12230 Northup Way, Bellevue, WA 98005

Small-Bay Industrial · Bellevue · Seattle-Bellevue metro, WA

One of 180 reachable small-bay industrial buildings in Bellevue. Larger than 28% of small-bay industrial buildings in Bellevue (median 15,183 SF), derived from assessor records.

Usable building area: 8,800 SF, King County Assessor
Lot size: 35,945 SF, King County Assessor
Year built: 1980, King County Assessor
Stories: 1, King County Assessor
Predominant use: Industrial Park, King County Assessor
Assessed value: $3,775,200, per the King County Assessor (not a market appraisal)
Assessed value per usable SF: $429/SF, derived from assessor records
Usable area / lot: 0.24, derived from assessor records
Vintage: 1980s vintage
Zoning: BR-GC, King County
County use code: Industrial Park

Nearby comparable buildings

Same building type, by distance. Assessor facts only; not an opinion of value.

12332 Northup Way, Bellevue · 0 mi · 16,400 SF · built 1980 · assessed $270.23/SF
2020 124th Ave NE, Bellevue · 0.1 mi · 21,415 SF · built 1978 · assessed $331.31/SF
12031 Northup Way, Bellevue · 0.1 mi · 21,280 SF · built 1983 · assessed $370.50/SF
12021 Northup Way, Bellevue · 0.2 mi · 19,885 SF · built 1983 · assessed $370.50/SF
2000 124th Ave NE, Bellevue · 0.2 mi · 15,186 SF · built 1978 · assessed $370.50/SF
1940 124th Ave NE, Bellevue · 0.2 mi · 15,917 SF · built 1978 · assessed $370.50/SF

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Sale history and market context

MakeMe Estimate: $4.62M (estimated market value), with a likely range of $4.04M to $6.25M (half of recent verified sales in this segment landed inside that range). Based on 8 verified arm's-length comparable sales (through 2026-06-01). The county roll carries a nominal improvement value for this parcel, so the estimate leans on comparable sales and the county-confirmed building area rather than the county land and improvement split. Not an appraisal. How this estimate works.

lower confidence: 2 comparable sales within 3 miles; nearest 0.4 mi. This property type carries wider measured error; treat the estimate as a starting point. Comparable-sale caveat: the estimate is 40% above the $375.75/SF median of the shown comparable sales.

Market context: Industrial in Bellevue

median verified sale $462.93/SF over the trailing 24 months; 2 sales in the last 12 months and 5 in 24 (newest verified sale 2026-05).

Computed from 115 verified arm's-length sales in King County public records (5 in the trailing 24 months). Free public records. Not an appraisal.

Current ownership dates to 2020 (about 6 years) per recorded transfers.

2020-07-30: $8,000,000 from Pine Forest Business Parks LLC to Northpark Investors LLC (part of a 2-parcel sale; price is the whole deal), rec. 20200731001915

2015: transferred to Pine Forest Business Parks LLC, no consideration (2 recorded transfers, 1996 to 2015)

Source: King County recorded sales extract; buyer and seller shown only when a company or organization. Individual names are withheld.

Value over time

Dark line: county assessed value per King County tax rolls. Blue line: our estimate; dashed years are a modeled backcast built from recorded arm's-length sales in the building's segment, not estimates published at the time, and years without enough sales stay unmodeled. The shaded range is the model's measured error band; about half of verified sales in the segment land inside it. Not an appraisal. How this estimate works.

Land, site, and value history

Assessed value moved from $1,452,000 (2011) to $3,775,200 (2026), up 160% over 15 years, per county tax rolls. The 2026 roll splits $3,775,200 into $3,774,200 land and $1,000 improvements.

Zoning: BR-GC (per King County)

Lot: 35,945 sq ft

Water: Water District (per King County)

Sewer: Public (per King County)

Access: Public

Street surface: Paved

Floor and use mix: Storage Warehouse 4,500 SF; Open Office 4,300 SF (county building sections)

County districts report (schools, fire, sewer, council; on kingcounty.gov)