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    Property profile & analytics

    2020 116Th Ave NE Bellevue, WA 98004

    • Medical Office Space
    • 7,696 SF
    • 0.66 lot acres
    For Lease
    View listing
    Last Sale
    Oct 21, 2021
    $4,865,000
    Value Estimations
    $5,040,000
    Cap Rate Potential
    Location Intelligence
    Property ID
    US90-0729298
    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

    • Bellevue Overlake Dental / Dental Office
    • Bellevue Vision / Physician
    • JEN Lifestyle Medicine / Physician / Alternative Medicine Practice
    • Roopa Bhat / Physician / Medical Clinic
    • Eastside Endocrinology & Diabetes / Physician

    Property Details for 2020 116Th Ave NE

    Year built
    1979
    Construction
    WOOD
    Lot size
    0.66 lot acres
    Property size
    7,696 SF
    Zone code
    BR-MO
    Property type
    Medical Office Space
    Property subtype
    Medical centers
    APN
    526830-0020
    APU
    5268300020

    Description

    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.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $5,240,000
      ML approach
      $5,180,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $3,980,000
      Market price range: $1.74M - $4.38M

    • 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

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

    Location Insight

    • Map
    • Local Demand
    City
    Bellevue
    County
    King
    State
    Washington
    Longitude
    -122.185
    Latitude
    47.6288
    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
    $31,372
    $3,722,100
    $712,600
    $4,434,700
    -
    $3,722,100
    $712,600
    $4,434,700

    Comparable in this City

    • Value Estimation
      $2,545,000
      19,371 SF

      1051 116th NE Ave

      MEDICAL BUILDING • 19,371 SF
      1051 116th NE Ave, Bellevue, WA 98004-4600
      View Details
    • Value Estimation
      $14,905,000
      48,324 SF

      2606 116th NE Ave

      MEDICAL BUILDING • 48,324 SF
      2606 116th NE Ave, Bellevue, WA 98004-1422
      View Details
    • Value Estimation by Request
      1,238 SF

      1252 112th NE Ave

      MEDICAL BUILDING • 1,238 SF
      1252 112th NE Ave, Bellevue, WA 98004-3712
      View Details
    • Value Estimation
      $2,125,000
      15,480 SF

      1240 116th NE Ave

      MEDICAL BUILDING • 15,480 SF
      1240 116th NE Ave, Bellevue, WA 98004-3815
      View Details
    • Value Estimation
      $2,230,000
      1,960 SF

      2015 116th NE Ave

      MEDICAL BUILDING • 1,960 SF
      2015 116th NE Ave, Bellevue, WA 98004-3018
      View Details
    • Value Estimation
      $35,610,000
      208,891 SF

      1135 116th NE Ave

      MEDICAL BUILDING • 208,891 SF
      1135 116th NE Ave, Bellevue, WA 98004-4623
      View Details

    Similar Nearby for Sale

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      Medical/Retail Condo Unit For Sale

      Condo unit for sale with immediate occupancy and reserved parking.
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      Bellevue Office Building For Sale

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      24,985 SF

      Bellevue Office Space Available

      Office building with 24,985 square feet available for rent.
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    Similar Nearby for Lease

    • $36 SF/Yr
      16,688 SF

      Bellevue Office Space Available

      Prime Bellevue office suites, flexible layouts.
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      View Details
    • $34 SF/Yr
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      Bellevue Office Building - I-405 Access

      Prime Bellevue office space, ample parking.
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      2,116 SF

      Bellevue Retail Space For Rent

      Prime retail space in Bellevue, ideal for various businesses.
      35 112Th Ave NE, Bellevue, WA 98004
      View Details
    • $13,995 /Mo
      3,732 SF

      Prime Retail Space in Bellevue

      Retail space near light rail and residential units.
      35 112Th Ave NE, Bellevue, WA 98004
      View Details
    • Contact for pricing
      2,137 SF

      Bellevue Office Space for Lease

      Office space in Bellevue with freeway access and free parking.
      1407 116Th Ave NE, Bellevue, WA 98004
      View Details
    • Contact for pricing
      985 SF

      Medical Office Space Available

      985 SF medical office space available February 1st, 2026.
      1515 116Th Ave NE, Bellevue, WA 98004
      View Details
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    Bellevue, WA 98004
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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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