Renovated Office
For Sale
Contact for pricing
640 NW Gilman Blvd, Issaquah, WA 98027
Owner-user office property with elevator-served second floor, mixed-use zoning, and convenient interstate access.
Property Size8,704 SF
Lot Size0.90 Acres
Price / SF$677.85
Days on Market17
Property Features for 640 NW Gilman Blvd
General Information
Standard status
Active
Size
8,704 SF
Total Parking Spaces
47
Elevators
Yes
Lot size
0.90 Acres
Property subtype
OFFICE
Zoning
Mixed Use Central Issaquah
Additional Details
Highway Access
Yes
Building Details
Year Built
1987
Year Renovated
2021
Listing Agency:
Rosen-Harbottle Commercial R.E
(425) 289-2222
Listed By:
Brian Stewart
(425) 289-2222
Source:
Moodyscre
Added: Jul 21
Changed: Jul 31
Last Checked: Aug 6 at 8:19AM
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 Rosen-Harbottle Commercial R.E
Investment Insights
Based on property information with market context.
This office building offers up to 8,704 square feet for an owner-user and includes an elevator-served second floor. Built in 1987 and renovated in 2021, the property features a roof recovered in 2019 with a 15-year warranty. Most of the HVAC systems were replaced or upgraded in 2020–2021.
The property includes 47 parking stalls, including some covered stalls, and provides quick access to I-90. Zoning is Mixed Use Central Issaquah, with redevelopment potential up to 85 feet. The building is surrounded by Gilman Blvd retail amenities and occupies a total land area of 39,004 square feet.
The property includes 47 parking stalls, including some covered stalls, and provides quick access to I-90. Zoning is Mixed Use Central Issaquah, with redevelopment potential up to 85 feet. The building is surrounded by Gilman Blvd retail amenities and occupies a total land area of 39,004 square feet.
Key Highlights
- Up to 8,704 SF available for owner‑user occupancy
- 47 parking stalls, including some covered stalls
- Roof recovered in 2019 with 15‑year warranty
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
$183,541
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
3.11%
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%
$3,670,820
$3.7M
Cap Rate 7%
$2,622,014
$2.6M
Cap Rate 9%
$2,039,344
$2.0M
Market Conditions
NOI Build-Up for 8,704 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
$313.3K $36.00/SF
− Vacancy
−$68.6K −$7.88/SF
EGI
$244.7K $28.12/SF
− OpEx
−$61.2K −$7.03/SF
NOI
$183.5K $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%
$3,670,820
Cap Rate 7%
$2,622,014
Cap Rate 9%
$2,039,344
Alternative Uses
Best Use
Office B
$2.62M
$2.29M – $3.06M
NOI $183,541 @ 7.0% cap · market cap 3.11%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.49M
$3.05M – $4.07M
NOI $244,032 @ 7.0% cap · market cap 4.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,002
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
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Frequently Asked Questions
What type of property is this?
Office building - Owner-user office property with elevator-served second floor, mixed-use zoning, and convenient interstate access.
Where is this office building located?
The property is located at 640 NW Gilman Blvd Issaquah, WA.
What is the asking price?
The asking price for this property is $5,900,000.
What are key features of this property?
This property features: Up to 8,704 SF available for owner‑user occupancy; 47 parking stalls, including some covered stalls; Roof recovered in 2019 with 15‑year warranty
