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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    12917 38Th St Bellevue, WA 98006

    • Medical offices
    • 24,810 SF
    • 0.82 lot acres
    For Lease
    View listing
    $36 SF/Yr
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US90-1403824
    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

    • Sound Hand & Orthopedics / Orthopedic Clinic / Hand Surgeon
    • Patsy C. Lazarous, MD / Internist
    • Catherine C. Dong, DO / Family Practice Physician
    • USA Garage Door Repair / Garage Door Supplier
    • Rajiv Goel / Orthopedic Surgeon / Practitioner Service Location

    Property Details for 12917 38Th St

    Year built
    1987
    Construction
    WOOD
    Lot size
    0.82 lot acres
    Property size
    24,810 SF
    Zone code
    CB
    Property type
    Medical offices
    Property subtype
    Medical centers
    APN
    092405-9246
    APU
    924059246

    Description

    This exceptional two-story medical office building, located at 12917 SE 38th St in Bellevue, WA 98006, offers 16,540 square feet of space within the Factoria submarket. Built in 1987 and renovated in 1990, the Class C building features five suites, with 2,439 square feet currently vacant, presenting a significant opportunity for expansion or new tenancy. The property sits on a 0.82-acre lot (35,719 square feet) and is zoned CB. Ample parking is available with 79 spaces. The building's medical/dental subtype makes it ideally suited for healthcare practices seeking a well-established location in a thriving community. Its convenient location within the Factoria submarket provides easy access to major transportation routes and a diverse range of amenities. This is a rare opportunity to acquire a well-maintained medical office building in a high-demand area. The property's existing infrastructure and ample parking make it an attractive option for both established and emerging medical practices. Serious inquiries are encouraged to explore this promising investment opportunity.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Bellevue
    County
    King
    State
    Washington
    Longitude
    -122.168
    Latitude
    47.5758
    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
    $49,710
    $2,170,200
    $4,858,300
    $7,028,500
    -
    $2,170,200
    $4,858,300
    $7,028,500

    Comparable in this City

    • Value Estimation
      $2,965,000
      21,218 SF

      4100 Factoria SE Blvd

      MEDICAL BUILDING • 21,218 SF
      4100 Factoria SE Blvd, Bellevue, WA 98006-1262
      View Details
    • Value Estimation
      $6,710,000
      45,628 SF

      13451 36th St

      MEDICAL BUILDING • 45,628 SF
      13451 36th St, Bellevue, WA 98006-1475
      View Details
    • Value Estimation
      $1,060,000
      4,250 SF

      5611 119th SE Ave

      MEDICAL BUILDING • 4,250 SF
      5611 119th SE Ave, Bellevue, WA 98006-3799
      View Details
    • Value Estimation by Request
      3,100 SF

      12020 60th St

      MEDICAL BUILDING • 3,100 SF
      12020 60th St, Bellevue, WA 98006-3811
      View Details
    • Value Estimation
      $935,000
      6,784 SF

      4301 Factoria SE Blvd

      MEDICAL BUILDING • 6,784 SF
      4301 Factoria SE Blvd, Bellevue, WA 98006-1982
      View Details
    • Value Estimation
      $1,800,000
      1,896 SF

      14605 36th St

      DENTAL BUILDING • 1,896 SF
      14605 36th St, Bellevue, WA 98006-1669
      View Details

    Similar Nearby for Sale

    • $2,740,000

      Multi-Tenant Commercial Asset For Sale

      Fully leased commercial property in Bellevue's Factoria neighborhood.
      4317 Factoria Blvd SE, Bellevue, WA 98006
      View Details
    • $30,000,000
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      Bellevue Office Building For Sale

      86,524 SF office building in Bellevue, Washington for sale.
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      Bellevue Office Building For Sale

      86,524 SF office building in Bellevue, Washington.
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    • $500,000

      Lakemont Bellevue Land Investment Opportunity

      1.36 acre lot in desirable Lakemont community.
      70 Lakemont Blvd, Bellevue, WA 98006
      View Details
    • $495,000
      1,060 SF

      Bellevue Condo with Private Deck

      Inviting 2-bed condo in Factoria, convenient location.
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    • $49,000

      Residential Land in Bellevue

      Land parcel in established Bellevue neighborhood with utilities.
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    Similar Nearby for Lease

    • $36 SF/Yr
      16,540 SF

      Factoria Medical Office Building For Lease

      Prime Bellevue medical office space available.
      12917 38Th St, Bellevue, WA 98006
      View Details
    • $35 SF/Yr
      1,320 SF

      Bellevue Office Space Available

      Office space available for lease in Bellevue, Washington.
      3535 Factoria Blvd Southeast, Bellevue, WA 98006
      View Details
    • $25 SF/Yr
      12,705 SF

      Bellevue Office Space For Rent

      Office space with immediate access to I-405 and I-90.
      3633 136Th Pl SE, Bellevue, WA 98006
      View Details
    • $37 SF/Yr
      33,302 SF

      Bellevue Office Building For Lease

      33,302 SF Office, 546 SF Vacant
      14100 36Th St, Bellevue, WA 98006
      View Details
    • Contact for pricing
      2,854 SF

      Class A Office Space Available

      88,953 SF Class A office building in Bellevue, WA.
      13555 SE 36Th St, Bellevue, WA 98006
      View Details
    • $30 SF/Yr
      6,707 SF

      Bellevue Office Space Available

      6,707 SF office space for lease in Bellevue, WA.
      3605 132Nd Ave SE, Bellevue, WA 98006
      View Details
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    Bellevue, WA 98006
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    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
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