500 Central WayKirkland, WA 98033

Property Details for 500 Central Way

Year built

1967

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

0.25 AC

Property size (Sq ft)

2,027 SF

Zone code

CBD 6

Property type

Retail properties

Property subtype

Turn key restaurants

APN

390010-1730

APU

3900101730

Description

This exceptional mixed-use property, located at 500 Central Way in Kirkland, Washington, presents a rare redevelopment opportunity. The 2,027 square foot building sits on a 0.25-acre lot (10,890 square feet) in the heart of Kirkland's vibrant Central Way corridor. Built in 1967 and renovated in 1985, the single-story structure is zoned CBD-6, allowing for a building height of up to 54 feet. Its prime location offers unparalleled visibility and accessibility, directly across from the bustling Kirkland Urban development, home to Google's Kirkland campus and numerous national retailers. This strategic position ensures high foot traffic and exposure to a dense population of residents and employees. The property's proximity to major transportation arteries and neighboring cities like Bellevue, Redmond, and Seattle further enhances its appeal. This is an exceptional chance to capitalize on the thriving Eastside market and create a significant return on investment. The property's existing structure provides a solid foundation for a variety of development possibilities, making it an ideal investment for discerning developers seeking a high-impact project in a highly sought-after location. The permitted zoning allows for a wide range of uses, making this a versatile and attractive opportunity.

• CAP approach

  CAP return

  Valuation

  6%

  $806,923

  6.5%

  $744,852

  7%

  $691,648

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,504,623

  Geo Method

  $983,706

• Alternative Use

  Use

  Valuation

  Residential

  $628,310

  Hospitality

  $575,529

  Educational

  $478,833

  Medical

  $495,301

  Retail

  $744,852

Location Insight

City

Kirkland

County

King

State

Washington

Latitude

47.6792

Longitude

-122.199

CBSA code

42660

CBSA name

SEATTLE-TACOMA-BELLEVUE, WA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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