16150 85Th StRedmond, WA 98052

This exceptional mixed-use property at 16150 NE 85th St, Redmond, WA 98052, presents a compelling redevelopment opportunity. The 3.12-acre site (APN 920020-0020) encompasses a 428,379 square foot, 13-story Class B building currently operating at 70% occupancy, generating a $1,000,000 NOI and a 4.00% cap rate. The asking price is $24,000,000, with a price per unit of $45,000. The property is zoned for Town Square, City of Redmond, and features a net rentable area of 398,000 square feet. Currently configured as an apartment building and shopping center, the property offers significant flexibility for redevelopment. Multiple tenants have near-term lease expirations or demolition clauses, creating immediate repositioning potential. Development scenarios include a single multifamily building or a two-building multifamily development. Redmond's robust market, with a 62% household growth since 2000 and a current vacancy rate of 5.4%, makes this a highly attractive investment. The existing cash flow from the in-place tenancy provides a strong foundation during the entitlement process. The projected reduction in new multifamily unit deliveries over the next five years further strengthens the investment outlook. This property offers a unique blend of immediate income and long-term growth potential in a thriving market.