Current Use by Public Records
- Isalis / (Bike/Boat/Book/etc) Store
- Party City / Party Supply Store / (Bike/Boat/Book/etc) Store
- Skunk Funk / Big Box & Wholesale Store
- Carl's Trading Co / Hat Shop
- Bushka's Kitchen LLC / (Bike/Boat/Book/etc) Store
Property Details for 1900 Ne #100 &
- Year built
- 1979
- Lot size
- 0.80 lot acres
- Property type
- Office Spaces
- Property subtype
- Medical Office Space
Description
This exceptional Class A medical office building, located in Bellevue's 116th Ave Medical Corridor at 1900 116th Ave NE, #100 & #101, presents a compelling investment opportunity. The property consists of a two-story building (1979, renovated 2013) totaling 4,526 net rentable square feet, situated on a 0.8-acre lot. Currently, it features a single tenant under a modified lease with a corporate guarantee, offering a remaining lease term of approximately 1.7 years, with a further 3-year option. The lease commenced August 1, 2020, and expires July 31, 2026, with 2% annual rent increases. The building boasts 30 parking spaces, providing a ratio of 3.67 spaces per 1,000 square feet. The property is zoned BR-MO (Bel-Red Medical Office) and enjoys a 4.94% cap rate, generating a net operating income (NOI) of $186,961. The asking price is $3,788,000, or $836.94 per square foot. The building is professionally managed and benefits from a location with a 53 Walk Score and a 48 Transit Score, within a 5-mile radius boasting a median household income of $150,000. This investment is structured as a 1031 exchange opportunity. The property consists of two units, with a price per unit of $1,894,000.
Value Estimations
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AI approach
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Bellevue
- County
- King
- State
- Washington
- Longitude
- -122.185
- Latitude
- 47.6272
