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Property profile & analytics
FOR LEASE
Medical Office Space
222 112Th Ave NE Bellevue, WA 98004
Entity Owned
1-yr Hold
~
Est. High Equity
Property ID
US90-0475698
For Lease
1 / 4
$5,480,000
222 112Th Ave NE, Bellevue, WA 98004
View Listing →
Property profile
Verified
Property type
Medical Office Space
Use group
MEDICAL BUILDING
Year built
1965
Construction
STEEL FRAME
Total area
22,380 SF
Lot
1.6 ac (69,805 SF)
Zoning code
DT-OLB-S
APN
322505-9166
UPID
US90-0475698
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
-
Spoorthi Velagapalli, MD Physician
-
Barbara Schustek Physician
-
Dennis Cobb Physician
-
Monique Berces-Mardenly, NP Physician
-
Michael Morris, MD Physician
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$5.60M
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$5.48M
Owner & transaction history
Brp 112th Ave Tenant LLC · 1 yrs held
Brp 112th Ave Tenant LLC
since 2025
7 recorded transactions
Zoning & alternative use
DT-OLB-S · 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
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
$6,060,000
6.5%
$5,595,000
7%
$5,195,000
Alternative Use
Use
Estimation
MEDICAL BUILDING
$8,840,000
Current use
RETAIL STORES
$8,780,000
Change: -1% · Conversion: Difficult
INDUSTRIAL (GENERAL)
$8,535,000
Change: -3% · Conversion: Difficult
APARTMENT HOUSE (5+ UNITS)
$7,760,000
Change: -12% · Conversion: Moderate
Blend value · Realmo final
$5.48M
Range $4.93M – $6.03M · ±10%
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
$245 / 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
$271,461
Tax year 2022
Assessed value
$38,393,700
Assessed 2022
Previous assessed
$38,393,700
+0.0% YoY
Effective rate
0.71%
On assessed value
Assessed land
$38,392,700
Assessed improvement
$1,000
Land market value
$38,392,700
Improvement market value
$1,000
Total market value
$38,393,700
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
For Lease
Year built
1965
Construction
STEEL FRAME
Heating
OTHER
Cooling
OTHER
Stories
2
Total area
22,380 SF
Lot
1.6 ac (69,805 SF)
Zoning code
DT-OLB-S
APN
322505-9166
UPID
US90-0475698
Jurisdiction
KING
Metro division
SEATTLE-BELLEVUE-EVERETT, WA METROPOLITAN DIVISION
Zoning & alternative use
DT-OLB-S · Bellevue, WA
Zoning DT-OLB-S · permitted uses
DT-OLB-S · 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
$8.8M
RETAIL STORES
Est. value
$8.8M
INDUSTRIAL (GENERAL)
Est. value
$8.5M
APARTMENT HOUSE (5+ UNITS)
Est. value
$7.8M
MEDICAL BUILDING Current
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
1965
Construction
STEEL FRAME
Heating
OTHER
Cooling
Yes
Stories
2
Lot
1.6 ac
Current owner
From public records · entity-resolved
Brp 112th Ave Tenant LLC
Entity
Mailing address
330 112TH AVE NE STE #200, BELLEVUE, WA 98004-5800
Ownership since
2025
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
Aug 28, 2025
—
Wallace Scott Bellevue I LLC
—
Deed
related
$10,000,000 · Washington Federal NA
Mar 17, 2025
—
Brp 112th Ave Tenant LLC
Wallace Scott Belle Vue LLC
Deed
related
—
Aug 2, 2022
—
Wallace Scott Bellevue I LLC
—
Deed
related
$5,000,000 · Washington Federal NA
Dec 6, 2007
—
City Of Bellevue
Central Puget Sound Regional T
Quit Claim Deed
related
—
Apr 8, 2005
—
Wallace/scott Bellevue I LLC
Wallace/scott LP
Warranty Deed
$3,600,000 · Barclays Capital Real Estate INC
Feb 22, 2000
—
Wallace/scott LP
—
Deed Of Trust
related
$1,000,000 · Us Bank NA
Sep 27, 1996
—
Waalace/scott LP
—
Deed Of Trust
related
$4,750,000 · Us 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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