Office Building Near
For Sale
$30,000,000
3600 136th Pl, Bellevue, WA 98006
Office property adjacent to Eastgate Park & Ride with convenient connections to I-90 and I-405.
Property Size86,524 SF
Price / SF$346.72
Days on Market52
Property Features for 3600 136th Pl
General Information
Standard status
Active
Size
86,524 SF
Total Parking Spaces
305
Property subtype
Office
Zoning
OLB2
Site & Location
Highway Access
Yes
Public Transit
Yes
Building Details
Year Built
1986
Buildings
1
Building Size
86,524 SF
Listing Agency:
R.H. Cooke & Associates
(509) 327-2282
Listed By:
Bob Cooke
(509) 327-2282
Source:
Rhcooke.idxbroker
Added: Jul 10
Changed: Aug 29
Last Checked: Aug 30 at 12:59PM
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 R.H. Cooke & Associates
Investment Insights
Based on property information with market context.
This 86,524-square-foot office building was constructed in 1986 and is designated OLB2. The property provides a substantial office footprint within an established commercial setting.
Located in Bellevue’s I-90 Corridor submarket, the building sits next to the Eastgate Park & Ride and offers access to both I-90 and I-405. Its transit adjacency and connection to major regional routes support commuter access from multiple directions.
Located in Bellevue’s I-90 Corridor submarket, the building sits next to the Eastgate Park & Ride and offers access to both I-90 and I-405. Its transit adjacency and connection to major regional routes support commuter access from multiple directions.
Key Highlights
- 86,524 SF office building
- Constructed in 1986
- OLB2 zoning
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
$1,887,608
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
6.29%
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%
$37,752,160
$37.8M
Cap Rate 7%
$26,965,829
$27.0M
Cap Rate 9%
$20,973,422
$21.0M
Market Conditions
NOI Build-Up for 86,524 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
$3.11M $36.00/SF
− Vacancy
−$598.1K −$6.91/SF
EGI
$2.52M $29.09/SF
− OpEx
−$629.2K −$7.27/SF
NOI
$1.89M $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%
$37,752,160
Cap Rate 7%
$26,965,829
Cap Rate 9%
$20,973,422
Alternative Uses
Best Use
Office B
$26.97M
$23.60M – $31.46M
NOI $1,887,608 @ 7.0% cap · market cap 6.29%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$40.05M
$35.04M – $46.72M
NOI $2,803,378 @ 7.0% cap · market cap 9.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,338
Businesses Nearby
Explore this area
Business Placement
Demographics for 98006, WA
40,871
Population
14,754
Households
2.8
Avg Household Size
42
Median Age
72%
College-Educated
97%
High-School Grad
11.2 sq mi
ZIP Area
3,649
Density / Sq Mi
$197,344
Median Household Income
$89,371
Median Earnings
$2,869
Median Rent
$1,233,500
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office building - Office property adjacent to Eastgate Park & Ride with convenient connections to I-90 and I-405.
Where is this office building located?
The property is located at 3600 136th Pl Bellevue, WA.
What is the asking price?
The asking price for this property is $30,000,000.
What are key features of this property?
This property features: 86,524 SF office building; Constructed in 1986; OLB2 zoning
