Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Mercer Island Office Space Available Title is generated by Realmo AI

    8015 28th St, Mercer Island, WA 98040

    View on Map
    Claim this Listing
    For Lease
    $1,440/Mo $28 SF/Yr (calc)

    Professional office building in downtown Mercer Island with covered parking.

    Type:Commercial
    Property size:
    596 SF
    Added:
    Mar 27, 2026
    Days on Market:
    70
    Last Refresh:
    Apr 1 at 8:58 pm

    Property Features for 8015 28th St

    General Information

    Standard status
    Active
    Size
    596 SF
    Property subtype
    Commercial

    Building Details

    Year Built
    2002

    We can help!

    Listing Contact
    ROBERT MESSMER, CCIM

    Listing agent ROBERT MESSMER, CCIM License #1146

    Listing office RGM COMMERCIAL REAL ESTATE

    Listing date Mar 27, 2026

    Source Corcoran

    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 RGM COMMERCIAL REAL ESTATE

    HighLights

    • Prime Downtown Mercer Island location, offering convenient access to shops and restaurants.
    • Easy access to I‑90 and Island Crest Way.
    • Comcast Business availability.
    • Covered parking.
    • Key card entry for enhanced security.
    • Built in 2002.

    Overview

    This professional office building is located in the heart of Downtown Mercer Island, Washington, just off of I-90 and Island Crest Way. The property features a convenient walkway to downtown shops and restaurants. Comcast Business is available. The building offers key card entry and covered parking. The property has a size of 596 square feet.
    Location Intelligence

    Current Use by Public Records

    Sloan Kevin L ... Physician Pacific Dental Alliance Dental Office ALODERMA (Bike/Boat/Book/etc) Store Law Office of J.D. ... Law Firm Mercer Island Therapy Counselor

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Hair Salon Dental Office Nail Salon Building Supply Gym & Fitness Center Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Mercer Island
    County
    King
    State
    Washington
    Longitude
    -122.2310103
    Latitude
    47.5846517

    Nearby Similar for Lease

    • $1,689/Mo
      579 SF

      Office Suite with Two Private Offices

      Suite offers two private offices, including one on the window line, ideal for focused work in a managed office building.
      9311 36th St, Mercer Island, WA 98040
      View Details
    • $19,144/Mo
      5,105 SF

      Mercer Island Retail Space Available

      Prime ground-level retail space in the heart of Mercer Island.
      2758 78th Ave SE, Mercer Island, WA 98040
      View Details
    • $31 SF/Yr
      5,028 SF

      Mercer Island Class A Office

      Class A office space in the heart of Mercer Island.
      2758 78th Avenue SE, Mercer Island, WA
      View Details
    • $12,989/Mo
      5,028 SF

      Mercer Island Class A Office

      Class A office space in the heart of Mercer Island.
      2758 78th Ave SE, Mercer Island, WA 98040
      View Details
    • $4,077/Mo
      1,687 SF

      Mercer Island Professional Office Space

      Professional office space in the heart of Mercer Island.
      8015 28th St, Mercer Island, WA 98040
      View Details
    • $1,700/Mo
      425 SF

      Mercer Island Office Space

      Well-located office space in a business-friendly community.
      7834 32nd St, Mercer Island, WA 98040
      View Details
    • $5,213/Mo
      2,157 SF

      Downtown Mercer Island Office Space

      Professional office building in the heart of Mercer Island.
      8015 28th St, Mercer Island, WA 98040
      View Details
    • $2,805/Mo
      782 SF

      Mercer Island Office Space Available

      Mercer Island office space with easy freeway access.
      9725 36th St, Mercer Island, WA 98040
      View Details
    • $900/Mo
      5,006 SF

      Mercer Island Office Space Available

      Mercer Island office space for lease with flexible terms.
      7834 SE 32nd Street, Mercer Island, WA 98040
      View Details
    • $1,200/Mo
      300 SF

      Mercer Island Office Space

      Professional office space in desirable Mercer Island location.
      7834 32nd St, Mercer Island, WA 98040
      View Details
    • $2,744/Mo
      1,317 SF

      Mercer Island Office Space Available

      Office building in Mercer Island, convenient access to I-90.
      7426 27th St, Mercer Island, WA 98040
      View Details
    • $5,859/Mo
      1,545 SF

      Mercer Island Office Space Available

      Mercer Island office space with easy freeway access and parking.
      9725 36th St, Mercer Island, WA 98040
      View Details

    FAQs

    What type of property is this?
    Office building - Professional office building in downtown Mercer Island with covered parking.
    Where is this office building located?
    The property is located at 8015 28th St Mercer Island, WA.
    What is the lease rate?
    The lease rate is $1,440 /Mo.
    What are key features of this property?
    This property features: Prime Downtown Mercer Island location, offering convenient access to shops and restaurants.; Easy access to I‑90 and Island Crest Way.; Comcast Business availability.
    (425) 452-3052
    We can help!
    Listing Contact
    ROBERT MESSMER, CCIM
    Real Estate License ID: 1146
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    8015 28th St, Mercer Island, WA 98040
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!