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

    12217 116th St Kirkland, WA 98034-8103

    • Turn key restaurants
    • 4,895 SF
    • 0.34 lot acres
    OFF-MARKET
    Last Sale
    Jan 31, 2022
    $2,100,000
    Value Estimations
    $1,950,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US90-0512437
    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

    • Turn key restaurants

    Property Details for 12217 116th St

    Year built
    1985
    Construction
    WOOD
    Lot size
    0.34 lot acres
    Property size
    4,895 SF
    Zone code
    NRH 1A
    Property type
    Turn key restaurants
    APN
    332605-9066
    APU
    3326059066

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,870,000
      ML approach
      $1,735,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,199,000
      Market price range: $1.20M - $4.48M

    • Alternative Use

      Use
      Estimation
      RESTAURANT
      $2,595,000
      Current use
      OFFICE BUILDING
      $2,700,000
      Change: +4% Conversion: Moderate
      COMMERCIAL (GENERAL)
      $2,495,000
      Change: -4% Conversion: Easy
      AUTO REPAIR, GARAGE
      $2,245,000
      Change: -13% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Kirkland
    County
    King
    State
    Washington
    Longitude
    -122.178
    Latitude
    47.7036
    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
    $23,483
    $488,400
    $444,600
    $933,000
    -
    $488,400
    $444,600
    $933,000

    Comparable in this City

    • Value Estimation by Request
      4,250 SF

      9702 120th Pl

      RESTAURANT • 4,250 SF
      9702 120th Pl, Kirkland, WA 98034-4206
      View Details
    • Value Estimation by Request
      2,592 SF

      14417 124th NE Ave

      RESTAURANT • 2,592 SF
      14417 124th NE Ave, Kirkland, WA 98034-4801
      View Details
    • Value Estimation by Request
      4,409 SF

      12207 116th St

      RESTAURANT • 4,409 SF
      12207 116th St, Kirkland, WA 98034-8103
      View Details
    • Value Estimation by Request
      2,338 SF

      11640 98th NE Ave

      RESTAURANT • 2,338 SF
      11640 98th NE Ave, Kirkland, WA 98034-4216
      View Details
    • Value Estimation by Request
      1,491 SF

      9702 Juanita Dr

      RESTAURANT • 1,491 SF
      9702 Juanita Dr, Kirkland, WA 98034-4202
      View Details
    • Value Estimation
      $600,000
      9,130 SF

      9714 Juanita Dr

      RESTAURANT • 9,130 SF
      9714 Juanita Dr, Kirkland, WA 98034-6532
      View Details

    Similar Nearby for Sale

    • $3,995,000

      Kirkland Turn-Key Sports Bar

      Fully operational sports bar with high ceilings and extensive infrastructure.
      14417 124Th Ave, Kirkland, WA 98034
      View Details
    • $125,000

      Kirkland Restaurant Opportunity For Sale

      Restaurant for sale in Kirkland with high traffic location.
      11729 124Th Ave Ne, Kirkland, WA 98034
      View Details
    • Contact for pricing
      12,336 SF

      Retail Property in Kirkland, WA

      Retail property with 12,336 square feet of space.
      12421 Totem Lake Blvd NE, Kirkland, WA 98034
      View Details
    • $150,000

      Established Nail Salon in Kirkland

      Profitable, turnkey nail salon business with loyal customer base.
      14130 Juanita Dr Ne, Kirkland, WA 98034
      View Details
    • $899,990
      1,600 SF

      Luxury Townhomes Near Totem Lake

      Elegant 3-bedroom townhomes with upscale finishes and modern amenities.
      12705 NE 144Th St, Kirkland, WA 98034
      View Details
    • $350,000

      Kirkland Development-Ready Land Opportunity

      Four lots suitable for DADUs, cottage housing, or single-family residences.
      13119 NE 134Th Pl, Kirkland, WA 98034
      View Details

    Similar Nearby for Lease

    • 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
      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
    • $0.50 SF/Yr
      57,146 SF

      Kirkland Secured Storage Yard

      Secured, paved, and lit storage yard for lease in Kirkland.
      12633 Willows Rd NE, Kirkland, WA 98034
      View Details
    • Contact for pricing
      1,476 SF

      Kirkland Retail Space Available

      Retail space available for lease in Kirkland, Washington.
      11811 Northeast 128Th St, Kirkland, WA 98034
      View Details
    • Contact for pricing
      73,927 SF

      Kingsgate Shopping Center: Kirkland, WA

      High-Demand Retail Space Available Now
      12440 144Th St, Kirkland, WA 98034
      View Details
    • Contact for pricing
      1,500 SF

      Kirkland Retail Space Available

      Retail space available for rent in Kirkland, Washington.
      14130 Juanita Dr NE, Kirkland, WA 98034
      View Details

    Property Visit Statistics

    • Visits by month
      17.1k
    • Visitors by month
      8.9k
    • Avg Time on site
      11 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.
    12217 116th St
    Kirkland, WA 98034-8103
    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.