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Property profile & analytics
OFF-MARKET
Estimated value
$14,905,000
Medical Office Space
2606 116th NE Ave Bellevue, WA 98004-1422
Trust Owned
2-yr Hold
Free & Clear
Property ID
US90-0734818
Property profile
Verified
Property type
Medical Office Space
Use group
MEDICAL BUILDING
Year built
2000
Construction
WOOD
Total area
48,324 SF
Lot
1.98 ac (86,448 SF)
Zoning code
OLB
APN
124270-0015
UPID
US90-0734818
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
-
Dr. Paul Chung, MD Ophthalmologist
-
James Guzek Ophthalmologist
-
Dr. Eden Yoon Ophthalmologist
-
Dr. Jason Leng Ophthalmologist
-
Dr. Maynard Pohl Physician
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$9.32M
CAP Approach
CAP
$12.08M
Comparable Approach
Comparable
$13.38M
Blend (final)
Blend
$14.91M
Owner & transaction history
First Citizens Bank & Trust Company · 2 yrs held
First Citizens Bank & Trust Company
since 2023
Last sale
$18.5M
7 recorded transactions
Zoning & alternative use
OLB · Bellevue, WA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Zoning description
Office and Limited Business Districts provide areas for the location of integrated complexes made up of offices, hotels or motels, eating establishments and retail sales accessory to permitted uses. Such districts are located in areas that abut and have convenient access to freeways and major highways
Zone name
Office And Limited Business
General category
COMMERCIAL
Zone area
332.92 ac
Source
Realmo
Top alternative use upside
Commercial (general)
$24.6M
+29.1%
Auto repair, garage
$22.2M
+16.2%
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
$17,635,000
ML approach
$9,320,000
CAP Approach
CAP Return
Estimation
6%
$13,080,000
6.5%
$12,075,000
7%
$11,215,000
Alternative Use
Use
Estimation
MEDICAL BUILDING
$19,090,000
Current use
COMMERCIAL (GENERAL)
$24,635,000
Change: +29% · Conversion: Easy
AUTO REPAIR, GARAGE
$22,185,000
Change: +16% · Conversion: Difficult
RETAIL STORES
$18,955,000
Change: -1% · Conversion: Difficult
INDUSTRIAL (GENERAL)
$18,430,000
Change: -3% · Conversion: Difficult
APARTMENT HOUSE (5+ UNITS)
$16,755,000
Change: -12% · Conversion: Moderate
Blend value · Realmo final
$14.91M
Range $13.41M – $16.40M · ±10% · vs last sale $18.50M (Nov 1 2023)
Last sale anchor
$18.50M
Nov 1 2023
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
$308 / 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
$105,436
Tax year 2022
Assessed value
$14,910,500
Assessed 2022
Previous assessed
$14,910,500
+0.0% YoY
Effective rate
0.71%
On assessed value
Assessed land
$6,051,300
Assessed improvement
$8,859,200
Land market value
$6,051,300
Improvement market value
$8,859,200
Total market value
$14,910,500
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
2000
Construction
WOOD
Heating
CENTRAL
Cooling
CENTRAL
Stories
2
Bathrooms
1
Total area
48,324 SF
Lot
1.98 ac (86,448 SF)
Zoning code
OLB
APN
124270-0015
UPID
US90-0734818
Jurisdiction
KING
Metro division
SEATTLE-BELLEVUE-EVERETT, WA METROPOLITAN DIVISION
Zoning & alternative use
OLB · Bellevue, WAZoning OLB · permitted uses
OLB · Bellevue, WA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Zoning description
Office and Limited Business Districts provide areas for the location of integrated complexes made up of offices, hotels or motels, eating establishments and retail sales accessory to permitted uses. Such districts are located in areas that abut and have convenient access to freeways and major highways
Zone name
Office And Limited Business
General category
COMMERCIAL
Zone area
332.92 ac
Source
Realmo
Alternative use value scenarios
Repositioning upside vs current use
MEDICAL BUILDING Current
Est. value
$19.1M
COMMERCIAL (GENERAL)
Est. value
$24.6M
AUTO REPAIR, GARAGE
Est. value
$22.2M
RETAIL STORES
Est. value
$19.0M
INDUSTRIAL (GENERAL)
Est. value
$18.4M
APARTMENT HOUSE (5+ UNITS)
Est. value
$16.8M
MEDICAL BUILDING Current
COMMERCIAL (GENERAL)
AUTO REPAIR, GARAGE
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
2000
Construction
WOOD
Heating
CENTRAL
Cooling
Yes
Stories
2
Bathrooms
1
Lot
1.98 ac
Current owner
From public records · entity-resolved
First Citizens Bank & Trust Company
Trust
Free & Clear · 2 yrs held
Mailing address
PO BOX 27131, RALEIGH, NC 27611-7131
Ownership since
2023
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
9 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Nov 1, 2023
$18,500,000
First Citizens Bank & Trust Company
Pacific Cataract And Laser Institut
Warranty Deed
—
Apr 7, 2017
$13,500,000
Pacific Cataract & Laser Inst
Bellevue 2606 LLC
Trustees Deed
$30,000,000 · Bank Of America
Oct 14, 2008
—
Sweeney Conrad Real Estate LLC
Sweeney Conrad R/e Ptshp
Quit Claim Deed
related
—
Oct 14, 2008
$13,500,000
Bellevue 2606 LLC
Sweeney Conrad Real Estate LLC
Warranty Deed
$7,870,000 · Washington Mutual Bank
May 17, 2000
$7,050,000
Conrad Real Estate Par Sweeney
Johnson Underwood Properties
Grant Deed
$6,200,000 · Us Bank
Apr 7, 2000
—
Johnson Underwood Properties
Underwood,john G
Quit Claim Deed
related
—
Mar 1, 2000
$240,000
Little School
Underwood,john G & Mary A
Grant Deed
—
Aug 31, 1999
$1,407,250
John G Underwood
Union Bank Of California Trust
Quit Claim Deed
related
$5,562,500 · Continental Savings Bank
Dec 27, 1993
—
Bank Of California
Fultz,howard L
Quit Claim Deed
related
—
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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