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MORTGAGE BANKING
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Mitchell Belcher
Managing Director
425.891.9594
mitchell.belcher@berkadia.com
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Fully Permitted for
99 Units in an Irreplaceable Location
Address
City, State, Zip
Price
Total Lot Size
Units Proposed
Parking Proposed
Permit Status
Parcel No
Zoning
County
8550 164th Ave NE
Redmond, WA 98052
$4,750,000
10,800 SF / 0.25 acres
99
48
Fully Permitted
0125059111
TSQ
King
strong rental submarket
Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage loan brokerage business in Nevada.
© 2023 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by the Tax Credit Syndication group. For state licensing details for the above entities, visit: https://www.berkadia.com/licensing/.
Seattle office
601 Union St, Suite 3909
Seattle, WA 98101
bellevue office
411 108th Avenue NE, Suite 1080
Bellevue, WA 98004
contact
Phone: 206.521.7220
Fax: 206.521.7222
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Downtown Redmond Development Site
Fully permitted 0.25-acre development site in Redmond, WA, the fourth most expensive submarket in the Seattle MSA
Fully Permitted for 99 Units
Permits in-hand after a three-year process, a preliminary analysis proposes the development of 99 residential units, two micro offices, ground-floor commercial or amenity space, and garage parking
Expertly-Designed Plans
Designs for Harmony capitalize on the Seller’s lengthy experience developing and leasing up comparable properties; emphasis placed on luxury building amenities and expansive community spaces with small, more affordable units
Opportunity to Maximize Rental Income
Site is primed to maximize returns with residential suites thanks to proximity to transit, employers, and urban core
/ Average effective rent in the Redmond submarket was $2,418 per month in 3Q23
/ 707 net move-ins projected during the four quarters ending in 4Q23
/ Average mortgage payment in the submarket is more than double the average effective rent, favoring renting over home ownership
/ Population within 1-mile radius anticipated to increase by 9.8% over next 5 years,more than double the Seattle MSA's 2028 projected growth rate of 3.9%
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Fully Permitted for
99 Units in an Irreplaceable Location
INVESTMENT ADVISORS
MORTGAGE BANKING
Our team
Back to Top
View Listings
Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage loan brokerage business in Nevada.
© 2023 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by the Tax Credit Syndication group. For state licensing details for the above entities, visit: https://www.berkadia.com/licensing/.
contact
Phone: 206.521.7220
Fax: 206.521.7222
Seattle office
601 Union St, Suite 3909
Seattle, WA 98101
bellevue office
411 108th Avenue NE, Suite 1080
Bellevue, WA 98004
8550 164th Ave NE
Redmond, WA 98052
Total size
Parcels
Parking Proposed
zoning
county
0.25 Acre
0125059111
48
TSQ
King
Expertly-Designed Plans
Designs for Harmony capitalize on the Seller’s lengthy experience developing and leasingup comparable properties; emphasis placed on luxury building amenities and expansive community spaces with small, more affordable units
Fully Permitted for 99 Units
Permits in-hand after a three-year process, a preliminary analysis proposes the development of 99 residential units, two micro offices, ground-floor commercial or amenity space, and garage parking
Opportunity to Maximize Rental Income
Site is primed to maximize returns with residential suites thanks to proximity to transit, employers, and urban core; micros are less expensive than conventional units and remain in high demand with ability to command some of the highest per square-foot pricing
Dominant Employment Hub with Strong Rental Demand
Redmond home to Microsoft, Nintendo, Honeywell, and more; city has more jobs than residents and must import workers, ensuring continued demand for housing
Dominant Employment Hub with Strong Rental Demand Redmond home to Microsoft, Nintendo, Honeywell, and more; city has more jobs than residents and must import workers, ensuring continued demand for housing
Michael Manolides
Associate Director
253.670.2143
michael.manolides@berkadia.com
Robert Doxsee
Managing Director
425.777.0235
robert.doxsee@berkadia.com
Artur Otto
Associate Director
artur.otto@berkadia.com
Beau Krueger
Associate Director
beau.krueger@berkadia.com
Patrick harmon
Associate Director
patrick.harmon@berkadia.com
Chad Blenz
Senior Director
206.491.2008
chad.blenz@berkadia.com
Brandon Lawler
Senior Director
206.484.8114
brandon.lawler@berkadia.com
Jay Timpani
Managing Director
206.999.3206
jay.timpani@berkadia.com
Steven Chattin
Managing Director
425.269.3826
steven.chattin@berkadia.com
Mitchell Belcher
Managing Director
425.891.9594
mitchell.belcher@berkadia.com
Michael Manolides
Associate Director
253.670.2143
michael.manolides@berkadia.com
Robert Doxsee
Managing Director
425.777.0235
robert.doxsee@berkadia.com
artur Otto
Associate Director
artur.otto@berkadia.com
Beau krueger
Associate Director
beau.krueger@berkadia.com
Patrick harmon
Associate Director
patrick.harmon@berkadia.com
brandon lawler
Senior Director
206.484.8114
brandon.lawler@berkadia.com
Chad Blenz
Senior Director
206.491.3826
chad.blenz@berkadia.com
Jay Timpani
Managing Director
206.999.3206
jay.timpani@berkadia.com
Steven Chattin
Managing Director
425.269.3826
steven.chattin@berkadia.com
Mitchell Belcher
Managing Director
425.891.9594
mitchell.belcher@berkadia.com
Price
$4,750,000
Units proposed
99
/ Median household income within 1 mile slated to surpass $189,300 over the next 5 years, equating to a 38.8% increase
/ Over 54,100 full-time equivalent employees and 1,400+ businesses within 1 mile
/ Median household income within 1 mile slated to surpass $189,300 over the next 5 years, equating to a 38.8% increase
/ Over 54,100 full-time equivalent employees and 1,400+ businesses within 1 mile