Office Building with In-Place
For Sale
$4,495,000
903 5th. Ave., Kirkland, WA 98033
Three existing tenants provide rental income alongside owner-user occupancy potential.
Property Size10,856 SF
Days on Market53
Property Features for 903 5th. Ave.
General Information
Standard status
Active
Size
10,856 SF
Class
B
Property subtype
Office
Building Details
Building Size
10,856 SF
Year Built
1986
Tenancy
Multi
Listing Agency:
Leibsohn & Company
Listed By:
Dan Krekel, CCIM · License #52285
(206) 295-6052
Source:
Leibsohn
Added: Aug 12
Changed: Oct 1
Last Checked: Oct 2 at 5:19PM
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 Leibsohn & Company
Investment Insights
Based on property information with market context.
The Kirkland Place Building is a 10,490-square-foot office property at 825 5th Ave in Kirkland, Washington. Three tenants currently occupy portions of the building and provide rental income, while the property can accommodate an owner-user utilizing space for its own operations.
Key Highlights
- 10,490‑square‑foot office building
- Three in‑place tenants generate rental income
- Owner‑user configuration can combine business operations with existing tenancy
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
$228,920
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
5.09%
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%
$4,578,400
$4.6M
Cap Rate 7%
$3,270,286
$3.3M
Cap Rate 9%
$2,543,556
$2.5M
Market Conditions
NOI Build-Up for 10,856 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
$390.8K $36.00/SF
− Vacancy
−$85.6K −$7.88/SF
EGI
$305.2K $28.12/SF
− OpEx
−$76.3K −$7.03/SF
NOI
$228.9K $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%
$4,578,400
Cap Rate 7%
$3,270,286
Cap Rate 9%
$2,543,556
Alternative Uses
Best Use
Office B
$3.27M
$2.86M – $3.82M
NOI $228,920 @ 7.0% cap · market cap 5.09%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.35M
$3.80M – $5.07M
NOI $304,368 @ 7.0% cap · market cap 6.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,516
Businesses Nearby
Explore this area
Business Placement
Demographics for 98033, WA
41,763
Population
18,211
Households
2.3
Avg Household Size
39
Median Age
73%
College-Educated
98%
High-School Grad
9.2 sq mi
ZIP Area
4,539
Density / Sq Mi
$174,005
Median Household Income
$97,472
Median Earnings
$2,386
Median Rent
$1,259,900
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 - Three existing tenants provide rental income alongside owner-user occupancy potential.
Where is this office building located?
The property is located at 903 5th. Ave. Kirkland, WA.
What is the asking price?
The asking price for this property is $4,495,000.
What are key features of this property?
This property features: 10,490‑square‑foot office building; Three in‑place tenants generate rental income; Owner‑user configuration can combine business operations with existing tenancy
