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Property profile & analytics
FOR LEASE
Medical Office Space
1231 116Th Ave Northeast Bellevue, WA 98004
Individually Owned
17-yr Hold
~
Est. High Equity
Property ID
US90-0729299
For Lease
$6,875,000
1231 116Th Ave Northeast, Bellevue, WA 98004
View Listing →
Property profile
Verified
Property type
Medical Office Space
Use group
MEDICAL BUILDING
Year built
2011
Construction
CONCRETE
Total area
460,832 SF
Lot
1.44 ac (62,834 SF)
Zoning code
MI
APN
644811-0190
UPID
US90-0729299
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
-
Dr. Gellet Physician
-
Katherine Van Kessel, MD Physician
-
Overlake Medical Pavilion (Building 5) Medical Clinic
-
Lake Washington Facial Plastic: Seely Daniel MD Physician
-
Hazelden Betty Ford Foundation Medical Clinic
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$6.88M
Owner & transaction history
Overlake Hospital Medical Ctr · 17 yrs held
Overlake Hospital Medical Ctr
since 2008
1 recorded transaction
Zoning & alternative use
MI · Bellevue, WA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
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
CAP Approach
Comparable Approach
Alternative Use
Get a detailed, property-specific estimation — fast and free
Price per SF
Sale + rent benchmarks
Subject property
$15 / 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 2024Property tax & assessments
Tax year 2024
Tax billed
$57,797
Tax year 2024
Assessed value
$105,598,500
Assessed 2023
Previous assessed
$7,401,500
+1,326.7% YoY
Effective rate
0.05%
On assessed value
Assessed land
$7,633,400
Assessed improvement
$97,965,100
Land market value
$7,633,400
Improvement market value
$97,965,100
Total market value
$105,598,500
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
Medical Office Space
Use group
MEDICAL BUILDING
Status
For Lease
Year built
2011
Construction
CONCRETE
Heating
FORCED AIR
Stories
9
Total area
460,832 SF
Lot
1.44 ac (62,834 SF)
Zoning code
MI
APN
644811-0190
UPID
US90-0729299
Jurisdiction
KING
Metro division
SEATTLE-BELLEVUE-EVERETT, WA METROPOLITAN DIVISION
Zoning & alternative use
MI · Bellevue, WA
Zoning MI · permitted uses
MI · 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.
Building & site characteristics
From public records
Year built
2011
Construction
CONCRETE
Heating
FORCED AIR
Stories
9
Lot
1.44 ac
Current owner
From public records · entity-resolved
Overlake Hospital Medical Ctr
Individual
Mailing address
PO BOX 92129, SOUTHLAKE, TX 76092-0102
Ownership since
2008
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
1 recorded event · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Nov 4, 2008
—
Overlake Hospital Medical Ctr
Overlake Hospital Assn
Quit Claim Deed
related
$3,621,000 · Wells Fargo 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.
Try Rey
Ask anything about this address in plain English.
“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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