Log In/Sign Up
Your email has been sent.
3003 Northup Way 2.54 Acres of Commercial Land in Bellevue, WA 98004
Investment Highlights
- Prime Bellevue Infill Location
- Extremely Affluent Demographics
- Bel-Red Corridor Growth
- Redevelopment Potential
- Below-Market In-Place Rents
- Supplemental Parking Income
Executive Summary
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.
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.
Property Facts
| Sale Type | Investment | Property Subtype | Commercial |
| Sale Condition | Redevelopment Project | Proposed Use | Commercial |
| No. Lots | 1 | Total Lot Size | 2.54 AC |
| Property Type | Land | Year Built | 1969 |
| Zoning | OLB | ||
| Sale Type | Investment |
| Sale Condition | Redevelopment Project |
| No. Lots | 1 |
| Property Type | Land |
| Property Subtype | Commercial |
| Proposed Use | Commercial |
| Total Lot Size | 2.54 AC |
| Year Built | 1969 |
| Zoning | OLB |
1 Lot Available
Lot
| Lot Size | 2.54 AC |
| Lot Size | 2.54 AC |
1 1
Property Taxes
| Parcel Number | 202505-9018 | Improvements Assessment | $2,251,100 |
| Land Assessment | $6,965,700 | Total Assessment | $9,216,800 |
Property Taxes
Parcel Number
202505-9018
Land Assessment
$6,965,700
Improvements Assessment
$2,251,100
Total Assessment
$9,216,800
1 of 2
Videos
Matterport 3D Exterior
Matterport 3D Tour
Photos
Street View
Street
Map
1 of 1
Presented by
3003 Northup Way
Already a member? Log In
Hmm, there seems to have been an error sending your message. Please try again.
Thanks! Your message was sent.
Your message has been sent!
Activate your LoopNet account now to track properties, get real-time alerts, save time on future inquiries, and more.