16440 NE 85th Street - Redmond Downtown Edge Commercial
Redmond Downtown Edge Property | 2,200 Sqft Medical Office | 0.5 Acre Site
Marketing description
Lee & Associates Commercial Real Estate Services, LLC (“Lee & Associates”), is pleased to present the opportunity to acquire 16440 NE 85th Street, a 21,750-square-foot property situated in the heart of Redmond. The property currently has a +/-2,200 sqft medical office and two storage buildings totaling +/-1,800 sqft and is supported by ample parking. A recent upzone has designated the property within Downtown Edge (DE) zoning, allowing for a range of commercial and residential uses with a base maximum height of 45 feet before incentive increases. 16440 NE 85th Street provides buyers with a prime opportunity to repurpose a centrally located & flat property in Downtown Redmond.
The location benefits from exceptional connectivity, including its proximity to the Redmond Transit Center (0.2 miles) and the Sound Transit East Link Light Rail station. These features, coupled with flexible development options, position the site as a unique value proposition in one of the Eastside’s fastest growing markets.
This property is ideally situated near Redmond’s key amenities, offering immediate access to shopping, dining, and recreational opportunities. Its walkable and bikeable location, in close proximity to Lake Sammamish and Marymoor Park, enhances the appeal to future residents.
Investment highlights
EXCELLENT MARKET FUNDAMENTALS
» Strong Rental Market: : Downtown Redmond’s average monthly rent is $2,461, with a rent growth of 4.6% over the past year, significantly outpacing the local and national averages.
» Rental Advantage: With a 79% cost advantage, renting in Redmond is significantly more affordable than homeownership.
» Transit-Oriented Development Potential: Located just 0.2 miles from the Redmond Transit Center offers unparalleled connectivity.
» Favorable Zoning: Downtown Edge zoning allows up to 45 feet before incentive adjustments, enabling dense multifamily development.
PREFERRED EASTSIDE LOCATION
» 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.
» Immediate Connectivity: The site is situated near SR-520 and major transit hubs, ensuring quick commutes to Bellevue (9 miles), Seattle (15 miles), and SeaTac Airport (23 miles).
» Lifestyle Amenities: Close to Marymoor Park, Lake Sammamish, and a network of trails, offering unparalleled recreation and outdoor access.
TOP-TIER DEMOGRAPHICS
» Affluent Community: The average household income within a 1-mile radius is $154,924.
» Growing Population: The population within a 1-mile radius has grown by 12.05% between 2020 and 2024, outpacing regional trends.
» Educated Workforce: Over 71% of residents within a 1-mile radius hold a bachelor’s degree or higher, reflecting a highly skilled labor pool.
» Expanding Multifamily Density: Over the past 10 years, Downtown Redmond has added more than 3,500 multifamily units while maintaining a vacancy rate of under 6% over the same period.
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