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Property profile & analytics
FOR LEASE
Office buildings
8015 SE 28Th St, Mercer Island, WA 98040
Entity Owned
21-yr Hold
~
Est. High Equity
Property ID
US90-1984159
For Lease
1 / 7
$29 SF/Yr
8015 SE 28Th St, Mercer Island, WA 98040
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Property summary
AI-generated overview
Island Crest Plaza, located at 8015 SE 28th St, Mercer Island, WA 98040, offers exceptional office space in the I-90 Corridor. This three-story building, constructed in 2002, boasts a total of 17,266 square feet, with multiple tenancy options available. Currently, 3,814 square feet of space is vacant, offering flexibility for businesses of various sizes. The minimum divisible space is 596 square feet, while the maximum contiguous space available is 2,157 square feet. One particular suite of 2,062 square feet is currently available for lease. The building provides convenient on-site covered parking with 40 spaces for tenants and their clients. The property is classified as both Traditional and Executive Office space, catering to a range of business needs. Its location in the desirable I-90 Corridor provides excellent access to major transportation routes and amenities. This is a prime opportunity to secure high-quality office space in a thriving Mercer Island location. Inquire today to learn more about leasing options and availability.
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING
Year built
2001
Construction
CONCRETE
Total area
27,585 SF
Lot
0.38 ac (16,494 SF)
Zoning code
TC
APN
545230-0470
UPID
US90-1984159
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
-
Sloan Kevin L MD Physician
-
Pacific Dental Alliance Dental Office
-
ALODERMA (Bike/Boat/Book/etc) Store Cosmetic Store
-
Law Office of J.D. Smith, PLLC Law Firm
-
Mercer Island Therapy Physical Therapist Psychologist
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$4.29M
Owner & transaction history
Clock Tower Building LLC · 21 yrs held
Clock Tower Building LLC
since 2005
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
$156 / 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
$37,259
Tax year 2022
Assessed value
$6,076,100
Assessed 2022
Previous assessed
$6,076,100
+0.0% YoY
Effective rate
0.61%
On assessed value
Assessed land
$2,968,900
Assessed improvement
$3,107,200
Land market value
$2,968,900
Improvement market value
$3,107,200
Total market value
$6,076,100
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
2001
Construction
CONCRETE
Heating
GAS
Cooling
AC.PACKAGE
Stories
3
Total area
27,585 SF
Lot
0.38 ac (16,494 SF)
Zoning code
TC
APN
545230-0470
UPID
US90-1984159
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
2001
Construction
CONCRETE
Heating
GAS
Cooling
Yes
Stories
3
Lot
0.38 ac
Current owner
From public records · entity-resolved
Clock Tower Building LLC
Entity
Mailing address
PO BOX 3665, BELLEVUE, WA 98009-3665
Ownership since
2005
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
7 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Dec 10, 2025
—
Clock Tower Building LLC
—
Deed
related
$2,460,000 · Zb NA
Oct 7, 2020
—
Clock Tower Building LLC
—
Deed
related
$2,680,000 · Boeing Employees Cu
Apr 29, 2005
$5,105,000
Clock Tower Building LLC
Island Plaza LLC
Warranty Deed
—
Mar 15, 2000
$617,820
Island Plaza LLC
Morris,william J & Gretchen M
Trustees Deed
—
Mar 15, 2000
—
Island Capital LLC
—
Deed Of Trust
related
$1,900,000 · Towne Bank
—
—
Island Plaza LLC
—
Deed Of Trust
related
$2,934,200 · Northwest Financial
—
—
Island Plaza LLC
—
Deed Of Trust
related
$350,000 · Towne Bank
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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