BEAR CREEK Apartments OFFERING
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BEAR CREEK apartments OFFERING Paragon Real Estate Advisors is pleased to exclusively offer for sale the Bear Creek Apartments, an 8 – unit apartment building located in the highly sought after and walkable Redmond neighborhood. The property has undergone a complete high-end renovation to both the interior and exterior of the building. With a BEAR CREEK WalkScore of 84 and modern looking units, the Bear Creek apartments Apartments cater well to tenants who work in the strong tech employment markets on the Eastside. NAME Bear Creek Apartments ADDRESS 17121 NE 80th St, Redmond WA 98052 TOTAL UNITS 8 BUILT 1984 SQUARE FEET 7,408 Total Net Rentable PRICE $3,300,000 PRICE PER UNIT $412,500 PRICE PER FOOT $445.46 CURRENT GRM/CAP 18.1/4.0% MARKET GRM/CAP 15.0/5.0% LOT SIZE 14,549 Square Feet ZONING R30 This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify all information and bears all risk for inaccuracies. SEATTLE CBD UNIVERSITY OF WASHINGTON BELLEVUE BRIDLE TRAILS KIRKLAND STATE PARK MARYMOOR PARK REDMOND TOWN CENTER INVESTMENT HIGHLIGHTS Rare opportunity to purchase Eastside location apartments 8 well appointed homes High end renovation; marble, tile, hardwoods, stainless steel All units have washer and dryers 12 covered parking spaces Located in the heart of Redmond Private decks with territorial views Large dedicated storage units for each unit BEAR CREEK apartments LOCATION HIGHLIGHTS Redmond is the seventh most populous city in King County and the 15th most populous city in the State of Washington. The city is located 11 miles north east of downtown Seattle, at the east end of State Route 520 along the north end of Lake Sammamish. Redmond is well known as a center of technology and the location for a number of nationally known high-tech, gaming, aerospace and biomedical companies, as well as innovative start-ups. The daytime employment population is approximately 110,000. WALK SCORE 84 Walkscore of 84 - Very Walkable Ten minutes from downtown Bellevue and twenty minutes from downtown Seattle Convenient access to Safeway, Trader Joe’s, PCC Natural Markets and Whole Foods Blocks to Redmond Town Center MEDIAN INCOME Minutes away from Marymoor Park and Redmond Watershed Nature Preserve $103,409 Close urban heart of the city, featuring local favorite restaurants, bars and delis like the Tipsy Cow, Molly’ Moon’s Homemade Ice Cream, Mahoney’s, Palmer’s East and Woodblock Within ten minutes of the largest employers in the region including Microsoft and Amazon Redmond Named ‘Best Place To Live’ In Washington - (Niche.com, 2017) POPULATION 64,050 *https://www.ofm.wa.gov/washington-data-research/population-demographics/population-estimates/april-1-official-population-estimates REDMOND Redmond has acted to maintain a strong economy and a diverse job base. The city is the home to many small, medium-size and locally owned businesses and services, as well as nationally and internationally recognized corporations. Redmond has a comprehensive Plan, known as the Redmond 2030. The plan is set in place to help the city grow, develop, and enhance the livability of the neighborhoods, and to deliver high-quality services in partnership with the community by the year 2030. Redmond’s 2030 transportation system offers people a variety of real choices for how we get between where we live, work, shop and play. Each year, more people walk, bicycle, carpool or use transit to travel within the city to access the regional bus and light rail system because land uses that reflect our vibrant community character have created a strong market demand for these options. The City has invested strategically and leveraged regional funds to ensure a safe, well-maintained system, improve transportation choices and mobility, and support our two Urban Centers, Downtown and Overlake. TRANSPORTATION Sound Transit’s East Link light rail extension project is bringing high- 2023 quality rail transit to Redmond with service starting at two stations in Overlake in 2023: Overlake Village (SR 520 at 152nd Ave NE) and Redmond Technology Center (SR 520 at NE 40th St). Once the project is complete, 2025 travelers from the Redmond Technology Center station will enjoy 10-minute trips to Downtown Bellevue and 30-minute trips to Downtown 2021 Seattle on tracks separated from automobile traffic. 2023 When East Link light rail opens in 2023 there will be multiple ways to access the stations, including: Walking and biking: Redmond stations include pedestrian-bicycle bridges over SR 520 to help people conveniently access the stations, including using the 520 Trail Transit: bus transit will be restructured in advance of light rail opening to make it easier to access East Link Getting a ride: both stations in Redmond will have pick-up and drop-off areas Vehicle parking: vehicle parking will be available at the Redmond Technology Center station, Bel-Red/130th station and South Bellevue station. In addition, the Overlake Park-and-Ride on 152nd Ave NE is located about a six-minute walk from the Overlake Village station. In November of 2016 voters approved the extension of the East Link Light 2016 Rail project from the Redmond Technology Center Station at NE 40th St. 2023 in Overlake, which opens in 2023, to southeast Redmond and Downtown, with service targeted to begin in 2024. TOP 20 REDMOND EMPLOYERS RANK COMPANY FTE JOBS* 1 Microsoft Corporation 38,657 2 Terex Washington & USA 2,136 3 Lake Washington School District 1,512 4 Eurest Dining Services 1,241 5 Nintendo of America 953 6 AT&T Mobility 941 7 Honeywell International Inc. 867 8 United Parcel Service 797 9 Stryker Corporation 704 10 City of Redmond 671 11 Mindtree Limited 637 12 CBRE Inc. 535 13 Accenture 448 14 Aerojet 421 15 MV Public Transportation Inc. 339 16 Wyndham Vacation Ownership Inc. 339 17 Wipro Limited 268 18 Securitas Security Services USA Inc. 258 19 Costco Wholesale Corporation 257 20 Pacific Bioscience Laboratories Inc. 253 Total 52,234 * Full-time equivalent number of jobs - 2016 AREA DEVELOPMENTS Microsoft Expansion : Microsoft is currently undergoing a multi – billion dollar campus renovation and expansion. Over the next five to seven years, the company will construct 18 new buildings on the campus. It will also renovate several other buildings to give them a modern, open feel similar to the workplaces at Amazon, Google and other big tech companies. In total the expansion will add about 2.5 million square feet in new construction, creating room for 8,000 future jobs. Facebook : Facebook has plans to grow it’s Oculus virtual reality company to nearly one million square feet of office space in the city of Redmond. Facebook purchased the company in 2014 for over 3 Billion dollars and stated their goal is to get the device into the hands of 1 billion consumers. The company recently purchased a 16 acre site on Willows road to facilitate this goal. Space X: Space X, which currently operates a 30,000 square foot facility in Redmond has leased an additional 40,000 feet of office in the Redmond Ridge Corporate Center. This facility will be used for the research, design and production of Satellites. The CEO of Space X, Elon Musk predicts that this business will eventually employ over 1,000 people in Redmond. Overlake Plaza Redevelopment: This project, led by Seritage Growth Properties would transform roughly 14 acres in the Overlake neighborhood into a mixed use development. The site is located at 2200 148th Ave NE and is commonly known as the Sears site. The project plans to build 500 apartments, 100,000 square feet of retail space, a 200 room hotel, 267,000 square feet of office and underground parking to accommodate 2,250 vehicles. BUILDING RENOVATIONS UNIT RENOVATIONS New combination lock mailboxes - 2016 New appliances and ventilation hoods New skylights - 2016 New plumbing through out New maintenance storage room - 2016 New vinyl plank flooring New electric keypad locks on all doors – 2016 New blinds and curtains Storage room updating with metal doors – 2016 New bathroom fixtures New walkway and stairs to parking – 2017 New washer and dryers New exterior lighting and landscaping – 2017 New heating/thermostats Main sewer line clean out – 2017 New lighting New decks and gutters – 2017 New cabinets, countertops and bathrooms New exterior paint - 2018 New lighting through out New windows and sliders – 2018 New SMURF-tubing , TV insert and wall mounts New roof, underlayment and ventilation – 2018 BUILDING PHOTOS UNIT PHOTOS UNIT PHOTOS Unit Breakdown BEAR CREEK apartments APPROXIMATE CURRENT CURRENT MARKET MARKET UNIT TYPE UNIT SIZE RENT RENT/SQ.FT. RENT RENT/SQ.FT. 17121 2 Bd/1.5 Bth 1,144 Sq.Ft. $2,200 $1.92 $2,500 $2.19 17123 2 Bd/1.5 Bth 1,144 Sq.Ft. $2,200 $1.92 $2,500 $2.19 17125 2 Bd/1.5 Bth 1,144 Sq.Ft. $2,300 $2.01 $2,500 $2.19 17127 2 Bd/1.5 Bth 1,144 Sq.Ft. $2,275 $1.99 $2,500 $2.19 17129 1 Bd/1 Bth 708 Sq.Ft. $1,450 $2.05 $1,850 $2.61 17131 1 Bd/1 Bth 708 Sq.Ft. $1,450 $2.05 $1,850 $2.61 17133 1 Bd/1 Bth 708 Sq.Ft. $1,550 $2.19 $1,850 $2.61 17135 1 Bd/1 Bth 708 Sq.Ft. $1,775 $2.51 $1,850 $2.61 Totals/Avg 7,408 Sq.Ft. $15,200 $2.05 $17,400 $2.35 Income and Expenses ANNUALIZED OPERATING EXPENSES CURRENT MARKET Units 8 Price $3,300,000 Real Estate Taxes 2018 $19,891 $19,891 Year Built 1984 Per Unit $412,500 Insurance 2017 $7,438 $2,400 Rentable Area 7,408 Per Sq.