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Property profile & analytics
OFF-MARKET
Estimated value
$13,050,000
Office buildings
12822 32nd St, Bellevue, WA 98005-4340
Entity Owned
4-yr Hold
~
Est. High Equity
Property ID
US90-1317400
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING
Year built
1998
Construction
CONCRETE
Total area
36,269 SF
Lot
2.09 ac (90,899 SF)
Zoning code
O
APN
545330-0230
UPID
US90-1317400
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
-
TLG Learning Training Center Tutoring Service
-
BioControl Systems, Inc. Corporate Office
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$8.14M
CAP Approach
CAP
$12.99M
Comparable Approach
Comparable
$13.90M
Blend (final)
Blend
$13.05M
Owner & transaction history
Pjp 2 LLC · 4 yrs held
Pjp 2 LLC
since 2021
Last sale
$15.4M
1 recorded transaction
Zoning & alternative use
O · Bellevue, WA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Restaurant
$19.2M
+55.2%
Commercial (general)
$18.5M
+49.1%
Auto repair, garage
$16.7M
+34.3%
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
$12,415,000
ML approach
$8,140,000
CAP Approach
CAP Return
Estimation
6%
$14,065,000
6.5%
$12,985,000
7%
$12,055,000
Alternative Use
Use
Estimation
OFFICE BUILDING
$12,400,000
Current use
RESTAURANT
$19,240,000
Change: +55% · Conversion: Moderate
COMMERCIAL (GENERAL)
$18,490,000
Change: +49% · Conversion: Easy
AUTO REPAIR, GARAGE
$16,650,000
Change: +34% · Conversion: Difficult
MEDICAL BUILDING
$14,325,000
Change: +16% · Conversion: Easy
RETAIL STORES
$14,230,000
Change: +15% · Conversion: Moderate
INDUSTRIAL (GENERAL)
$13,830,000
Change: +12% · Conversion: Difficult
APARTMENT HOUSE (5+ UNITS)
$12,575,000
Change: +1% · Conversion: Easy
Blend value · Realmo final
$13.05M
Range $11.75M – $14.36M · ±10% · vs last sale $15.43M (Nov 19 2021)
Last sale anchor
$15.43M
Nov 19 2021
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
$360 / 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
$93,421
Tax year 2022
Assessed value
$13,211,000
Assessed 2022
Previous assessed
$13,211,000
+0.0% YoY
Effective rate
0.71%
On assessed value
Assessed land
$4,908,500
Assessed improvement
$8,302,500
Land market value
$4,908,500
Improvement market value
$8,302,500
Total market value
$13,211,000
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
Office buildings
Use group
OFFICE BUILDING
Status
Off-Market
Year built
1998
Construction
CONCRETE
Heating
CENTRAL
Cooling
CENTRAL
Stories
2
Total area
36,269 SF
Lot
2.09 ac (90,899 SF)
Zoning code
O
APN
545330-0230
UPID
US90-1317400
Jurisdiction
KING
Metro division
SEATTLE-BELLEVUE-EVERETT, WA METROPOLITAN DIVISION
Zoning & alternative use
O · Bellevue, WA
Zoning O · permitted uses
O · 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
OFFICE BUILDING Current
Est. value
$12.4M
RESTAURANT
Est. value
$19.2M
COMMERCIAL (GENERAL)
Est. value
$18.5M
AUTO REPAIR, GARAGE
Est. value
$16.7M
MEDICAL BUILDING
Est. value
$14.3M
RETAIL STORES
Est. value
$14.2M
INDUSTRIAL (GENERAL)
Est. value
$13.8M
APARTMENT HOUSE (5+ UNITS)
Est. value
$12.6M
OFFICE BUILDING Current
RESTAURANT
COMMERCIAL (GENERAL)
AUTO REPAIR, GARAGE
MEDICAL BUILDING
RETAIL STORES
INDUSTRIAL (GENERAL)
APARTMENT HOUSE (5+ UNITS)
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
1998
Construction
CONCRETE
Heating
CENTRAL
Cooling
Yes
Stories
2
Lot
2.09 ac
Current owner
From public records · entity-resolved
Pjp 2 LLC
Entity
Mailing address
7525 SE 24TH ST STE #300, MERCER ISLAND, WA 98040-2300
Ownership since
2021
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 19, 2021
$15,425,000
Pjp 2 LLC
Mercer Island Partners Associates L
Warranty Deed
$9,400,000 · American United Life Insurance Comp
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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