Bellevue Multi-Tenant Office
For Sale
$7,950,000
Pending
1500 112th Ave NE, Bellevue, WA 98004
Two-story office building near Bellevue CBD with excellent connectivity.
Property Size10,721 SF
Days on Market147
Property Features for 1500 112th Ave NE
General Information
Standard status
Pending
Size
10,721 SF
Property subtype
Commercial
Building Details
Year Built
1985
Listing Agency:
WESTLAKE ASSOCIATES, INC.
(206) 268-3312
Listed By:
DENNIS COUNTS
Source:
Corcoran
Added: Mar 16
Changed: Aug 8
Last Checked: Aug 8 at 2:25PM
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.
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 = 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
$233,889
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
2.94%
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%
$4,677,780
$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
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
$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 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%
$4,677,780
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.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
8,469
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
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 - 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.
