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Property profile & analytics
OFF-MARKET
Estimated value
$5,040,000
Medical Office Space
2020 116th NE Ave Bellevue, WA 98004-3059
Entity Owned
4-yr Hold
Free & Clear
Property ID
US90-0729298
Property summary
AI-generated overview
This 7,505 square foot medical office building, constructed in 1979, is ideally situated at 2020 116th Ave NE in Bellevue, Washington, 98004. The property offers a multi-tenant configuration, with at least one suite currently available, measuring 440 square feet. The building boasts several attractive features designed to enhance both functionality and curb appeal. These include newly installed modern LED light fixtures throughout, contributing to energy efficiency and a bright, contemporary atmosphere. The interior layout is specifically designed for efficient medical office use, making it an excellent choice for healthcare professionals. Strong visibility is ensured by prominent monument signage located on 116th Ave, increasing the potential for attracting new patients and clients. Accessibility is further improved by a convenient grade-level exterior entrance directly to the available suite, eliminating the need for stairs or elevators. Finally, designated parking spaces are conveniently located adjacent to the suite entry, providing ample and easily accessible parking for tenants and their visitors. This property presents a compelling opportunity within the thriving Bellevue market in King County.
Property profile
Verified
Property type
Medical Office Space
Use group
MEDICAL BUILDING
Year built
1979
Construction
WOOD
Total area
7,696 SF
Lot
0.66 ac (28,632 SF)
Zoning code
BR-MO
APN
526830-0020
UPID
US90-0729298
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
-
Bellevue Overlake Dental Dental Office
-
Bellevue Vision Physician
-
JEN Lifestyle Medicine Physician Alternative Medicine Practice
-
Roopa Bhat Physician Medical Clinic
-
Eastside Endocrinology & Diabetes Physician
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$5.18M
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$3.98M
Blend (final)
Blend
$5.04M
Owner & transaction history
Glorius LLC · 4 yrs held
Glorius LLC
since 2021
Last sale
$4.9M
7 recorded transactions
Zoning & alternative use
BR-MO · Bellevue, WA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Office building
$4.2M
+38.8%
Restaurant
$4.1M
+34.3%
Commercial (general)
$3.9M
+29.1%
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
$5,240,000
ML approach
$5,180,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
MEDICAL BUILDING
$3,040,000
Current use
OFFICE BUILDING
$4,220,000
Change: +39% · Conversion: Easy
RESTAURANT
$4,085,000
Change: +34% · Conversion: Difficult
COMMERCIAL (GENERAL)
$3,925,000
Change: +29% · Conversion: Easy
AUTO REPAIR, GARAGE
$3,535,000
Change: +16% · Conversion: Difficult
Blend value · Realmo final
$5.04M
Range $4.54M – $5.54M · ±10% · vs last sale $4.87M (Oct 21 2021)
Last sale anchor
$4.87M
Oct 21 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
$655 / 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
$31,372
Tax year 2022
Assessed value
$4,434,700
Assessed 2022
Previous assessed
$4,434,700
+0.0% YoY
Effective rate
0.71%
On assessed value
Assessed land
$3,722,100
Assessed improvement
$712,600
Land market value
$3,722,100
Improvement market value
$712,600
Total market value
$4,434,700
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
Off-Market
Year built
1979
Construction
WOOD
Heating
HEAT PUMP
Stories
1
Total area
7,696 SF
Lot
0.66 ac (28,632 SF)
Zoning code
BR-MO
APN
526830-0020
UPID
US90-0729298
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.
Alternative use value scenarios
Repositioning upside vs current use
MEDICAL BUILDING Current
Est. value
$3.0M
OFFICE BUILDING
Est. value
$4.2M
RESTAURANT
Est. value
$4.1M
COMMERCIAL (GENERAL)
Est. value
$3.9M
AUTO REPAIR, GARAGE
Est. value
$3.5M
MEDICAL BUILDING Current
OFFICE BUILDING
RESTAURANT
COMMERCIAL (GENERAL)
AUTO REPAIR, GARAGE
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
1979
Construction
WOOD
Heating
HEAT PUMP
Stories
1
Lot
0.66 ac
Current owner
From public records · entity-resolved
Glorius LLC
Entity
Free & Clear · 4 yrs held
Mailing address
PO BOX 5009, BELLEVUE, WA 98009-5009
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
8 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Oct 21, 2021
$4,865,000
Glorius LLC
Northwest Professional Centers LLC
Warranty Deed
—
Oct 1, 1998
$1,092,500
Northwest Professional Centers
Sweet Family LLC
Grant Deed
$819,000 · Everett Mutual Savings Bank
Dec 1, 1988
$754,200
Norman P Swent
Mccarthy,james H
Grant Deed
—
—
—
Northwest Professional Centers
—
Deed Of Trust
related
$96,862 · Individual
—
—
Northwest Professional Center
—
Deed Of Trust
related
$98,175 · Individual
—
—
Norman P Swent
—
Deed Of Trust
related
$40,000 · Western Dev Corp
—
—
Northwest Professional Centers
—
Deed Of Trust
related
$875,000 · Bank Of America
—
—
Northwest Professesional Ctr
—
Deed Of Trust
related
$93,975 · Individual
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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