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Property profile & analytics
OFF-MARKET
Estimated value
$585,000
Office buildings
731 123rd NE Ave, Bellevue, WA 98005-3136
Entity Owned
17-yr Hold
Property ID
US90-1121581
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING
Year built
1958
Construction
WOOD
Total area
2,017 SF
Lot
0.28 ac (12,331 SF)
Zoning code
PO
APN
177650-0055
UPID
US90-1121581
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
-
Bellevue Therapeutic Massage Alternative Medicine Practice Spa & Massage Center
-
Xue Z. Wang, Lac Alternative Medicine Practice Acupuncture
-
Acupuncture and Oriental Medicine Center Alternative Medicine Practice Acupuncture
-
Sunny Massage Alternative Medicine Practice Spa & Massage Center
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$720k
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$585k
Owner & transaction history
J & C Seattle LLC · 17 yrs held
J & C Seattle LLC
since 2008
6 recorded transactions
Zoning & alternative use
PO · Bellevue, WA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Auto repair, garage
$925,000
+34.3%
Medical building
$795,000
+15.5%
Retail stores
$790,000
+14.7%
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%
$780,000
6.5%
$720,000
7%
$670,000
Alternative Use
Use
Estimation
OFFICE BUILDING
$690,000
Current use
AUTO REPAIR, GARAGE
$925,000
Change: +34% · Conversion: Difficult
MEDICAL BUILDING
$795,000
Change: +16% · Conversion: Easy
RETAIL STORES
$790,000
Change: +15% · Conversion: Moderate
WAREHOUSE, STORAGE
$580,000
Change: -16% · Conversion: Difficult
Blend value · Realmo final
$585k
Range $527k – $644k · ±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
$290 / 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
$17,332
Tax year 2022
Assessed value
$1,159,700
Assessed 2022
Previous assessed
$1,159,700
+0.0% YoY
Effective rate
1.49%
On assessed value
Assessed land
$1,048,100
Assessed improvement
$111,600
Land market value
$1,048,100
Improvement market value
$111,600
Total market value
$1,159,700
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
Office buildings
Use group
OFFICE BUILDING
Status
Off-Market
Year built
1958
Construction
WOOD
Heating
FORCED AIR
Stories
1
Bathrooms
2
Total area
2,017 SF
Lot
0.28 ac (12,331 SF)
Zoning code
PO
APN
177650-0055
UPID
US90-1121581
Jurisdiction
KING
Metro division
SEATTLE-BELLEVUE-EVERETT, WA METROPOLITAN DIVISION
Zoning & alternative use
PO · Bellevue, WA
Zoning PO · permitted uses
PO · 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
OFFICE BUILDING Current
Est. value
$690,000
AUTO REPAIR, GARAGE
Est. value
$925,000
MEDICAL BUILDING
Est. value
$795,000
RETAIL STORES
Est. value
$790,000
WAREHOUSE, STORAGE
Est. value
$580,000
OFFICE BUILDING Current
AUTO REPAIR, GARAGE
MEDICAL BUILDING
RETAIL STORES
WAREHOUSE, STORAGE
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
1958
Construction
WOOD
Heating
FORCED AIR
Stories
1
Bathrooms
2
Lot
0.28 ac
Current owner
From public records · entity-resolved
J & C Seattle LLC
Entity
Mailing address
731 123RD AVE NE, BELLEVUE, WA 98005-3136
Mailing matches property
Yes
Owner-occupied
Yes
Ownership since
2008
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
6 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Mar 22, 2021
—
J & C Seattle LLC
—
Deed
related
$1,008,410 · Umpqua Bank
Aug 18, 2008
—
J & C Seattle LLC
Zhong Wang Xue
Quit Claim Deed
related
$275,000 · Us Bank NA
May 21, 2008
—
J & C Seattle LLC
Wang,xue Z
Quit Claim Deed
related
—
Feb 25, 2003
$579,200
Xue Z Wang
Pearl,alvin & Carole R
Grant Deed
$350,000 · Washington First Int'l Bank
—
—
J & C Seattle LLC
—
Loan Modification
related
$623,612 · Us Bk
—
—
Xue Z Wang
—
Deed Of Trust
related
$350,000 · Bank Of America
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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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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