Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    11215 124th St Kirkland, WA 98034-4302

    • Hotels
    • 103,852 SF
    • 2.07 lot acres
    OFF-MARKET
    Value Estimations
    $15,340,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US90-0058835
    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

    • Rotary Club of Kirkland / Nightclub / Music Venue
    • Eco mountain / Apartment Complex
    • 11215 NE 124th Street Parking / Parking Lot & Garage
    • Courtyard by Marriott Seattle Kirkland / Hotel & Motel

    Property Details for 11215 124th St

    Year built
    2005
    Construction
    CONCRETE
    Lot size
    2.07 lot acres
    Property size
    103,852 SF
    Zone code
    TL 10A
    Property type
    Hotels
    Property subtype
    Motels
    APN
    292605-9041
    APU
    2926059041

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $21,975,000
      6.5%
      $20,285,000
      7%
      $18,835,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Kirkland
    County
    King
    State
    Washington
    Longitude
    -122.191
    Latitude
    47.7107
    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
    $246,922
    $3,428,800
    $29,770,800
    $33,199,600
    -
    $3,428,800
    $29,770,800
    $33,199,600

    Comparable in this City

    • Value Estimation
      $8,535,000
      43,720 SF

      12233 Totem Lk Way

      HOTEL/MOTEL • 43,720 SF
      12233 Totem Lk Way, Kirkland, WA 98034-7507
      View Details
    • Value Estimation by Request
      12,201 SF

      12010 120th NE Pl

      HOTEL/MOTEL • 12,201 SF
      12010 120th NE Pl, Kirkland, WA 98034-8220
      View Details
    • Value Estimation
      $2,570,000
      20,568 SF

      12222 116th St

      HOTEL/MOTEL • 20,568 SF
      12222 116th St, Kirkland, WA 98034
      View Details
    • Value Estimation
      $3,235,000
      26,541 SF

      12223 116th St

      HOTEL/MOTEL • 26,541 SF
      12223 116th St, Kirkland, WA 98034-8103
      View Details
    • Value Estimation
      $5,625,000
      36,281 SF

      12204 124th St

      HOTEL/MOTEL • 36,281 SF
      12204 124th St, Kirkland, WA 98034-8213
      View Details
    • Value Estimation by Request
      31.20 Acres

      12208 72nd NE Ave

      ZOO • 31.20 Acres
      12208 72nd NE Ave, Kirkland, WA 98034
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      Development-Ready Lots in Kirkland

      Four lots ideal for DADUs, cottage housing, or SFRs.
      13121 NE 134Th Pl, Kirkland, WA 98034
      View Details
    • $489,900

      Updated Condo with Garage

      Ground floor condo with modern updates and resort-style amenities.
      12618 109Th Ct NE, Kirkland, WA 98034
      View Details
    • Contact for pricing
      2,002 SF

      New Construction Home Ready Now

      New construction home featuring a spa-like primary suite and covered deck.
      13217 NE 127Th Ct, Kirkland, WA 98034
      View Details
    • Contact for pricing
      2,202 SF

      New Construction Three-Story Home

      New construction three-story home with open floor plan and modern amenities.
      13220 NE 127Th Ct, Kirkland, WA 98034
      View Details
    • Contact for pricing

      Lake Washington View Condo

      Condo with remodeled kitchen, updated bathrooms, and lake views.
      9715 NE Juanita Dr, Kirkland, WA 98034
      View Details
    • Contact for pricing

      Kirkland Commercially Zoned Investment Property

      Commercially zoned property in Kirkland with income and development potential.
      9833 NE 120Th St, Kirkland, WA 98034
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      2,550 SF

      Industrial Space in Kirkland Available

      2,550 square feet of industrial space for lease.
      11630 Slater Ave NE, Kirkland, WA 98034
      View Details
    • Contact for pricing
      1,476 SF

      The Bower: Kirkland Retail Space

      Prime Kirkland storefront, 1,476 sq ft.
      11811 128Th St, Kirkland, WA 98034
      View Details
    • Contact for pricing

      Kirkland Net-Zero Carbon Office

      Multi-tenant office building in Kirkland, first net-zero carbon operations.
      11335 NE 122Nd Way, Kirkland, WA 98034
      View Details
    • Contact for pricing
      1,630 SF

      Finn Hill Home For Rent

      Three-bedroom home near Juanita Beach Park, available for rent now.
      14144 76Th Pl NE, Kirkland, WA 98034
      View Details
    • $18 SF/Yr
      32,248 SF

      AmTest Warehouse: Kirkland, WA

      Prime Kirkland Warehouse Space Available
      13536 126Th Pl, Kirkland, WA 98034
      View Details
    • Contact for pricing
      3,739 SF

      Kirkland Retail Space For Lease

      Ground-floor retail space near Downtown Kirkland, up to 3,739 SF.
      11718 97Th Ln NE, Kirkland, WA 98034
      View Details

    Property Visit Statistics

    • Visits by month
      7.6k
    • Visitors by month
      4.3k
    • Avg Time on site
      290 min
    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.
    11215 124th St
    Kirkland, WA 98034-4302
    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

    Google sign-in failed. Please try again or use another login method.