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Property profile & analytics
OFF-MARKET
Estimated value
$28,650,000
Hotels
11405 2nd Pl, Bellevue, WA 98004-5218
Entity Owned
2-yr Hold
~
Est. High Equity
Property ID
US90-1500623
Property profile
Verified
Property type
Hotels
Use group
HOTEL/MOTEL
Year built
2014
Construction
WOOD
Total area
75,405 SF
Lot
2.28 ac (99,254 SF)
Zoning code
OLB
APN
254320-0015
UPID
US90-1500623
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
DHMD COVID-19 Testing - Bellevue Dental Office Pharmacy
-
Hampton Inn & Suites Bellevue Downtown-Seattle Hotel & Motel
-
DF Sutton & Associates Inc. Interior Design Home Decor Store
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$28.65M
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$26.54M
Blend (final)
Blend
$28.65M
Owner & transaction history
Bellevue H LLC · 2 yrs held
Bellevue H LLC
since 2024
Last sale
$28.7M
5 recorded transactions
Zoning & alternative use
OLB · Bellevue, WA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Office building
$41.4M
+63.8%
Restaurant
$40.0M
+58.5%
Commercial (general)
$38.4M
+52.3%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Bellevue submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Bellevue submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
$28,650,000
ML approach
$28,650,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
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
Blend value · Realmo final
$28.65M
Range $25.79M – $31.52M · ±10% · vs last sale $28.65M (Feb 13 2024)
Last sale anchor
$28.65M
Feb 13 2024
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$380 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2022Property tax & assessments
Tax year 2022
Tax billed
$170,657
Tax year 2022
Assessed value
$24,135,500
Assessed 2022
Previous assessed
$24,135,500
+0.0% YoY
Effective rate
0.71%
On assessed value
Assessed land
$12,903,000
Assessed improvement
$11,232,500
Land market value
$12,903,000
Improvement market value
$11,232,500
Total market value
$24,135,500
Applied tax rate
330.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Hotels
Use group
HOTEL/MOTEL
Status
Off-Market
Year built
2014
Construction
WOOD
Heating
CENTRAL
Cooling
OTHER
Stories
5
Total area
75,405 SF
Lot
2.28 ac (99,254 SF)
Zoning code
OLB
APN
254320-0015
UPID
US90-1500623
Jurisdiction
KING
Metro division
SEATTLE-BELLEVUE-EVERETT, WA METROPOLITAN DIVISION
Zoning & alternative use
OLB · Bellevue, WA
Zoning OLB · permitted uses
OLB · Bellevue, WA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Bellevue. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
HOTEL/MOTEL Current
Est. value
$25.2M
OFFICE BUILDING
Est. value
$41.4M
RESTAURANT
Est. value
$40.0M
COMMERCIAL (GENERAL)
Est. value
$38.4M
AUTO REPAIR, GARAGE
Est. value
$34.6M
MEDICAL BUILDING
Est. value
$29.8M
RETAIL STORES
Est. value
$29.6M
INDUSTRIAL (GENERAL)
Est. value
$28.8M
HOTEL/MOTEL Current
OFFICE BUILDING
RESTAURANT
COMMERCIAL (GENERAL)
AUTO REPAIR, GARAGE
MEDICAL BUILDING
RETAIL STORES
INDUSTRIAL (GENERAL)
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
2014
Construction
WOOD
Heating
CENTRAL
Cooling
Yes
Stories
5
Lot
2.28 ac
Current owner
From public records · entity-resolved
Bellevue H LLC
Entity
Mailing address
800 GEORGE WASHINGTON WAY, RICHLAND, WA 99352-3538
Ownership since
2024
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
5 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Apr 8, 2024
—
Bellevue H LLC
—
Deed
related
$4,996,000 · Northwest Business Development Associati
Feb 13, 2024
$28,650,000
Bellevue H LLC
Palmetto Hospitality Of Bellevue Ll
Special Warranty Deed
$4,884,000 · Numerica Cu
Jun 27, 2017
—
Palmetto Hospitality Of Bellevue Ll
—
Deed
related
$23,000,000 · Bmo Harris Bank NA
Jul 3, 2013
$5,300,000
Palmetto Hospitality Of Bellevue
11405 Ne 2nd LLC
Grant Deed
$16,250,000 · Pnc Bank
Feb 10, 2012
—
11405 Ne 2nd LLC
United States Postal Svcs
Grant Deed
$1,900,000 · Foundation Bank
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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