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Office

Northup North Office Park - Building E

2320 130th Ave NE, Bellevue, WA 98005

Listing Price: $14,000,000

Cap Rate
4.87%
Rentable SF
27,367
Lot Size
1.29 acres
Year Built
1988

Investment Overview

Marcus & Millichap is pleased to present for sale Building E of the Northup North Office Park, a 27,367 square foot professional office building located in Bellevue, WA. One of five buildings in the Park, Building E sits atop a 1.29-acre parcel adjacent to SR-520. This trophy asset offers tenants ample parking, convenient access to transit options, adjacency to the amenity-rich Spring District, and a high-image professional setting in which to conduct business. Nearly fully occupied, the Property is currently home to a loyal collection of professional and health service tenants. An investor benefits from predictable income over the coming years with a weighted average lease term of nearly four years and a strong historical occupancy supported by the high-demand submarket. Located just moments from multiple corporate campuses, nearby professional buildings support tech-dependent users but serve a variety of industries in their occupancy. The current owner has made significant capital improvements to the property in recent years to create an attractive, contemporary workplace for tenants, and to relieve future owners of the burden of any near-term capital expenses. Just steps away from the Bel-Red Corridor and the Spring District, the subject property is positioned to benefit from a historic wave of development and transit improvement coming to the area in the next few years. The 520 Corridor, stretching from Bellevue to Redmond, has emerged as the preferred home for leading technology employers of the world and is expected to see continued public and private investment. The pro-business political climate, massive investment in modern infrastructure, and availability of some of the best tenants in the Pacific Northwest will cause enhanced investment returns in the coming decade.

Investment Highlights

  • IN THE HEART OF THE EASTSIDE 520 TECH CORRIDOR - Minutes from Microsoft HQ and new Spring District campuses for Amazon & Meta (Facebook)
  • HIGH IMAGE OFFICE PROPERTY - Premium finishes throughout making an upscale home for medical and professional tenants
  • LOCATION WALKABLE TO LIGHT RAIL - 11-minute walk to Bel-Red 130th light rail station
  • PARTICIPATE IN THE SPRING DISTRICT & BEL-RED RENAISSANCE - Adjacent to rapidly transforming urban districts with an abundance of new green spaces, retail, and dining amenities
  • SIGNIFICANT UPSIDE IN RENT & PROPERTY VALUE - Strong demand for commercial spaces due to Amazon, Facebook, and Microsoft Campus presence
  • NEW EMPLOYMENT HUB - 10,000 new jobs are projected in the Bel-Red Corridor by 2030

Exclusively Listed By

Financing By

Office

Northup North Office Park - Building E

Listing Price: $14,000,000

Cap Rate
4.87%
Rentable SF
27,367
Lot Size
1.29 acres
Year Built
1988

Investment Highlights

  • IN THE HEART OF THE EASTSIDE 520 TECH CORRIDOR - Minutes from Microsoft HQ and new Spring District campuses for Amazon & Meta (Facebook)
  • HIGH IMAGE OFFICE PROPERTY - Premium finishes throughout making an upscale home for medical and professional tenants
  • LOCATION WALKABLE TO LIGHT RAIL - 11-minute walk to Bel-Red 130th light rail station
  • PARTICIPATE IN THE SPRING DISTRICT & BEL-RED RENAISSANCE - Adjacent to rapidly transforming urban districts with an abundance of new green spaces, retail, and dining amenities
  • SIGNIFICANT UPSIDE IN RENT & PROPERTY VALUE - Strong demand for commercial spaces due to Amazon, Facebook, and Microsoft Campus presence
  • NEW EMPLOYMENT HUB - 10,000 new jobs are projected in the Bel-Red Corridor by 2030

Investment Overview

Marcus & Millichap is pleased to present for sale Building E of the Northup North Office Park, a 27,367 square foot professional office building located in Bellevue, WA. One of five buildings in the Park, Building E sits atop a 1.29-acre parcel adjacent to SR-520. This trophy asset offers tenants ample parking, convenient access to transit options, adjacency to the amenity-rich Spring District, and a high-image professional setting in which to conduct business. Nearly fully occupied, the Property is currently home to a loyal collection of professional and health service tenants. An investor benefits from predictable income over the coming years with a weighted average lease term of nearly four years and a strong historical occupancy supported by the high-demand submarket. Located just moments from multiple corporate campuses, nearby professional buildings support tech-dependent users but serve a variety of industries in their occupancy. The current owner has made significant capital improvements to the property in recent years to create an attractive, contemporary workplace for tenants, and to relieve future owners of the burden of any near-term capital expenses. Just steps away from the Bel-Red Corridor and the Spring District, the subject property is positioned to benefit from a historic wave of development and transit improvement coming to the area in the next few years. The 520 Corridor, stretching from Bellevue to Redmond, has emerged as the preferred home for leading technology employers of the world and is expected to see continued public and private investment. The pro-business political climate, massive investment in modern infrastructure, and availability of some of the best tenants in the Pacific Northwest will cause enhanced investment returns in the coming decade.

Exclusively Listed By

Financing By

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