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    7525 24Th St Mercer Island, WA 98040
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    7525 24Th St Mercer Island, WA 98040

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    • Office buildings
    • 200,059 SF
    • 1.41 lot acres
    For Lease
    $6,078/Mo
    View Listing →
    Mercer Island Office Space Available For Lease
    $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 Listing
    Property ID
    US90-0978504
    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

    • Richards Corporation / Food Processing Plant
    • Western Metal Industry Pension Fund / Industrial Manufacturer / Production Facility
    • Chicago Title Insurance Co / Title Company
    • Island Corporate Center / Business Service Center / Corporate Office
    • Business Tax Solutions / Tax Preparation

    Property Details for 7525 24Th St

    Year built
    1987
    Construction
    CONCRETE
    Lot size
    1.41 lot acres
    Property size
    200,059 SF
    Zone code
    TC
    Property type
    Office buildings
    APN
    531510-0546
    APU
    5315100546

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Mercer Island
    County
    King
    State
    Washington
    Longitude
    -122.239
    Latitude
    47.5886
    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
    $302,321
    $13,545,400
    $35,777,600
    $49,323,000
    -
    $13,545,400
    $35,777,600
    $49,323,000

    Comparable in this City

    • Value Estimation
      $7,225,000
      35,832 SF

      9611 36th St

      OFFICE BUILDING • 35,832 SF
      9611 36th St, Mercer Island, WA 98040-3732
      View Details
    • Value Estimation
      $2,980,000
      17,642 SF

      9311 36th St

      OFFICE BUILDING • 17,642 SF
      9311 36th St, Mercer Island, WA 98040-3740
      View Details
    • Value Estimation
      $4,875,000
      26,274 SF

      9725 36th St

      OFFICE BUILDING • 26,274 SF
      9725 36th St, Mercer Island, WA 98040-3841
      View Details
    • Value Estimation
      $1,210,000
      7,266 SF

      3035 Is Crst Way

      OFFICE BUILDING • 7,266 SF
      3035 Is Crst Way, Mercer Island, WA 98040-2919
      View Details
    • Value Estimation
      $3,110,000
      19,217 SF

      9675 36th St

      OFFICE BUILDING • 19,217 SF
      9675 36th St, Mercer Island, WA 98040-3723
      View Details
    • Value Estimation
      $980,000
      5,317 SF

      7426 27th St

      OFFICE BUILDING • 5,317 SF
      7426 27th St, Mercer Island, WA 98040-2789
      View Details

    Similar Nearby for Sale

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      Mercer Island Development Opportunity

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      Prime development site on Mercer Island with high visibility.
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    • $6,800,000

      Waterfront Land with Skyline Views

      Half-acre Mercer Island property with private shoreline and dock.
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    Similar Nearby for Lease

    • $5,213 /Mo
      2,157 SF

      Downtown Mercer Island Office Space

      Professional office building in the heart of Mercer Island.
      8015 28Th 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
    • Contact for pricing

      Mercer Island Professional Office Building

      Professional office space in the heart of Mercer Island.
      8015 SE 28Th St, Mercer Island, WA 98040
      View Details
    • $2,744 /Mo
      1,317 SF

      Mercer Island Office Space Available

      Office building in Mercer Island, convenient access to I-90.
      7426 27Th St, Mercer Island, WA 98040
      View Details
    • $1,440 /Mo
      596 SF

      Mercer Island Office Space Available

      Professional office building in downtown Mercer Island with covered parking.
      8015 28Th St, Mercer Island, WA 98040
      View Details
    • Contact for pricing
      1,687 SF

      Mercer Island Office Space Available

      Professional office building in downtown Mercer Island with covered parking.
      8015 SE 28Th St, Mercer Island, WA 98040
      View Details
    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.

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