Kirkland Central
Investment or Redevelopment Opportunity | Stabilized Multifamily in Downtown Kirkland
Marketing description
Cushman & Wakefield, as exclusive advisor is pleased to present Kirkland Central—a rare opportunity to acquire a stabilized multifamily investment or redevelopment site in the heart of Downtown Kirkland. Located at 325 4th Avenue, the ±8,700 SF, 6 unit-property sits on a ±15,015 SF parcel zoned PLA 7B. Conceptual massing studies support redevelopment into 8-10 luxury townhomes or condos with garages, designed to meet growing demand for high-end residential living in one of the Eastside’s most desirable neighborhoods.
Situated on a quiet residential block just one block from Central Way and minutes from Lake Washington, the site combines neighborhood charm with proximity to walkable amenities, Bus Rapid Transit at SR-405/NE 85th, and major employers like Google and Microsoft.
The property is a renovated 6-unit townhouse apartment building operating as a rental, with an effective year of 2005. Each unit includes two parking stalls, in-unit washer/dryer, and updated interiors. The projected 2026 pro forma NOI is approximately $207,000, with potential to reach $259,000 through minor upgrades.
Zoned PLA-7B, the ±15,015 SF site supports redevelopment. Preliminary massing studies indicate feasibility for an 8–10 unit, 3–4 story townhome or condo project, featuring 2,000–2,700 SF units, each with a private entry, two-car garage, and rooftop deck. Designs comply with Kirkland’s zoning standards, including 60% lot coverage and a 35’ height limit.
Investment highlights
- Prime location Steps to Google, Lake Washington, Peter Kirk Park & Kirkland Urban.
- Design flexibility PLA 7B zoning enables large luxury townhomes (~2,000-2,700 SF) or higher unit count with smaller footprints.
- Strong exit value potential Recent townhomes in Kirkland listing for ~$2-$2.6M+ for 2,700-3,100 SF.
- Density / land upside Up to 24 units/acre under high-density residential zoning.
- Redevelopment / income flex strategy Option to collect existing rents and redevelop as townhomes or condos, or as a value add investment with stable income with significant rent growth through minimal upgrades.
- Scarcity of comparable luxury inventory Few large luxury townhomes of this scale are currently listed for sale in the downtown Kirkland core.
- Property Address 325 4th Avenue, Kirkland, WA 98033
- Parcel Number 3900101211
- Zoning PLA 7B
- Lot Size ±15,015 SF (±0.34 Acres)
- Allowable Density 24 Du/Acre = 8-10 Units
- Existing Building ±8,700 SF, 6 Unit Apartment
- Projected 2026 NOI ~$207,000- $259,000
- Site Dimensions 100’ x 150.15’
- Max Lot Coverage 60%
- Max Height 35 Feet Above Average Building Elevation (ABE)
- Setbacks Per High-Density Design Standards. See KZC zChapters 2530 and 115 here.
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