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    Property profile & analytics

    12006 98Th Ave Kirkland, WA 98034

    • Office buildings
    • 13,229 SF
    • 0.73 lot acres
    For Lease
    View listing
    $30 SF/Yr
    Last Sale
    Nov 01, 2023
    $5,150,000
    Value Estimations
    $4,860,000
    Cap Rate Potential
    6.2%
    Office buildings
    Location Intelligence
    Property ID
    US90-1556604
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Teresa Noel / Nutritionist
    • Insurance NW / Insurance Broker / Auto Insurance Agency
    • TRUEcare Integrative Medicine / Medical Clinic
    • BidACar / Auto Auction
    • Jason Landry / Acupuncturist

    Property Details for 12006 98Th Ave

    Year built
    1985
    Construction
    WOOD
    Lot size
    0.73 lot acres
    Property size
    13,229 SF
    Zone code
    JBD 2
    Property type
    Office buildings
    APN
    302605-9153
    APU
    3026059153

    Description

    This exceptional office building, located in the heart of Downtown Juanita at 12006 98th Ave NE, Kirkland, WA 98034, offers three available suites ranging from 1,292 to 2,800 square feet. The property, built in 1985 and renovated in 1995, boasts a total of 12,145 square feet on a 0.73-acre lot. The building features ample parking with 54 spaces available for tenants and their clients. Each suite offers convenient grade-level access, eliminating the need for stairs or elevators. The building is zoned JBD 2, and its APN is 302605-9153. Currently, common area upgrades are underway, enhancing the overall aesthetic and functionality of the building. Comcast service is available, and the landlord is open to considering short-term lease options. This presents a unique opportunity for businesses seeking flexible and conveniently located office space in a thriving Kirkland neighborhood. The multiple tenancy structure allows for a diverse range of businesses to coexist within the building. This property is ideal for companies seeking a well-maintained, updated office space in a desirable location.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $4,780,000
      ML approach
      $4,650,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $4,960,000
      6.5%
      $4,580,000
      7%
      $4,250,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $6,181,000
      Market price range: $4.11M - $9.82M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $7,290,000
      Current use
      RESTAURANT
      $7,020,000
      Change: -4% Conversion: Moderate
      COMMERCIAL (GENERAL)
      $6,745,000
      Change: -8% Conversion: Easy
      AUTO REPAIR, GARAGE
      $6,075,000
      Change: -17% Conversion: Difficult

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Kirkland
    County
    King
    State
    Washington
    Longitude
    -122.21
    Latitude
    47.7077
    CBSA code
    42660
    CBSA name
    SEATTLE-TACOMA-BELLEVUE, WA METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2022
    $24,525
    $1,717,100
    $1,281,900
    $2,999,000
    -
    $1,717,100
    $1,281,900
    $2,999,000

    Comparable in this City

    • Value Estimation
      $1,035,000
      3,370 SF

      12019 76th NE Pl

      OFFICE BUILDING • 3,370 SF
      12019 76th NE Pl, Kirkland, WA 98034-2437
      View Details
    • Value Estimation
      $1,125,000
      4,300 SF

      11656 98th NE Ave

      OFFICE BUILDING • 4,300 SF
      11656 98th NE Ave, Kirkland, WA 98034-4216
      View Details
    • Value Estimation
      $1,445,000
      4,780 SF

      14050 Juanita NE Dr

      OFFICE BUILDING • 4,780 SF
      14050 Juanita NE Dr, Kirkland, WA 98034-9708
      View Details
    • Value Estimation
      $1,775,000
      6,016 SF

      13531 Juanita Woodinville NE Way

      OFFICE BUILDING • 6,016 SF
      13531 Juanita Woodinville NE Way, Kirkland, WA 98034-5225
      View Details
    • Value Estimation
      $6,820,000
      29,876 SF

      11533 118th St

      OFFICE BUILDING • 29,876 SF
      11533 118th St, Kirkland, WA 98034-7111
      View Details
    • Value Estimation
      $12,350,000
      16,928 SF

      12707 120th NE Ave

      OFFICE BUILDING • 16,928 SF
      12707 120th NE Ave, Kirkland, WA 98034-7500
      View Details

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    Similar Nearby for Lease

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    • $30 SF/Yr
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      Prime Kirkland Office Space

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      View Details
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    12006 98Th Ave
    Kirkland, WA 98034
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    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
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