Office/Retail Condo
For Sale
Contact for pricing
14509 Cedar Grove Rd SE, Issaquah, WA 98027
Office/retail condo offered in shell condition, ready for tenant improvements and demising.
Property Size2,051 SF
Price / SF$414.43
Days on Market438
Property Features for 14509 Cedar Grove Rd SE
General Information
Standard status
Active
Size
2,051 SF
Property subtype
OFFICE
Listing Agency:
Cushman & Wakefield
(425) 455-4500
Listed By:
Brian Toy
(425) 455-4500
Source:
Moodyscre
Added: Jun 1, 2025
Changed: Aug 8
Last Checked: Aug 11 at 2:11PM
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 Cushman & Wakefield
Investment Insights
Based on property information with market context.
This office/retail condo suite is offered for sale in shell condition, providing a blank canvas for an owner-user or tenant improvements. The space is positioned as a flexible option for professional services such as insurance, CPA, attorney, dentist, or doctor, based on the configuration described in the offering.
The property is located at 14509 Cedar Grove Rd SE in Issaquah, WA. The condominium can be demised for additional income, which may support multiple layouts or separate occupancy as part of the buildout plan.
With the unit described as ready for improvements, the next steps typically include confirming desired fit-out scope and how demising would be handled to align with the intended use.
The property is located at 14509 Cedar Grove Rd SE in Issaquah, WA. The condominium can be demised for additional income, which may support multiple layouts or separate occupancy as part of the buildout plan.
With the unit described as ready for improvements, the next steps typically include confirming desired fit-out scope and how demising would be handled to align with the intended use.
Key Highlights
- Office/retail condo in shell condition, ready for tenant improvements
- Condominium can be demised for additional income
- Suitable uses noted: insurance, CPA, attorney, dentist, and doctor
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
$43,249
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
5.09%
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%
$864,980
$865.0K
Cap Rate 7%
$617,843
$617.8K
Cap Rate 9%
$480,544
$480.5K
Market Conditions
NOI Build-Up for 2,051 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
$73.8K $36.00/SF
− Vacancy
−$16.2K −$7.88/SF
EGI
$57.7K $28.12/SF
− OpEx
−$14.4K −$7.03/SF
NOI
$43.2K $21.09/SF
Area
King County, WA
Vacancy
21.90%
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%
$864,980
Cap Rate 7%
$617,843
Cap Rate 9%
$480,544
Alternative Uses
Best Use
Office B
$617.8K
$540.6K – $720.8K
NOI $43,249 @ 7.0% cap · market cap 5.09%
Second Best
Retail
$524.1K
$458.6K – $611.5K
NOI $36,690 @ 7.0% cap · market cap 4.32%
Theoretical Best
Office A
$821.5K
$718.8K – $958.4K
NOI $57,503 @ 7.0% cap · market cap 6.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
67
Businesses Nearby
Explore this area
Business Placement
Demographics for 98027, WA
29,089
Population
12,071
Households
2.4
Avg Household Size
41
Median Age
65%
College-Educated
97%
High-School Grad
57.2 sq mi
ZIP Area
509
Density / Sq Mi
$150,000
Median Household Income
$82,823
Median Earnings
$2,343
Median Rent
$976,400
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 units - Office/retail condo offered in shell condition, ready for tenant improvements and demising.
Where is this office units located?
The property is located at 14509 Cedar Grove Rd SE Issaquah, WA.
What is the asking price?
The asking price for this property is $850,000.
What are key features of this property?
This property features: Office/retail condo in shell condition, ready for tenant improvements; Condominium can be demised for additional income; Suitable uses noted: insurance, CPA, attorney, dentist, and doctor
