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Downtown Bellevue Development Site<br />
Fully entitled for 25 luxury condominiums<br />
<strong>CANDOO</strong><br />
Associates, Inc.<br />
10201 SE 3rd Street<br />
Bellevue, WA 98004<br />
Downtown Bellevue<br />
Development Site<br />
36,700 Total Land Square Feet<br />
Zoned: R-30<br />
$6,000,000<br />
Subject<br />
• Sale includes all plans and entitlements<br />
for 25 Luxury Condominiums<br />
• Existing 26 Unit Apartment to provide<br />
income until development<br />
• Located 2 blocks from Meydenbauer Bay<br />
and 1 block South of Old Main Street<br />
Ross Candoo<br />
Candoo Associates, Inc.<br />
2621 Eastlake Avenue East<br />
Seattle, Washington 98102<br />
T (206)441-4410<br />
C (206)818-4715<br />
Ross@CandooAssociates.com
Downtown Bellevue Development Site<br />
<strong>CANDOO</strong><br />
Associates, Inc.<br />
Fully entitled for 25 luxury condominiums<br />
10201 SE 3rd Street<br />
Bellevue, WA 98004<br />
Bellevue is a haven for both enterprising<br />
professionals and suburban families. The<br />
Willowbrook site enjoys a prime location<br />
in the heart of Meydenbauer. Close to<br />
Bellevue Square and just a short walk to<br />
downtown Bellevue including upscale<br />
retail, entertainment, and dining.<br />
Bellevue serves as the Eastside’s main<br />
transportation hub for King County Metro<br />
and Sound Transit. The proposed East<br />
Link light-rail has recently gained mo<br />
mentum and is designed to run from Seattle<br />
to Redmond, stopping on Mercer Island and in Bellevue. Microsoft operates<br />
a commuter bus between its Redmond Campus and Bellevue, amongst<br />
other locations, to transport employees to work while they enjoy wireless internet<br />
and a stress-free commute. In light of recent surges in fuel costs, public<br />
transportation is an extremely sought-after property amenity.<br />
Microsoft has announced plans to hire an additional 19,000 employees who<br />
will work at the main campus in Redmond, in newly leased space in downtown<br />
Bellevue, and just south of the Willowbrook site. Bellevue’s downtown<br />
core employment is predicted to grow approximately 40% from 2006 to 2010,<br />
and Microsoft will account for half of that growth.<br />
Ross Candoo<br />
Candoo Associates, Inc.<br />
2621 Eastlake Avenue East<br />
Seattle, Washington 98102<br />
T (206)441-4410<br />
C (206)818-4715<br />
Ross@CandooAssociates.com<br />
Disclaimer: This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to<br />
square footages are approximate. Buyer must verify the information, and bears all risk for any inaccuracies.
Downtown Bellevue Development Site<br />
<strong>CANDOO</strong><br />
Associates, Inc.<br />
Fully entitled for 25 luxury condominiums<br />
Willowbrook Condominiums<br />
*Unit Breakdown<br />
West Elevation<br />
North Elevation<br />
No. of Units Range Total<br />
11 1,200-1,400 Square Feet 14,561 Square Feet<br />
9 1,401-1,600 Square Feet 13,768 Square Feet<br />
3 1,601-2,000 Square Feet 5,163 Square Feet<br />
2 2,001-2,800 Square Feet 5,371 Square Feet<br />
25 37,754 Square Feet<br />
For detailed plans, please contact Ross Candoo for more information.<br />
Ross Candoo<br />
Candoo Associates, Inc.<br />
2621 Eastlake Avenue East<br />
Seattle, Washington 98102<br />
T (206)441-4410<br />
C (206)818-4715<br />
Ross@CandooAssociates.com<br />
Disclaimer: This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to<br />
square footages are approximate. Buyer must verify the information, and bears all risk for any inaccuracies.
Downtown Bellevue Development Site<br />
<strong>CANDOO</strong><br />
Associates, Inc.<br />
Fully entitled for 25 luxury condominiums<br />
Current Land Use<br />
The Willowbrook Apartments<br />
10201 SE 3rd Street<br />
Bellevue, WA 98004<br />
Year Built: 1958<br />
Renovated: 1978<br />
Approx. Lot Size: 36,700 SF<br />
Approx. Net RSF: 10,932 SF<br />
Unit Mix<br />
Units Type Sq. Ft. Current Rent Rent/Sq. Ft. (av.)<br />
26 1/1 380-426 $595-$750 $1.61<br />
Existing 26 units provide ideal opportunity to collect income from the existing use while awaiting the<br />
start of their development.<br />
Located in the heart of Meydenbauer, just a few blocks off Main Street in downtown Bellevue, a block<br />
off of Bellevue Way to the east with convenient access to mass transit and the downtown Bellevue<br />
work force. The Willowbrook site is ideal for Microsofts Redmond campus and their newly leased<br />
downtown Bellevue location.<br />
Price: $6,000,000<br />
Number of Units: 26<br />
Cost Per Square Foot (Land): $163<br />
Income & Expenses<br />
Current<br />
Monthly Scheduled Rent 17,595<br />
Non-Refundable Fees 487<br />
Laundry 171<br />
Other 150<br />
Total Monthly Income 18,403<br />
Proforma Expenses<br />
Repairs and Maintenance 27,040<br />
Electricity 2,875<br />
Trash 5,469<br />
Water/Sewer 12,940<br />
Real Estate Taxes 13,808<br />
Office/Payroll 9,199<br />
Management 8,623<br />
Miscellaneous 2,103<br />
Annualized Operating Data Current<br />
Scheduled Gross Income 220,854<br />
Less Vacancy (5,278) (2.5%)<br />
Gross Operating Income 215,575<br />
Less Expenses 82,057<br />
Net Operating Income 133,518<br />
Total Expenses: $82,057<br />
$3,156/unit<br />
Ross Candoo<br />
Candoo Associates, Inc.<br />
2621 Eastlake Avenue East<br />
Seattle, Washington 98102<br />
T (206)441-4410<br />
C (206)818-4715<br />
Ross@CandooAssociates.com<br />
Disclaimer: This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to<br />
square footages are approximate. Buyer must verify the information, and bears all risk for any inaccuracies.
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