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    2758 78Th Ave SE Mercer Island, WA 98040
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    2758 78Th Ave SE Mercer Island, WA 98040

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    • Investment properties
    • 217,375 SF
    • 2.25 lot acres
    For Lease
    $31 SF/Yr
    View Listing →
    Mercer Island Class A Office For Lease
    $31 SF/Yr
    5,028 SF

    Mercer Island Class A Office

    Class A office space in the heart of Mercer Island.

    2758 78th Avenue SE, Mercer Island, WA
    View Listing
    Property ID
    US90-3261321
    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.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • ChargePoint Charging Station / Electric Vehicle Charging Station
    • Island Square / Apartment Building / Apartment Complex
    • East/West ESL Tutoring Inc / Language School / Training Center
    • Just Poke Mercer Island / Restaurant

    Property Details for 2758 78Th Ave SE

    Year built
    2005
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    2.25 lot acres
    Property size
    217,375 SF
    Zone code
    TC
    Property type
    Investment properties
    Property subtype
    Live-work space
    APN
    531510-1245
    APU
    5315101245

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $37,668,000
      Market price range: $7.72M - $43.6M

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

    Location Insight

    • Map
    • Local Demand
    City
    Mercer Island
    County
    King
    State
    Washington
    Longitude
    -122.233
    Latitude
    47.5861
    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
    $760,375
    $20,587,300
    $103,471,000
    $124,058,300
    -
    $20,587,300
    $103,471,000
    $124,058,300

    Comparable in this City

    • Value Estimation
      $10,395,000
      41,050 SF

      2836 78th SE Ave

      OFFICE/RESIDENTIAL (MIXED USE) • 41,050 SF
      2836 78th SE Ave, Mercer Island, WA 98040-2848
      View Details
    • Value Estimation
      $44,315,000
      166,212 SF

      2630 77th SE Ave

      OFFICE/RESIDENTIAL (MIXED USE) • 166,212 SF
      2630 77th SE Ave, Mercer Island, WA 98040-4053
      View Details
    • Value Estimation
      $1,855,000
      8,238 SF

      2780 78th SE Ave

      OFFICE/RESIDENTIAL (MIXED USE) • 8,238 SF
      2780 78th SE Ave, Mercer Island, WA 98040-2817
      View Details
    • Value Estimation by Request
      1,840 SF

      Mercer Island, WA 98040

      OFFICE/RESIDENTIAL (MIXED USE) • 1,840 SF
      Mercer Island, WA 98040
      View Details
    • Value Estimation
      $21,740,000
      147,450 SF

      7650 27th St

      OFFICE/RESIDENTIAL (MIXED USE) • 147,450 SF
      7650 27th St, Mercer Island, WA 98040-3060
      View Details
    • Value Estimation
      $1,680,000
      10,040 SF

      Mercer Island, WA 98040

      OFFICE/RESIDENTIAL (MIXED USE) • 10,040 SF
      Mercer Island, WA 98040
      View Details

    Similar Nearby for Sale

    • $4,950,000

      Mercer Island Development Opportunity

      Prime development site near future light rail station.
      3003 Island Crest Way, Mercer Island, WA 98040
      View Details
    • $6,048,000

      Mercer Island Church Opportunity

      10,468 SF church in the heart of Mercer Island.
      4001 Island Crest Way, Mercer Island, WA 98040
      View Details
    • $4,950,000

      Mercer Island Development Site

      Prime development site on Mercer Island with high visibility.
      3003 Island Crest Way, Mercer Island, WA 98040
      View Details
    • $6,800,000

      Waterfront Land with Skyline Views

      Half-acre Mercer Island property with private shoreline and dock.
      7220 N Mercer Way, Mercer Island, WA 98040
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      996 SF

      Mercer Island Retail/Restaurant Space

      New mixed-use development with retail/restaurant space in Mercer Island.
      2750 77Th Ave SE, Mercer Island, WA 98040
      View Details
    • Contact for pricing

      Downtown Mercer Island Retail Space

      Retail space in open-air center with freeway and light rail access.
      7633 SE 27Th St, Mercer Island, WA 98040
      View Details
    • $4,077 /Mo
      1,687 SF

      Mercer Island Professional Office Space

      Professional office space in the heart of Mercer Island.
      8015 28Th St, Mercer Island, WA 98040
      View Details
    • $2,832 /Mo
      971 SF

      Mercer Island Office Space Available

      Office space available for rent in Mercer Island, Washington.
      7429 27Th St, Mercer Island, WA 98040
      View Details
    • $6,078 /Mo
      2,084 SF

      Mercer Island Office Space Available

      Office space for rent featuring private offices and conference room.
      7525 24Th St, Mercer Island, WA 98040
      View Details
    • $2,805 /Mo
      782 SF

      Mercer Island Office Space Available

      Mercer Island office space with easy freeway access.
      9725 36Th St, Mercer Island, WA 98040
      View Details

    Property Visit Statistics

    • Visits by month
      2.5k
    • Visitors by month
      2.4k
    • Avg Time on site
      19 min
    View Listing
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    Mercer Island, WA 98040
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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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