MakeMe Estimate: $27.6M (estimated market value), with a likely range of $24.3M to $31.8M (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). Not an appraisal. How this estimate works.
lower confidence: 2 comparable sales within 3 miles; nearest 1 mi. This property type carries wider measured error; treat the estimate as a starting point. Last arm's-length sale: $29,350,000 in 2021. The market has moved since; the estimate reflects current county values and ratios, not that price. Comparable-sale caveat: the estimate is 26% below the $519.02/SF median of the shown comparable sales.
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 1.38x county assessed value, the 55th 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.
Last sold: 2021-11-05 for $29,350,000 (recorded arm's-length sale).
Current ownership dates to 2021 (about 5 years) per recorded transfers.
2021-11-05: $29,350,000 from Sfii Delphi LLC to Smartcap Bellevue Terrace Office Park LLC, rec. 20211108000320
2016-07-13: $17,400,000 from Sun Life Assurance Company of Canada to Sfii Delphi LLC, rec. 20160718001240
2003-10-22: $12,080,000 from University Street Properties III LLC to Sun Life Assurance CO of Canada, rec. 20031022001449
1998-10-28: $9,685,000 from Seattle Office Associates LLC to University Street Properties III, rec. 199811032032
1995-05-16: $5,300,000 from Private party to Seattle Office Assoc LLC, rec. 199505170563
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. Diamonds: recorded arm's-length sales. Not an appraisal. How this estimate works.
Land, site, and value history
Assessed value moved from $11,522,300 (2011) to $19,993,500 (2026), up 74% over 15 years, per county tax rolls. The 2026 roll splits $19,993,500 into $10,019,200 land and $9,974,300 improvements.
Zoning: OLB2 (per King County)
Lot: 161,600 sq ft
Nuisance flags: Power lines
Water: Water District (per King County)
Sewer: Public (per King County)
Access: Public
Street surface: Paved
Floor and use mix: Office Building 71,872 SF; Basement, Parking 21,916 SF (county building sections)