12920 SE 38th St, Bellevue, WA 98006

Office · Bellevue · Seattle-Bellevue metro, WA

One of 490 reachable office buildings in Bellevue. Larger than 95% of office buildings in Bellevue (median 15,078 SF), derived from assessor records.

Usable building area
283,179 SF, King County Assessor
County gross area
555,862 SF, King County Assessor
Excluded area
272,683 SF outside primary usable area
Lot size
225,649 SF, King County Assessor
Year built
2000, King County Assessor
Stories
10, King County Assessor
Predominant use
Office Building, King County Assessor
Assessed value
$66,501,000, per the King County Assessor (not a market appraisal)
Assessed value per usable SF
$234.84/SF, derived from assessor records
Usable area / lot
1.25, derived from assessor records
Vintage
2000s vintage
Zoning
F-3, King County
County use code
Office Building

Nearby comparable buildings

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

Want to talk to the owner? makeme1031 delivers a private letter directly to the owner of record. We never publish the owner's identity or address.

Own this building?

Claim privately

Claiming is for you. Your mailing address is never shown; no offer reaches you unless you opt in.

Claimed owners can confirm facts, watch the estimate, and decide whether to reply.

Received a letter about this building? It came from a real buyer through makeme1031; claiming is how you reply privately, on your terms.

Claimed owners also get Portfolio Pulse: a monthly email tracking this building's value.

Claim or manage this building

Sale history and market context

MakeMe Estimate: $75.9M (estimated market value), with a likely range of $64.8M to $88.6M (half of recent verified sales in this segment landed inside that range). Based on 4 verified arm's-length comparable sales (through 2026-06-01). Not an appraisal. How this estimate works.

lower confidence: 0 comparable sales within 3 miles; nearest 7.9 mi. This property type carries wider measured error; treat the estimate as a starting point. Comparable-sale caveat: the estimate is 41% below the $456.09/SF median of the shown comparable sales.

Comparable sales used as evidence

Recorded arm's-length sales of similar buildings nearby; nearer and more recent sales rank first. Buyer and seller names are withheld. Get this data via API.

Market context: Office in Bellevue

median verified sale $711.85/SF over the trailing 24 months; 9 sales in the last 12 months and 11 in 24 (newest verified sale 2026-05); the middle 80% of recent sales traded at 0.90x to 2.59x their county assessed value, median 1.28x (11 sales with usable county values).

  • 2022: $664.63/SF median (6 sales)
  • 2023: $424.81/SF median (8 sales)
  • 2024: $739.60/SF median (5 sales)
  • 2025: $711.85/SF median (8 sales)

This estimate sits at 1.14x county assessed value, the 36th percentile of those recent sale premiums.

Computed from 582 verified arm's-length sales in King County public records (11 in the trailing 24 months). Free public records. Not an appraisal.

Ownership tenure is not asserted for this parcel: the most recent recorded transfer is a non-market conveyance.

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

Value over time

$0$100M$200M$300M201120142017202020232026$75.9M$66.5MCounty assessed valueMakeMe Estimate range

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 $52,388,000 (2011) to $66,501,000 (2026), up 27% over 15 years, per county tax rolls. The 2026 roll splits $66,501,000 into $13,313,200 land and $53,187,800 improvements.

Taxes

Permit history

Source: King County permit records (newest first).