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Property profile & analytics
FOR LEASE
Medical Office Space
1515 116Th Ave NE Bellevue, WA 98004
Entity Owned
7-yr Hold
~
Est. High Equity
Property ID
US90-0729304
For Lease
$35 SF/Yr
1515 116Th Ave NE, Bellevue, WA 98004
View Listing →
Property profile
Verified
Property type
Medical Office Space
Use group
MEDICAL BUILDING
Year built
1979
Construction
WOOD
Total area
40,829 SF
Lot
1.81 ac (78,782 SF)
Zoning code
BR-MO
APN
292505-9022
UPID
US90-0729304
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
-
Lotzkar Martin DDS Dental Office
-
Rosenwald & Associates Dental Office
-
Cosmos Dentistry Dental Office
-
Bellegrove Professional Park, Northwest Radiography Medical Clinic
-
Matt Rafie DDSPS Dental Office
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$6.39M
Owner & transaction history
Sankalpa LLC · 7 yrs held
Sankalpa LLC
since 2019
7 recorded transactions
Zoning & alternative use
BR-MO · 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
$156 / 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
$100,968
Tax year 2022
Assessed value
$14,278,600
Assessed 2022
Previous assessed
$14,278,600
+0.0% YoY
Effective rate
0.71%
On assessed value
Assessed land
$10,241,600
Assessed improvement
$4,037,000
Land market value
$10,241,600
Improvement market value
$4,037,000
Total market value
$14,278,600
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
1979
Construction
WOOD
Heating
FORCED AIR
Stories
3
Total area
40,829 SF
Lot
1.81 ac (78,782 SF)
Zoning code
BR-MO
APN
292505-9022
UPID
US90-0729304
Jurisdiction
KING
Metro division
SEATTLE-BELLEVUE-EVERETT, WA METROPOLITAN DIVISION
Zoning & alternative use
BR-MO · Bellevue, WA
Zoning BR-MO · permitted uses
BR-MO · 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
1979
Construction
WOOD
Heating
FORCED AIR
Stories
3
Lot
1.81 ac
Current owner
From public records · entity-resolved
Sankalpa LLC
Entity
Mailing address
12330 NORTHUP WAY, BELLEVUE, WA 98005-1915
Ownership since
2019
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
7 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Feb 13, 2025
—
Sankalpa LLC
—
Deed
related
$4,000,000 · Peoples Bank
Jun 13, 2019
$14,900,000
Sankalpa LLC
The Bellegrove Building LLC
Bargain And Sale Deed
$9,000,000 · Peoples Bank
May 7, 2008
—
State Of Wa Dept/transportation
Bellegrove Building LLC
Warranty Deed
—
Oct 27, 2004
—
Bellegrove Building LLC
Bartell Drug
Warranty Deed
$3,500,000 · American Equity Inv Life Ins
Oct 30, 1998
$4,604,000
G Henhart Co
Swellevue Investments Gp
Grant Deed
—
—
—
Bellegrove Building LLC
—
Deed Of Trust
related
$6,000,000 · Washington St Emp Cu
—
—
M Jack Wiley
—
Deed Of Trust
related
$81,967 · Key Bank Of Washington
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
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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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