Listed by Cushman & Wakefield Seattle, Cushman & Wakefield - Seattle, Washington
Unpriced
K1 Overlake
Details
Property Type Retail, Multifamily
Sub Type Apartment Building, commercial
Square Footage 40,440
Units 300
Occupancy 100%
Stories 12
Lot Size (SqFt) 62,041
Zoning Overlake Village
Retail | 40,440 SqFt
Marketing description
Cushman & Wakefield is pleased to present k1 Overlake, an exceptional opportunity to deliver ±300 multifamily units on ±1.42 acres at the Center of Redmond’s most dynamic growth corridor. Located less than a mile away from the new Overlake village light rail station and Adjacent to Microsoft’s 15-million-square-foot global headquarters, the site is strategically positioned within the region’s innovation triangle, Capturing demand driven by the eastside’s expanding technology economy and transit infrastructure.
Currently improved with a ±40,440 sf two-story retail building leased to k1 speed and dollar tree, the cy 2025 NOI is budgeted to be $796,163, Providing near-term income during entitlement and permitting. Zoned Overlake village under the Redmond 2050 comprehensive plan, the Site supports mid-rise and hybrid high-rise development strategies, offering developers flexibility to optimize yield and capital structure.
The eastside remains one of the region’s most supply-constrained and affluent residential markets—where elevated median home prices Push households toward high-quality rental options. K1 Overlake sits at the center of that demand dynamic, pairing top-tier school access With true four-way commute connectivity to major employment cores. Residents can walk to daily-needs retail and an array of restaurants And services, while being minutes from parks and other amenities including world-class shopping and entertainment. The result is a rare Combination of school-district quality, job access, and walkable amenities that support durable rent growth and exceptional tenant retention.
Investment highlights
- High-Density Development Opportunity: At 1.42 acres, the site can support a minimum of 300 multifamily units (based on a 700 SF average unit size), with the potential for Type III mid-rise (8 stories) or up to 12-story high-rise construction utilizing CLT systems, subject to incentives and entitlement.
- Covered Land Play: Existing lease to K1 Speed and Dollar Tree provide near-term income, allowing a developer to offset carrying costs during entitlement and permitting.
- Strategical Urban Infill Location: Under a 10 min walk to Overlake Village Light Rail and less than a mile to Microsoft Main Campus, the site offers exceptional long-term value with direct access to regional transit, major tech campuses and walkable amenities.
- Transit-Oriented Upzone Potential: Located within Redmond’s Overlake Village and zoned OV, the site is directly impacted by the Redmond 2050 Comprehensive Plan Update, which provides for increased building heights, FAR, and residential density near transit infrastructure.
- Strong Market Fundamentals: Redmond’s multifamily market has maintained 96% average occupancy over the past decade, with over 60% rent growth on the Eastside, driven by sustained job and population growth.
- 2025 budgeted Income $796,163
- Walkable to Overlake Village Light Rail Station and adjacent to Microsoft’s 15M SF headquarters.
- Transit-oriented urban design with 10-foot sidewalks, landscaped planters, bike lanes, and public street parking.
- TOD overlay incentives allow greater FAR and flexible urban form.
Listing Contacts
Listed by Cushman & Wakefield Seattle, Cushman & Wakefield - Seattle, Washington
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