8520 164th Ave NE
- Downtown Redmond is a strong rental market with an average monthly rent is $2,461, and a rent growth of 4.6% over the past year, significantly outpacing the local and national averages.
- Transit-oriented development potential located just 0.2 miles from the Redmond Transit Center offers unparalleled connectivity.
- Downtown Core zoning allows up to 7 or 8 stories, enabling high density multifamily development.
- The site is situated in a prime Redmond location. Downtown Redmond offers a vibrant and unique energy on the Eastside, blending its dynamic retail scene—including over 120 shops, restaurants, and entertainment options at Redmond Town Center and Bella Bottega— with high-density multifamily developments and close proximity to the Sammamish River and extensive trail system.
- The site is situated near SR-520 and major transit hubs, ensuring immediate connectivity and quick commutes to Bellevue (9 miles), Seattle (15 miles), and SeaTac Airport (23 miles).
- Close to Marymoor Park, Lake Sammamish, and a network of trails, offering unparalleled recreation and outdoor access.
- The population within a 1-mile radius has grown by 12.05% between 2020 and 2024, outpacing regional trends.
Property Description
Lee & Associates Commercial Real Estate Services, LLC (“Lee & Associates”), is pleased to present the opportunity to acquire 8520 164th Ave NE, an 18,000-square-foot corner development site situated in the heart of Redmond. The property, currently zoned Town Square (TSQ), allows for a maximum height of 85 feet. This offering provides developers a prime opportunity to build a roughly 130-unit multifamily project on a centrally located, flat site in Downtown Redmond.
Key Property Information
| Listing Status: | Available |
|---|---|
| Listing Type: | Call for offers |
| Property Types: | 2-4 Units |
| Price: | $6,000,000 |
| No. of Units: | 2 |
| Year Built: | 1949 |
| Lot Size: | 0.41 Acres |
| Opportunity Zone: | No |
| Price per unit: | $3,000,000 |
| Property Website | Click Here |
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