Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    515 116th NE Ave Bellevue, WA 98004-5223

    • Office buildings
    • 41,578 SF
    • 4.22 lot acres
    OFF-MARKET
    Value Estimations
    $12,970,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US90-1362825
    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

    • Dr. Shana Amouyal / Alternative Medicine Practice
    • Sunrise for Children / Charitable Organization / Social Service Agency
    • Acacia Property Management Inc / Property Management Company
    • Handyman and Remodeling services / Hardware & Home Improvement / General Contractor
    • 911 Restoration of Bellevue / Hardware & Home Improvement / Construction Company

    Property Details for 515 116th NE Ave

    Year built
    1975
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    4.22 lot acres
    Property size
    41,578 SF
    Zone code
    OLB
    Property type
    Office buildings
    APN
    322505-9005
    APU
    3225059005

    Value Estimations

    based on Realmo’s proprietary methodology

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $21,195,000
      AUTO REPAIR, GARAGE
      $19,090,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Bellevue
    County
    King
    State
    Washington
    Longitude
    -122.187
    Latitude
    47.615
    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
    $20
    $0.00
    $0.00
    $0.00
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $8,280,000
      47,411 SF

      1417 116th NE Ave

      OFFICE BUILDING • 47,411 SF
      1417 116th NE Ave, Bellevue, WA 98004-3821
      View Details
    • Value Estimation
      $3,865,000
      16,200 SF

      845 106th NE Ave

      OFFICE BUILDING • 16,200 SF
      845 106th NE Ave, Bellevue, WA 98004-4308
      View Details
    • Value Estimation
      $14,560,000
      493,400 SF

      411 108th NE Ave

      OFFICE BUILDING • 493,400 SF
      411 108th NE Ave, Bellevue, WA 98004-8404
      View Details
    • Value Estimation
      $5,370,000
      16,319 SF

      700 108th NE Ave

      OFFICE BUILDING • 16,319 SF
      700 108th NE Ave, Bellevue, WA 98004-5102
      View Details
    • Value Estimation
      $15,550,000
      629,094 SF

      225 108th NE Ave

      OFFICE BUILDING • 629,094 SF
      225 108th NE Ave, Bellevue, WA 98004-5771
      View Details
    • Value Estimation
      $3,885,000
      11,570 SF

      10112 10th St

      OFFICE BUILDING • 11,570 SF
      10112 10th St, Bellevue, WA 98004-4156
      View Details

    Similar Nearby for Sale

    • $11,070,000
      27,678 SF

      Bellevue Office Building For Sale

      Office building with 27,678 square feet of space.
      2233 112Th Ave NE, Bellevue, WA 98004
      View Details
    • $1,600,000
      2,521 SF

      Medical Condo Near Overlake Hospital

      2,521 SF medical condo in Bellevue's medical corridor.
      1900 116Th Ave NE, Bellevue, WA 98004
      View Details
    • $975,000
      1,794 SF

      Downtown Bellevue Office Condo For Sale

      Rare small office condo in downtown Bellevue ready for improvements.
      999 110Th Ave NE, Bellevue, WA 98004
      View Details
    • Contact for pricing
      9,202 SF

      Bellevue Office Building For Sale

      9,202 SF Owner-User Opportunity
      1416 112th Ave NE, Bellevue, WA 98004
      View Details
    • Contact for pricing

      Bellevue Office Space Available

      Office property for sale in Bellevue, Washington.
      200 112Th Ave NE, Bellevue, WA 98004
      View Details
    • Contact for pricing

      Redevelopment Opportunity in Bellevue, WA

      Three parcels available for redevelopment with interim income potential.
      125 Main St, Bellevue, WA 98004
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Premier Office Space in Bellevue

      Dynamic downtown location with premier office space and unmatched amenities.
      222 112Th Ave NE, Bellevue, WA 98004
      View Details
    • $25 SF/Yr
      11,069 SF

      Bellevue Office Building For Lease

      Office building south of downtown Bellevue with ample free parking.
      2122 112Th Ave NE | Bellevue, Bellevue, WA 98004
      View Details
    • Contact for pricing

      Downtown Bellevue Office Tower Ready

      Office tower in thriving Downtown Bellevue with modern amenities.
      929 108Th Ave NE, Bellevue, WA 98004
      View Details
    • Contact for pricing
      780,000 SF

      Bellevue Office Space Available

      Large office space for rent in Bellevue, Washington.
      222-330 112Th Ave NE, Bellevue, WA 98004
      View Details
    • Contact for pricing

      Class A Office Space Available

      24-story Class A office building in Bellevue's central business district.
      10900 NE 4Th St, Bellevue, WA 98004
      View Details
    • $11,250,000
      24,985 SF

      Bellevue Office Space Available

      Office building with 24,985 square feet available for rent.
      2229 112Th Ave NE, Bellevue, WA 98004
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    515 116th NE Ave
    Bellevue, WA 98004-5223
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.