KB Home Acquires Office Building In Issaquah From Modiv For $25.6M
22011 Southeast 51st Street
$25,600,000
$263/SF
Building Size
97,000 SF
Asset Type
Office
Closing
Dec 18, 2025
AI
A 97,000 sq ft office building located at 22011 Southeast 51st Street in Issaquah, WA, has been sold for $25.6 million. The asset spans 4.7 acres and is intended for redevelopment into townhomes by the buyer, KB Home.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $25,600,000
- Sale Date: 12/18/2025
- Seller: Modiv
- Buyer: KB Home
- Broker: Pat Mutzel - Cushman & Wakefield
- Price per Square Foot: $264
- Future Development: 74 townhomes planned by 2027
- Market Context: Conversion of suburban offices to housing post-Covid
Pat Mutzel from Cushman & Wakefield represented Modiv in the transaction, facilitating the sale to KB Home, which is pursuing a redevelopment strategy to adapt to changing housing demands in the area.
Players
Issaquah Office Market Snapshot
Boundary boundary · Office · Sale transactions
Loading comparables…
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.62%
Cash-on-Cash
-0.18%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93