3003 Northup Way 30,654 SF 100% Leased Flex Building Bellevue, WA 98004 For Sale

Team Vara is pleased to present a 2.54-acre covered land opportunity located off SR-520 along Northup Way in one of Bellevue’s most supply-constrained submarkets. The infill site offers immediate control of a highly accessible parcel with redevelopment potential. The functional site layout supports a range of future uses, including townhomes, senior housing, or multifamily development. In the interim, the four-suite provides stable cash flow with in-place rents approximately 14.7% below market, near-term lease rollover, and supplemental parking income that offset holding costs while preserving redevelopment optionality.
Bellevue is the Pacific Northwest’s premier employment hub, with more than 150,000 jobs today and projected growth to nearly 193,000 by 2035. Major employers include Amazon, Meta, and Microsoft, which continue to drive demand across the Bellevue-Redmond corridor. From 2018 to 2023, Bellevue added over 10,000 jobs and saw approximately 39% growth in median household income. The Bel-Red Corridor alone is expected to add roughly 10,000 jobs and 5,000 housing units by 2030, reinforcing the property’s positioning as a high-demand covered land investment with multiple execution paths.