1900 Ne #100 & Bellevue, WA 98004

Property Details for 1900 Ne #100 &

Year built

1979

Lot size

0.80 lot acres

Property size

4,526 SF

Property type

Office Properties & Spaces

Property subtype

Medical offices

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.

Location Insight

City

Bellevue

County

King

State

Washington

Longitude

-122.185

Latitude

47.6272