Bellevue Office Condo For
For Sale
$599,000
1550 140th Ave NE, Bellevue, WA 98007
Professional office condo in a prime Bellevue location.
Property Size1,023 SF
Price / SF$585.53
Days on Market481
Property Features for 1550 140th Ave NE
General Information
Standard status
Active
Size
1,023 SF
Building Details
Year Built
1988
Listing Agency:
KIDDER MATHEWS
Listed By:
HOLLY YANG, CCIM
Source:
Corcoran
Added: May 22, 2025
Changed: Mar 16
Last Checked: Apr 11 at 1:11PM
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 KIDDER MATHEWS
Investment Insights
Based on property information with market context.
This property offers an opportunity to own office space in Bellevue, located at 1550 140th Ave NE. The offering combines two condos into one suite. The unit is located on the second floor of a wood walk-up building. The layout features a main room suitable for a reception area or open cubicle space, two private offices, and a conference room. Ample parking is available with a ratio of 4/1000. The property is situated in a desirable Bellevue location.
Key Highlights
- Prime Bellevue Location
- Two Condos Combined into One Expansive Suite
- Efficient Layout with Reception Area, Private Offices, and Conference Room
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
$22,318
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
3.73%
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%
$446,360
$446.4K
Cap Rate 7%
$318,829
$318.8K
Cap Rate 9%
$247,978
$248.0K
Market Conditions
NOI Build-Up for 1,023 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
$36.8K $36.00/SF
− Vacancy
−$7.1K −$6.91/SF
EGI
$29.8K $29.09/SF
− OpEx
−$7.4K −$7.27/SF
NOI
$22.3K $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%
$446,360
Cap Rate 7%
$318,829
Cap Rate 9%
$247,978
Alternative Uses
Best Use
Office B
$318.8K
$279.0K – $372.0K
NOI $22,318 @ 7.0% cap · market cap 3.73%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$473.5K
$414.3K – $552.4K
NOI $33,145 @ 7.0% cap · market cap 5.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
2,771
Businesses Nearby
Explore this area
Business Placement
Demographics for 98007, WA
29,476
Population
12,403
Households
2.4
Avg Household Size
33
Median Age
69%
College-Educated
95%
High-School Grad
4.3 sq mi
ZIP Area
6,855
Density / Sq Mi
$126,814
Median Household Income
$81,818
Median Earnings
$2,276
Median Rent
$934,600
Median Home Value
Check the figures for this property
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 units - Professional office condo in a prime Bellevue location.
Where is this office units located?
The property is located at 1550 140th Ave NE Bellevue, WA.
What is the asking price?
The asking price for this property is $599,000.
What are key features of this property?
This property features: Prime Bellevue Location; Two Condos Combined into One Expansive Suite; Efficient Layout with Reception Area, Private Offices, and Conference Room
