Bellevue Freestanding Office
For Sale
Contact for pricing
12509 NE Bel Red Rd, Bellevue, WA 98005
Prime office building near Spring District and future growth.
Property Size7,686 SF
Price / SF$636.22
Days on Market154
Property Features for 12509 NE Bel Red Rd
General Information
Standard status
Active
Size
7,686 SF
Property subtype
Industrial, Office
Zoning
O
Building Details
Year Built
1983
Year Renovated
2010
Buildings
1
Stories
2
Listing Agency:
WPI Real Estate Services
(206) 849-8858
Listed By:
TC Wu · License #WA 18933
Source:
Crexi
Added: Mar 11
Changed: Aug 11
Last Checked: Aug 11 at 8:54AM
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 WPI Real Estate Services
Investment Insights
Based on property information with market context.
This freestanding office building is located one block from the Meta-anchored Spring District in Bellevue. The property is zoned 'O' (Office), accommodating a variety of uses, including day care centers, professional offices, medical clinics, and educational and religious facilities. The seller will secure early lease terminations, allowing an owner-user to occupy all or a portion of the 7686 square foot space. The site is near the Spring District and Wilburton Light Rail Stations, with access to I-405 and SR-520. Upcoming changes to Bellevue’s Comprehensive Plan will allow for higher density, drive population growth, and enhance the long-term value of the site.
Key Highlights
- Prime location: One block from the Meta‑anchored Spring District.
- Versatile 'O' (Office) zoning allows for a broad spectrum of uses.
- Turnkey opportunity: Seller will secure early lease terminations for owner‑user occupancy.
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
$167,678
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
3.43%
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%
$3,353,560
$3.4M
Cap Rate 7%
$2,395,400
$2.4M
Cap Rate 9%
$1,863,089
$1.9M
Market Conditions
NOI Build-Up for 7,686 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
$276.7K $36.00/SF
− Vacancy
−$53.1K −$6.91/SF
EGI
$223.6K $29.09/SF
− OpEx
−$55.9K −$7.27/SF
NOI
$167.7K $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 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%
$3,353,560
Cap Rate 7%
$2,395,400
Cap Rate 9%
$1,863,089
Alternative Uses
Best Use
Office B
$2.40M
$2.10M – $2.79M
NOI $167,678 @ 7.0% cap · market cap 3.43%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.56M
$3.11M – $4.15M
NOI $249,026 @ 7.0% cap · market cap 5.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,346
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
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Frequently Asked Questions
What type of property is this?
Office building - Prime office building near Spring District and future growth.
Where is this office building located?
The property is located at 12509 NE Bel Red Rd Bellevue, WA.
What is the asking price?
The asking price for this property is $4,890,000.
What are key features of this property?
This property features: Prime location: One block from the Meta‑anchored Spring District.; Versatile 'O' (Office) zoning allows for a broad spectrum of uses.; Turnkey opportunity: Seller will secure early lease terminations for owner‑user occupancy.
