Second-Floor Office
For Sale
Contact for pricing
371 NE Gilman Blvd, Issaquah, WA 98027
Second-floor office space is available immediately, with building signage positioned for freeway visibility.
Property Size44,343 SF
Price / SF$428.48
Days on Market689
Property Features for 371 NE Gilman Blvd
General Information
Standard status
Active
Size
44,343 SF
Property subtype
OFFICE
Zoning
Mixed Use
Amenities
building signage
Listing Agency:
Cushman & Wakefield
(425) 455-4500
Listed By:
Brian Toy
(425) 455-4500
Source:
Moodyscre
Added: Oct 1, 2024
Changed: Aug 18
Last Checked: Aug 20 at 6:42AM
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 offering presents an owner-user opportunity with an entire 15,000-square-foot second-floor office area available immediately. The property is under mixed use zoning and includes building signage with freeway visibility.
The building is substantially leased at present. The leases include demo clauses, which provide a pathway for the full building to become available.
Additional flexibility is noted through 18 parcels, which may support future dispositions.
The building is substantially leased at present. The leases include demo clauses, which provide a pathway for the full building to become available.
Additional flexibility is noted through 18 parcels, which may support future dispositions.
Key Highlights
- Entire 15,000 SF second floor available immediately
- Mixed use zoning
- Building signage available with freeway visibility
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
$935,061
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
4.92%
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%
$18,701,220
$18.7M
Cap Rate 7%
$13,358,014
$13.4M
Cap Rate 9%
$10,389,567
$10.4M
Market Conditions
NOI Build-Up for 44,343 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
$1.60M $36.00/SF
− Vacancy
−$349.6K −$7.88/SF
EGI
$1.25M $28.12/SF
− OpEx
−$311.7K −$7.03/SF
NOI
$935.1K $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%
$18,701,220
Cap Rate 7%
$13,358,014
Cap Rate 9%
$10,389,567
Alternative Uses
Best Use
Office B
$13.36M
$11.69M – $15.58M
NOI $935,061 @ 7.0% cap · market cap 4.92%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$17.76M
$15.54M – $20.72M
NOI $1,243,236 @ 7.0% cap · market cap 6.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,807
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office units - Second-floor office space is available immediately, with building signage positioned for freeway visibility.
Where is this office units located?
The property is located at 371 NE Gilman Blvd Issaquah, WA.
What is the asking price?
The asking price for this property is $19,000,000.
What are key features of this property?
This property features: Entire 15,000 SF second floor available immediately; Mixed use zoning; Building signage available with freeway visibility
