Office B
$10.08M
$8.82M – $11.75M
NOI $705,289 @ 7.0% cap · market cap 3.92%
Second Best
Healthcare Medical
$7.50M
$6.56M – $8.75M
NOI $525,126 @ 7.0% cap · market cap 2.92%
Theoretical Best
Office A
$14.96M
$13.09M – $17.46M
NOI $1,047,460 @ 7.0% cap · market cap 5.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
4,542
Businesses Nearby
Under-served
Demand for This Use
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
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Recently renovated, fully leased medical/office building offering stable, long-term income in Bellevue’s Eastside submarket.
Where is this medical office space located?
The property is located at 12301 10th Pl Bellevue, WA.
What is the asking price?
The asking price for this property is $18,000,000.
What are key features of this property?
This property features: Medical/office building built in 1990; Fully leased with stable, long‑term income; Recently renovated with modern common areas
