Back to Search
Property profile & analytics
FOR LEASE
Medical Office Space
2233 148Th Ave NE Bellevue, WA 98007
Individually Owned
29-yr Hold
Absentee Owner
~
Est. High Equity
Property ID
US90-1758153
For Lease
$1,190,000
2233 148Th Ave NE, Bellevue, WA 98007
View Listing →
Property profile
Verified
Property type
Medical Office Space
Use group
DENTAL BUILDING
Year built
2019
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Total area
5,758 SF
Lot
0.4 ac (17,424 SF)
Zoning code
BR-CR
APN
272505-9230
UPID
US90-1758153
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
-
Micheal & sons Auto Repair Shop
-
Defense Tax Partners Hardware & Home Improvement General Contractor
-
QASA INC. Gym & Fitness Center
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$1.44M
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$1.19M
Owner & transaction history
Joseph R Desimone · 29 yrs held
Joseph R Desimone
since 1997
3 recorded transactions
Zoning & alternative use
BR-CR · 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%
$1,560,000
6.5%
$1,440,000
7%
$1,335,000
Blend value · Realmo final
$1.19M
Range $1.07M – $1.31M · ±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
$207 / 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
$17,158
Tax year 2022
Assessed value
$2,424,200
Assessed 2022
Previous assessed
$2,424,200
+0.0% YoY
Effective rate
0.71%
On assessed value
Assessed land
$1,742,400
Assessed improvement
$681,800
Land market value
$1,742,400
Improvement market value
$681,800
Total market value
$2,424,200
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
DENTAL BUILDING
Status
For Lease
Year built
2019
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
OTHER
Cooling
OTHER
Stories
1
Total area
5,758 SF
Lot
0.4 ac (17,424 SF)
Zoning code
BR-CR
APN
272505-9230
UPID
US90-1758153
Jurisdiction
KING
Metro division
SEATTLE-BELLEVUE-EVERETT, WA METROPOLITAN DIVISION
Zoning & alternative use
BR-CR · Bellevue, WA
Zoning BR-CR · permitted uses
BR-CR · 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
2019
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
OTHER
Cooling
Yes
Stories
1
Lot
0.4 ac
Current owner
From public records · entity-resolved
Joseph R Desimone
Individual
Mailing address
7902 E SIDE DR NE, TACOMA, WA 98422-1167
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
1997
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
3 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jun 16, 1997
$1,770,000
Joseph R Desimone
Mba Assoicates
Grant Deed
$945,000 · Seafirst Bank
—
—
Mba Associates
—
Deed Of Trust
related
$914,866 · Pacific Northwest Bank
—
—
Mba Associates
—
Deed Of Trust
related
$150,000 · West One Bank 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
Ask anything about this address in plain English.
“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
Full reports are paid
Unlock the full Property Analytics report
Start free for 7 days — no card required. Full owner contacts, all 4 valuations with methodology, refine flow, comparable adjustments, foot-traffic deep dive, export to PDF / CSV.
