Investment Highlights
DEVELOPMENT SITE –close on permits within 3 – 6 months 4 structures comprised of 38 three- and four-story townhomes, 76 tandem-style garage parking spaces, 8 guest parking stalls, and a kids play area
KENMORE is a solid and growing city outside of Seattle city limits near both Bellevue and Seattle
ESTIMATED AVERAGE HOUSEHOLD INCOME of $133,966 within a mile of the property (2021)
CENTRALLY LOCATED between I-5 and I-405, and along SR 522
EXCEPTIONAL LOCATION near major employment centers including aerospace, technology, and universities
ACROSS THE STREET from the Burke Gilman Trail, connecting to the UW, Seattle, Woodinville, and downtown Redmond
15± FOOD AND DRINK ESTABLISHMENTS and 3 grocery stores within a half-mile radius
UNDER 4 MILES to UW Bothell
A 10-MINUTE DRIVE to Bastyr University, one of the nation’s premier natural medicine universities
Description
The Kenmore Townhome Development Site offers a new owner the opportunity to construct 38 townhomes near a variety of community amenities including restaurants, shopping, and outdoor recreation. The property is a ±55,212 SF, UC-zoned lot. Architectural plans have been drafted for 38 two and three-bedroom townhomes, and full building permits can be ready within 3 – 6 months.
Current plans allow for the construction of a total of 38 townhomes in four buildings: 6 two-bedroom homes averaging approximately 1,190 square feet and 32 three-bedroom homes averaging roughly 1,805 square feet. The gross building square footage across all four structures is totaled at 82,002 square feet.
Located in the heart of Kenmore just steps from Lake Washington, the Kenmore Townhome Development Site is centrally positioned near Seattle, Bellevue, and Snohomish County. The city of Kenmore boasts many prominent features including Bastyr University, several waterside parks and marinas, and the nation’s largest seaplane-only commercial air facility at Kenmore Air Harbor. Designated as a “Playful City USA” for 8 years in a row, Kenmore boasts 7.8 miles of shoreline along Sammamish River, Swamp Creek, and Lake Washington. The Kenmore Townhome Development Site is exceptionally positioned on Kenmore’s commercial corridor along State Route 522 and is across the street from the Burke Gilman Trail and within a half mile of 15± food and drink establishments. Three bus lines, all with a stop within a 4-minute walk of the property, take riders to the entertainment and employment centers of Bellevue, Kirkland, Bothell, Shoreline, the University District, downtown Seattle, and Renton.*
Located to the north of Seattle, Kenmore is one of Washington State’s best places to live in 2021 (Niche.com). Residents of the area benefit from good public schools and high paying employment options. According to Niche.com, Kenmore is the 10th best suburb for young professionals in Washington and offers the 16th best public schools in the state, many of which have earned an A or A+ rating. The estimated average household income within a mile of the Kenmore Townhome Development Site was $133,966 in 2021 and is projected to reach $152,797 in 2026.
Kenmore and its neighboring city of Bothell are major employment centers for South Snohomish County and Northeast King County. The area supports over 20,000 jobs comprised of biotech, computers, engineering, and telecommunications, with most businesses located in the Canyon Park and North Creek business districts.
The city of Kenmore has experienced tremendous growth in recent history. From April 2010 to July 2019, the estimated population growth was 12.8%, more than double the estimated growth rates of the United States as a whole (6.3%). This population growth has resulted in exceptionally increasing home prices. In September of 2016, the average residential purchase price was $607,543. By September of 2021, the average price had skyrocketed to $969,712 – a 59.6% increase in five years. Many Kenmore residents have been priced out of home ownership, and as a result, rental rates have also increased. From the third quarter of 2016 to the third quarter of 2021, effective rental rates within the city of Kenmore have risen from a per-unit average of $1,424 to $1,721, or 20.9%.
The Kenmore Townhome Development Site, with its large lot near community amenities and within commuting distance of major employment hubs, is an incredible opportunity for a developer who wants to capitalize on Kenmore’s rapidly growing population and rising property values.
