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KB Home Acquires Office Building In Issaquah From Modiv For $25.6M
SOLD
$25,600,000
Washington
See Similar DealsOffice97,000 SF
Sold 12/18/2025
SOLD
KB Home Acquires Office Building In Issaquah From Modiv For $25.6M
22011 Southeast 51st Street
See Similar DealsOffice97,000 SF
Sold 12/18/2025
Summary
WASHINGTON
Asset Type:Office
Price Per Square Foot:$263
Total Square Footage:97,000 SF
Transaction Type:Sale
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.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,365,333.33
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$90,951.39
Cash-on-Cash Return-1.27%
Monthly Debt Service$121,357.06
Annual Debt Service$1,456,284.73
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