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

    11405 2nd Pl Bellevue, WA 98004-5218

    • Hotels
    • 75,405 SF
    • 2.28 lot acres
    OFF-MARKET
    Last Sale
    Feb 13, 2024
    $28,650,000
    Value Estimations
    $28,650,000
    Show details
    Cap Rate Potential
    2%
    Hotels
    Location Intelligence
    Property ID
    US90-1500623
    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

    • DHMD COVID-19 Testing - Bellevue / Local Medical Services
    • Hampton Inn & Suites Bellevue Downtown-Seattle / Hotel
    • DF Sutton & Associates Inc. / Interior Designer

    Property Details for 11405 2nd Pl

    Year built
    2014
    Construction
    WOOD
    Lot size
    2.28 lot acres
    Property size
    75,405 SF
    Zone code
    OLB
    Property type
    Hotels
    Property subtype
    Motels
    APN
    254320-0015
    APU
    2543200015

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $28,650,000
      ML approach
      $28,650,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $26,540,000
      Market price range: $14.8M - $37.3M

    • Alternative Use

      Use
      Estimation
      HOTEL/MOTEL
      $25,245,000
      Current use
      OFFICE BUILDING
      $41,350,000
      Change: +64% Conversion: Difficult
      RESTAURANT
      $40,005,000
      Change: +58% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $38,440,000
      Change: +52% Conversion: Difficult
      AUTO REPAIR, GARAGE
      $34,615,000
      Change: +37% Conversion: Difficult
      MEDICAL BUILDING
      $29,785,000
      Change: +18% Conversion: Difficult
      RETAIL STORES
      $29,580,000
      Change: +17% Conversion: Difficult
      INDUSTRIAL (GENERAL)
      $28,755,000
      Change: +14% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Bellevue
    County
    King
    State
    Washington
    Longitude
    -122.187
    Latitude
    47.6118
    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
    $170,657
    $12,903,000
    $11,232,500
    $24,135,500
    -
    $12,903,000
    $11,232,500
    $24,135,500

    Comparable in this City

    • Value Estimation by Request
      146,781 SF

      208 106th NE Pl

      HOTEL/MOTEL • 146,781 SF
      208 106th NE Pl, Bellevue, WA 98004-5723
      View Details
    • Value Estimation
      $1,610,000
      252,063 SF

      11010 8th St

      HOTEL/MOTEL • 252,063 SF
      11010 8th St, Bellevue, WA 98004-4408
      View Details
    • Value Estimation
      $3,215,000
      66,225 SF

      11400 Main St

      HOTEL/MOTEL • 66,225 SF
      11400 Main St, Bellevue, WA 98004-6451
      View Details
    • Value Estimation
      $1,210,000
      1,344 SF

      11010 8th St

      HOTEL/MOTEL • 1,344 SF
      11010 8th St, Bellevue, WA 98004-4408
      View Details
    • Value Estimation
      $2,175,000
      25,920 SF

      475 100th NE Ave

      HOTEL/MOTEL • 25,920 SF
      475 100th NE Ave, Bellevue, WA 98004-5433
      View Details
    • Value Estimation by Request
      0.18 Acres

      11400 Main St

      HOTEL/MOTEL • 0.18 Acres
      11400 Main St, Bellevue, WA 98004-6451
      View Details

    Similar Nearby for Sale

    • $1,600,000
      2,521 SF

      Medical Condo Near Overlake Hospital

      2,521 SF medical condo in Bellevue's medical corridor.
      1900 116Th Ave NE, Bellevue, WA 98004
      View Details
    • $9,750,000

      Clyde Hill Residential Land Parcel

      Rare 1.8-acre residential parcel in Clyde Hill.
      9406 32Nd St, Clyde Hill, WA 98004
      View Details
    • $7,500,000
      43,006 SF

      Bellevue Way Development Opportunity

      Development site suitable for townhomes or assisted living facility.
      814 Bellevue Way SE, Bellevue, WA 98004
      View Details
    • $975,000
      1,794 SF

      Downtown Bellevue Office Condo For Sale

      Rare small office condo in downtown Bellevue ready for improvements.
      999 110Th Ave NE, Bellevue, WA 98004
      View Details
    • $11,070,000
      27,678 SF

      Bellevue Office Building For Sale

      Office building with 27,678 square feet of space.
      2233 112Th Ave NE, Bellevue, WA 98004
      View Details
    • Contact for pricing

      Redevelopment Opportunity in Bellevue, WA

      Three parcels available for redevelopment with interim income potential.
      125 Main St, Bellevue, WA 98004
      View Details

    Similar Nearby for Lease

    • $30 SF/Yr
      16,060 SF

      Bellevue Office Park: Prime Space

      16,060 SF Office, 3,292 SF Vacant
      2025 112Th Ave, Bellevue, WA 98004
      View Details
    • $34 SF/Yr
      22,287 SF

      Bellevue Office Building - I-405 Access

      Prime Bellevue office space, ample parking.
      301 116Th Ave, Bellevue, WA 98004
      View Details
    • Contact for pricing
      27,502 SF

      Bellevue Office Space Available

      Office space available for rent in Bellevue, Washington.
      110 110Th Ave NE, Bellevue, WA 98004
      View Details
    • $45 SF/Yr
      2,200 SF

      Soma Towers Retail Space

      Premier retail space in Soma Towers, Downtown Bellevue.
      258-288 106Th Ave NE, Bellevue, WA 98004
      View Details
    • Contact for pricing
      9,161 SF

      Bellevue Office Space Available

      9,161 SF office space for rent in Bellevue, WA.
      10700 Northup Way, Bellevue, WA 98004
      View Details
    • $41 SF/Yr
      24,991 SF

      Bellevue Office Space with Views

      Top floor office space with mountain and city views.
      1120 112Th Ave NE, Bellevue, WA 98004
      View Details
    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.
    11405 2nd Pl
    Bellevue, WA 98004-5218
    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.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.