Bellevue Way Development
814 Bellevue Way SE, Bellevue, WA 98004
For Sale
$7,500,000
Pending
Development site suitable for townhomes or assisted living facility.
Property Size43,006 SF
Days on Market664
Property Features for 814 Bellevue Way SE
General Information
Standard status
Size
Property subtype
Site & Location
Neighborhood
Building Details
Year Built
Listing Agency:
PARAGON REAL ESTATE ADVISORS
Listed By:
BRIAN PLATT
(206) 812-9130
Source:
Corcoran
Added: Jan 14, 2025
Changed: Nov 3
Last Checked: Nov 1 at 6:19AM
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 PARAGON REAL ESTATE ADVISORS
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Investment Insights
Based on property information with market context.
This is an exclusive listing of a development site on Bellevue Way. The properties are on the market for the first time in over 40 years. The site offers an opportunity to develop 18 townhomes on nearly one acre of developable land that spreads across four parcels. Permits are ready to be re-submitted to the City of Bellevue. The location and increased density also present a great opportunity for an assisted living facility. Currently, there are two single-family rental properties and a World for Kids daycare that generate rental income, which can help cover property taxes during the permitting process for a new development. All tenants are on month-to-month leases and will not interfere with the potential to develop the property. The property size is 43006 square feet.
Key Highlights
- Development site with permits ready to be re‑submitted for 18 townhomes.
- Nearly one acre of developable land across four parcels.
- Opportunity for assisted living facility development.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$689,390
Cap Rate
9.19%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$13,787,800
$13.8M
Cap Rate 7%
$9,848,429
$9.8M
Cap Rate 9%
$7,659,889
$7.7M
Market Conditions
NOI Build-Up for 43,006 SF
Gross rent
$1.31M $30.36/SF
− Vacancy
−$52.2K −$1.21/SF
EGI
$1.25M $29.15/SF
− OpEx
−$564.0K −$13.12/SF
NOI
$689.4K $16.03/SF
Area
Bellevue, WA
Vacancy
4.00%
Lease Rate
$30.36 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$13,787,800
Cap Rate 7%
$9,848,429
Cap Rate 9%
$7,659,889
Alternative Uses
Best Use
Apartment 5plus
$9.85M
$8.62M – $11.49M
NOI $689,390 @ 7.0% cap · market cap 9.19%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$19.91M
$17.42M – $23.22M
NOI $1,393,394 @ 7.0% cap · market cap 18.58%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
1,525
Businesses Nearby
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Business Placement
Demographics for 98004, WA
39,136
Population
20,977
Households
1.9
Avg Household Size
37
Median Age
76%
College-Educated
97%
High-School Grad
7.3 sq mi
ZIP Area
5,361
Density / Sq Mi
$176,367
Median Household Income
$120,667
Median Earnings
$2,706
Median Rent
$2,000,001
Median Home Value
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Frequently Asked Questions
What type of property is this?
Residential land & home lot - Development site suitable for townhomes or assisted living facility.
Where is this residential land & home lot located?
The property is located at 814 Bellevue Way SE Bellevue, WA.
What is the asking price?
The asking price for this property is $7,500,000.
What are key features of this property?
This property features: Development site with permits ready to be re‑submitted for 18 townhomes.; Nearly one acre of developable land across four parcels.; Opportunity for assisted living facility development.
