Overview

Highlights

• 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.

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.

Location

Located in the heart of Downtown Redmond, 8520 164th Ave NE is just 15 miles east of downtown Seattle and 7 miles east of downtown Bellevue, offering unparalleled access to major urban hubs. Bordering the shores of Lake Sammamish, Redmond is one of the Eastside’s most dynamic cities, renowned for its excellent transportation options, abundant amenities, and thriving economic ecosystem.

Contact Broker