Renovated Office
For Sale
$18,000,000
12301 NE 10th Pl, Bellevue, WA 98005
Fully leased office property with medical and office tenants, updated common areas, and MUR-M zoning.
Property Size32,329 SF
Days on Market80
Property Features for 12301 NE 10th Pl
General Information
Standard status
Active
Size
32,329 SF
Class
B
Total Parking Spaces
119
Property subtype
Office
Zoning
MUR-M
Occupancy
100%
Building Details
Building Size
32,329 SF
Year Built
1980
Year Renovated
2022
Tenancy
Multi
Parking Ratio
4.4 per 1,000 SF
Listing Agency:
Leibsohn & Company
Listed By:
Dan Krekel, CCIM · License #52285
(206) 295-6052
Source:
Leibsohn
Added: Jul 9
Changed: Sep 8
Last Checked: Sep 26 at 4:16AM
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.
Built in 1980, this office property is fully leased to a mix of medical and office users. Common areas were renovated between 2020 and 2022, adding updated finishes to the shared portions of the building. Existing tenancy is described as long term, with minimal near-term rollover.
The property is located at 12301 NE 10th Pl in Bellevue, near Downtown Bellevue and Overlake Medical Center. It is positioned within the Eastside submarket and includes 119 parking stalls, equating to 4.4 spaces per 1,000 RSF. MUR-M zoning applies to the property.
The property is located at 12301 NE 10th Pl in Bellevue, near Downtown Bellevue and Overlake Medical Center. It is positioned within the Eastside submarket and includes 119 parking stalls, equating to 4.4 spaces per 1,000 RSF. MUR-M zoning applies to the property.
Key Highlights
- 100% leased with long‑term tenancy
- Medical and office tenant mix
- Common areas renovated from 2020–2022
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
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Open Analytics
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
4,542
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
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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?
Office building - Fully leased office property with medical and office tenants, updated common areas, and MUR-M zoning.
Where is this office building located?
The property is located at 12301 NE 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: 100% leased with long‑term tenancy; Medical and office tenant mix; Common areas renovated from 2020–2022
