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Property profile & analytics
FOR LEASE
Office buildings
7525 24Th St, Mercer Island, WA 98040
Entity Owned
8-yr Hold
~
Est. High Equity
Property ID
US90-0978504
No photos on file
For Lease
$6,078/Mo
7525 24Th St, Mercer Island, WA 98040
View Listing →
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING
Year built
1987
Construction
CONCRETE
Total area
200,059 SF
Lot
1.41 ac (61,570 SF)
Zoning code
TC
APN
531510-0546
UPID
US90-0978504
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
-
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
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$31.85M
Owner & transaction history
Sterling Realty Organization C · 8 yrs held
Sterling Realty Organization C
since 2017
7 recorded transactions
Zoning & alternative use
TC · Mercer Island, WA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
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 Mercer Island submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Mercer Island 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
CAP Approach
Comparable Approach
Alternative Use
Get a detailed, property-specific estimation — fast and free
Price per SF
Sale + rent benchmarks
Subject property
$159 / 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
$302,321
Tax year 2022
Assessed value
$49,323,000
Assessed 2022
Previous assessed
$49,323,000
+0.0% YoY
Effective rate
0.61%
On assessed value
Assessed land
$13,545,400
Assessed improvement
$35,777,600
Land market value
$13,545,400
Improvement market value
$35,777,600
Total market value
$49,323,000
Applied tax rate
1,031.0000
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
For Lease
Year built
1987
Construction
CONCRETE
Heating
CENTRAL
Cooling
CENTRAL
Stories
6
Total area
200,059 SF
Lot
1.41 ac (61,570 SF)
Zoning code
TC
APN
531510-0546
UPID
US90-0978504
Jurisdiction
KING
Metro division
SEATTLE-BELLEVUE-EVERETT, WA METROPOLITAN DIVISION
Zoning & alternative use
TC · Mercer Island, WA
Zoning TC · permitted uses
TC · Mercer Island, WA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Mercer Island. Always verify with local authorities before improvements.
Building & site characteristics
From public records
Year built
1987
Construction
CONCRETE
Heating
CENTRAL
Cooling
Yes
Stories
6
Lot
1.41 ac
Current owner
From public records · entity-resolved
Sterling Realty Organization C
Entity
Mailing address
777 108TH AVE NE STE #2150, BELLEVUE, WA 98004-5137
Ownership since
2017
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
Jul 7, 2017
$41,000,000
Sterling Realty Organization C
W2007 Seattle Office Island Co
Grant Deed
$24,600,000 · Miscellaneous Ins Co
Apr 24, 2007
$42,000,000
W2007 Seattle Office Island Co
Wa-island Corporate Center LLC
Grant Deed
—
Dec 18, 1997
$18,565,000
Island Corporate Center Assoc
Aew #17
Grant Deed
—
—
—
W2007 Seattle Office 1111 Th
—
Loan Modification
related
$462,487,746 · Wells Fargo Bk #2007-tfl2 (ce)
—
—
W2007 Seattle Office 110 Atr|w2007 Seattle Office
—
Loan Modification
related
—
—
—
W2007 Seattle Office 110 Atr|wa-one Bellevue Cente
—
Deed Of Trust
related
$320,000,000 · Bellevue Office Finco 2015 LLC
—
—
Island Coroporate Center Assoc
—
Deed Of Trust
related
$13,500,000 · Teachers Insurance & Annuity
—
—
W2007 Seattle Office 1111 Th|w2007 Seattle Office
—
Loan Modification
related
—
—
—
W2007 Seattle Office 110 Atr|w2007 Seattle Office
—
Loan Modification
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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