Bellevue Multi-Tenant Office
1500 112th Ave NE, Bellevue, WA 98004
For Sale
$7,950,000
Pending
Two-story office building near Bellevue CBD with excellent connectivity.
Property Size10,721 SF
Days on Market238
Property Features for 1500 112th Ave NE
General Information
Standard status
Size
Property subtype
Site & Location
Neighborhood
Building Details
Year Built
Listing Agency:
WESTLAKE ASSOCIATES, INC.
Listed By:
DENNIS COUNTS
(206) 268-3312
Source:
Corcoran
Added: Mar 16
Changed: Aug 8
Last Checked: Aug 26 at 5:39AM
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 WESTLAKE ASSOCIATES, INC.
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Investment Insights
Based on property information with market context.
This two-story office building at 1500 112th Avenue NE in Bellevue offers an opportunity for owner-users or investors. The property features wood frame and hard coat stucco construction, along with a nicely appointed office build-out and street presence. The building provides on-site parking with 32 stalls and flexible space suitable for professional or service-oriented users. Situated a few blocks north of the Bellevue Central Business District, the property benefits from access to I-405 and SR-520, providing regional connectivity. The location is near Downtown Bellevue, Overlake Hospital, and The Spring District. The property size is 10721 square feet.
Key Highlights
- Prime Location: Situated just north of Bellevue's Central Business District with immediate access to I‑405 and SR‑520.
- Multi‑Tenant or Owner/User Opportunity: Suitable for investment or direct business occupancy.
- Ample Parking: Features 32 on‑site parking stalls.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$233,889
Cap Rate
2.94%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$4,677,780
$4.7M
Cap Rate 7%
$3,341,271
$3.3M
Cap Rate 9%
$2,598,767
$2.6M
Market Conditions
NOI Build-Up for 10,721 SF
Gross rent
$386.0K $36.00/SF
− Vacancy
−$74.1K −$6.91/SF
EGI
$311.9K $29.09/SF
− OpEx
−$78.0K −$7.27/SF
NOI
$233.9K $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 Rate 5%
$4,677,780
Cap Rate 7%
$3,341,271
Cap Rate 9%
$2,598,767
Alternative Uses
Best Use
Office B
$3.34M
$2.92M – $3.90M
NOI $233,889 @ 7.0% cap · market cap 2.94%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.96M
$4.34M – $5.79M
NOI $347,360 @ 7.0% cap · market cap 4.37%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
6,239
Businesses Nearby
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Properties on Market for Office buildings in Bellevue
Vacancy Rate% for Office in West region
Frequently Asked Questions
What type of property is this?
Office building - Two-story office building near Bellevue CBD with excellent connectivity.
Where is this office building located?
The property is located at 1500 112th Ave NE Bellevue, WA.
What is the asking price?
The asking price for this property is $7,950,000.
What are key features of this property?
This property features: Prime Location: Situated just north of Bellevue's Central Business District with immediate access to I‑405 and SR‑520.; Multi‑Tenant or Owner/User Opportunity: Suitable for investment or direct business occupancy.; Ample Parking: Features 32 on‑site parking stalls.
