Offering Memorandum REDMOND DEVELOPMENT SITE th Ave NE Redmond, WA. Exclusively offered by Paragon Real Estate Advisors

Transcription

1 Offering Memorandum REDMOND DEVELOPMENT SITE th Ave NE Redmond, WA Exclusively offered by Paragon Real Estate Advisors 1

2 Offering Summary The Redmond Townhouse Development Site is a rare developable lot in Redmond that is perfect for building townhouses. The property is a relatively flat 12,000 square foot parcel with zoning that will allow for 6 units. The property is well located just 0.7 miles up the hill from Downtown Redmond, shops, restaurants, etc. With the proximity to the Microsoft Headquarters and the planned 1.4 million sq. ft. expansion there is abundant demand for more residential development in this highly desirable location. REDMOND DEVELOPMENT SITE Name Redmond Development Site Address th Ave NE, Redmond WA Parcel Number Lot Size 12,000 Square Feet Zoning R20 Price $1,500,000 Price Per Foot $125 Existing Use Duplex Terms Cash Out 2

3 Investment Highlights 12,000 square foot lot Potential to build 6 townhouses 0.7 miles to downtown Redmond 3.8 miles to Microsoft Headquarters Fastest growing city in Washington state Microsoft expansion adding 1.4 million square feet East Link light rail extension coming in

4 Neighborhood Map SEATTLE CBD UNIVERSITY OF WASHINGTON BELLEVUE BRIDLE TRAILS STATE PARK KIRKLAND MARYMOOR PARK REDMOND TOWN CENTER REDMOND DEVELOPMENT SITE 4

5 Redmond Redmond is the seventh most populous city in King County and the 15th most populous city in the State of Washington. The City is located 11 miles north east of downtown Seattle, at the east end of State Route 520 along the north end of Lake Sammamish. Redmond is well known as a center of technology and the location for a number of nationally known high-tech, gaming, aerospace and biomedical companies, as well as innovative start-ups. The daytime employment population is approximately 84,547. Redmond has acted to maintain a strong economy and a diverse job base. The city is the home to many small, medium-size and locally owned businesses and services, as well as nationally and internationally recognized corporations. Redmond has a comprehensive Plan, known as the Redmond The plan is set in place to help the city grow, develop, and enhance the livability of the neighborhoods, and to deliver high-quality services in partnership with the community by the year Redmond s 2030 transportation system offers people a variety of real choices for how we get between where we live, work, shop and play. Each year, more people walk, bicycle, carpool or use transit to travel within the city to access the regional bus and light rail system because land uses that reflect our vibrant community character have created a strong market demand for these options. The City has invested strategically and leveraged regional funds to ensure a safe, wellmaintained system, improve transportation choices and mobility, and support our two Urban Centers, Downtown and Overlake. Neighborhoods have increased access to the hubs of Downtown and Overlake, neighboring cities and the region. Median Household Income: $103,409 Redmond Population: 60,560 approx. Kirkland Population: 84,680 approx. Bellevue Population: 139,400 approx. **All populations obtained from the 2016 OFM King County Estimate 5

6 Location Highlights Walkscore of 84 - Very Walkable Ten minutes from downtown Bellevue Twenty minutes from downtown Seattle Convenient access to Safeway, Trader Joe s, PCC Natural Markets and Whole Foods Blocks to Redmond Town Center Minutes away from Marymoor Park and Redmond Watershed Nature Preserve Close urban heart of the city, featuring local favorite restaurants, bars and delis like the Tipsy Cow, Molly Moon s Homemade Ice Cream, Mahoney s, Palmer s East and Woodblock Within ten minutes of some of the largest employers in the entire region including Microsoft and Amazon Redmond Named Best Place To Live In Washington - (Niche. com, 2017) 6

7 Top 20 Redmond Employers Rank Company FTE Jobs * 1. Microsoft 34, Terex Washington & USA 2, Eurest Dining Services 1, Aerotek Inc Lake Washington School District Nintendo of America AT&T Mobility & Retail Stores United Parcel Service Physio-Control Inc Honeywell International Inc Aerojet CBRE Inc Alstom Grid LLC Wipro Limited MV Public Transportation Inc Wyndham Vacation Ownership Inc Mindtree Limited Univar USA Inc Pacific Bioscience Labs Inc Crane Electronics Inc. 266 Total 47,352 Microsoft Main Campus, Redmond WA * Full-time equivalent number of jobs

8 Employment Map REDMOND DEVELOPMENT SITE 8

9 Operating Income Units 2 Year built 1932 Rentable Area 2,400 Sq.Ft. Type Size Current Rent Monthly Income 2Bd/1Bth 1,200 $1,400 $1,400 2Bd/2Bth 1,200 $1,500 $1,500 Totals 2400 $2,900 $0.83/Sq.Ft. Annualized Expenses Taxes $4,532 Insurance $900 Utilities $1,500 Total Expenses $7,022 Annualized Operating Data Gross Scheduled Income $34,800 Less Expenses ($7,022) Net Operating Income $27,778 9

10 Paragon Real Estate Advisors ABOUT PARAGON Paragon Real Estate Advisors is the leading Seattle real estate investment firm for multifamily property sales in Washington State. We have accrued over $3 billion in sales and have closed nearly 1,700 successful real estate transactions. We are locally owned, client-focused and highly experienced. When it comes to apartments and investment real estate in the Puget Sound region, we are the smart choice to partner with. At Paragon, we build long-term partnerships that help our clients reach their long- and short-term real estate investment goals while maintaining maximum profitability for them. Our brokers have an in-depth knowledge of the Washington state real estate market, particularly in the greater Seattle area and the I-5 corridor, that comes from more than 20 years experience in the industry. Paragon s unique focus on sharing knowledge, teamwork and collaboration within the brokerage industry leverages our collective intellect for all our clients. Our brokers provide superior customer representation through our innovative and effective marketing campaigns, co-brokerage, skilled negotiations, and ongoing partnerships. The information found in this offering memorandum has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. 10