Marketing Description:
Introducing Vision 5 at 8525 163rd Ct NE, Redmond, WA 98052 - an exceptional opportunity in the heart of Redmond's highly sought-after market. This LEED Platinum certified property boasts 96 thoughtfully-designed units, featuring superior construction quality and eco-friendly materials. With a prime location near the Redmond Transit Center and a strong rental market, Vision 5 offers a mix of residential and commercial spaces. The property presents a chance for immediate upside with 55% of units already upgraded, leaving room for rent increases and additional income from potential conversions. Set in a tech-centric hub with affluent residents, this trophy asset promises low-risk, high-return potential and positive cash flow from day one.
Investment Highlights:
LEED Platinum Property in Affluent Submarket: Expertly designed trophy asset with a retail space and a leasing office in Redmond, WA, adjacent to Redmond Transit Center, with bus service to light rail station; innovative design, indoor air quality, materials conservation, small footprint, and water conservation are just a few features contributing to the property’s LEED Platinum certification
Meaningful Design, Quality Construction: With an emphasis on eco-friendly materials, the building features thoughtful community spaces and luxury amenities including shared work spaces, sun decks, reserved parking, common kitchens and laundry, and controlled access
Multiple Options for Upside: 55% of units have been upgraded; potential to convert model unit and small office into rentable units without Design Review Board approval
An Area With Insatiable Rental Demand: A dominant technology hub, Redmond is one of the most expensive areas in the Seattle MSA; the city is home to Microsoft, Nintendo, Honeywell, and is favored by well-compensated tech workers as a result; the average mortgage payment for a single-family home sits at nearly $10K per month
Low Risk, High Return: Low-interest assumable debt; property is listed well below replacement cost; new ownership to benefit from positive cash flow Day 1 with multiple opportunities to increase NOI immediately