Retail Strip Near Light
New
For Sale
$19,300,000
16421 Cleveland St, Redmond, WA 98052
Five food-and-beverage businesses occupy the property, with four tenants on corporate-guaranteed, 10-year leases.
Property SizeContact for details
Days on Market3
Property Features for 16421 Cleveland St
General Information
Standard status
Active
Property subtype
Retail
Zoning
DTC
Occupancy
100%
Net Operating Income
$724,956
Financials
Asking Price
$19,300,000
Cap Rate
3.76%
Additional Details
Sprinkler System
Yes
Tenant in Place
Yes
Building Details
Year Built
1984
Buildings
1
Tenancy
Multi
Listing Agency:
R.H. Cooke & Associates
Listed By:
Bob Cooke · License #12404
(509) 327-2282
Source:
Rhcooke.idxbroker
Added: Oct 24
Changed: Oct 26
Last Checked: Oct 24 at 3:08PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of R.H. Cooke & Associates
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Investment Insights
Based on property information with market context.
This five-tenant retail strip in Redmond was built in 1984 and has undergone a comprehensive renovation. Work included replacement of the HVAC system, roof, electrical components and fire-suppression system, along with structural shear-wall improvements. The property is fully occupied by Shake Shack, Sweetgreen, Joe & The Juice, Yukon Standup Steakhouse and 45th Stop N Shop. Four tenants have corporate-guaranteed leases with 10-year terms. Ownership is fee simple, and zoning is DTC.
The property is at the entrance to the Sound Transit 2 Line Station and across from Redmond Town Center. Five Microsoft office buildings are within half a block. Microsoft’s headquarters, three Amazon offices, CrowdStrike’s headquarters and four hotels with a combined 779 rooms are also identified as nearby demand sources. The building has potential for future development to 144 feet above grade.
The property is at the entrance to the Sound Transit 2 Line Station and across from Redmond Town Center. Five Microsoft office buildings are within half a block. Microsoft’s headquarters, three Amazon offices, CrowdStrike’s headquarters and four hotels with a combined 779 rooms are also identified as nearby demand sources. The building has potential for future development to 144 feet above grade.
Key Highlights
- Fully occupied by five food‑and‑beverage tenants
- Four of five tenants have full 10‑year corporate‑guaranteed leases
- Renovation included new HVAC, roof, electrical, fire suppression and structural shear walls
Property Analytics
Who owns this building?
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Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Yes
Sprinkler system
Location Intelligence
Trade Area within ½ mile
3,199
Businesses Nearby
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Business Placement
Demographics for 98052, WA
77,176
Population
34,946
Households
2.2
Avg Household Size
34
Median Age
75%
College-Educated
98%
High-School Grad
20.3 sq mi
ZIP Area
3,802
Density / Sq Mi
$164,848
Median Household Income
$106,078
Median Earnings
$2,339
Median Rent
$1,107,900
Median Home Value
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Market
Vacancy Rate% for Retail in West region
Frequently Asked Questions
What type of property is this?
Strip mall - Five food-and-beverage businesses occupy the property, with four tenants on corporate-guaranteed, 10-year leases.
Where is this strip mall located?
The property is located at 16421 Cleveland St Redmond, WA.
What is the asking price?
The asking price for this property is $19,300,000.
What are key features of this property?
This property features: Fully occupied by five food‑and‑beverage tenants; Four of five tenants have full 10‑year corporate‑guaranteed leases; Renovation included new HVAC, roof, electrical, fire suppression and structural shear walls
