Single-Story Medical Office
For Sale
$7,000,000
1545 116th Ave NE, Bellevue, WA 98004
Renovated dental build-out with medical office, church, and daycare uses permitted.
Property Size9,304 SF
Lot Size0.78 Acres
Price / SF$752.36
Days on Market26
Property Features for 1545 116th Ave NE
General Information
Standard status
Active
Size
9,304 SF
Total Parking Spaces
38
Lot size
0.78 Acres
Property subtype
Office
Zoning
BR-MO
Additional Details
Asking Price
$7,000,000
Building Details
Year Built
1975
Year Renovated
2000
Buildings
1
Stories
1
Building Size
9,304 SF
Listing Agency:
NAI Puget Sound Properties
(425) 941-3003
Listed By:
Alex Wheatley
(425) 941-3003
Source:
Nai-psp
Added: Jul 30
Changed: Aug 8
Last Checked: Aug 24 at 4:02AM
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 NAI Puget Sound Properties
Investment Insights
Based on property information with market context.
Single-story medical office building with a dental build-out, offering a full or partial building owner-user configuration. The property contains 9,304 square feet on a 34,167-square-foot lot, or 0.78 acres, with 38 surface parking stalls. Originally built in 1975, the building was renovated in 2000.
Zoned BR-MO, the property permits medical office, church, and daycare uses. Its existing layout and parking support continued medical office use or other permitted occupancy configurations.
Zoned BR-MO, the property permits medical office, church, and daycare uses. Its existing layout and parking support continued medical office use or other permitted occupancy configurations.
Key Highlights
- 9,304 SF single‑story medical office building with dental build‑out
- 34,167 SF lot totaling 0.78 acres
- 38 surface parking stalls
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
$202,976
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
2.90%
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%
$4,059,520
$4.1M
Cap Rate 7%
$2,899,657
$2.9M
Cap Rate 9%
$2,255,289
$2.3M
Market Conditions
NOI Build-Up for 9,304 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
$334.9K $36.00/SF
− Vacancy
−$64.3K −$6.91/SF
EGI
$270.6K $29.09/SF
− OpEx
−$67.7K −$7.27/SF
NOI
$203.0K $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%
$4,059,520
Cap Rate 7%
$2,899,657
Cap Rate 9%
$2,255,289
Alternative Uses
Best Use
Office B
$2.90M
$2.54M – $3.38M
NOI $202,976 @ 7.0% cap · market cap 2.90%
Second Best
Healthcare Medical
$2.16M
$1.89M – $2.52M
NOI $151,127 @ 7.0% cap · market cap 2.16%
Theoretical Best
Office A
$4.31M
$3.77M – $5.02M
NOI $301,450 @ 7.0% cap · market cap 4.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
5,849
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
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 - Renovated dental build-out with medical office, church, and daycare uses permitted.
Where is this medical office space located?
The property is located at 1545 116th Ave NE Bellevue, WA.
What is the asking price?
The asking price for this property is $7,000,000.
What are key features of this property?
This property features: 9,304 SF single‑story medical office building with dental build‑out; 34,167 SF lot totaling 0.78 acres; 38 surface parking stalls
