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EMERGING MARKETS

BOTHELL, WA

 

AT THE CROSSROADS OF OPPORTUNITY

 

BOTHELL IS EMERGING

Encompassing the junction between Interstate 405 and State Route 522, and sitting just below that of I-405 and I-5, Bothell has come a long way from its humble beginnings as a logging community. It is home to the University of Washington's secondary campus, which is not only the state's fastest growing four-year university, but consistently ranks as the number one school in the state in terms of quality and value. 

In 2006 Bothell kicked off an extensive revitalization plan to transform its historic downtown. Aimed at creating a destination and gathering place for area residents, employees, and visitors, the City has sold nearly a million square feet of land for development, and completed public investments of over $150 million.


DEMOGRAPHIC SNAPSHOT

 

38,485

Population (2017)

$41,982

Population

( 5-year projection ) 

$84,022

Avg. Household Income

$94,926

Avg. Income

( 5-year projection )

 

Source: Esri


MAJOR PROJECTS

 
Source: City of Bothell

Source: City of Bothell

DOWNTOWN REVITALIZATION

Bothell's master plan to transform its downtown is the largest revitalization effort currently underway in the state of Washington. In addition to the $150 million dollars committed by the City itself, $200 million in private investment has been secured to date out of a total $650 million the plan is projected to leverage. 

The complete development will cover 529 acres, create 8,000 temporary jobs during construction and leave 1,300 permanent new jobs once finished.

Source: gobothell.com

Source: gobothell.com

 

Amongst the planned development and improvements:

  • Move Highway 522 one block south and disconnecting it from Main Street, helping traffic move faster through downtown.
  • Extend Highway 527 and broaden it into a pedestrian-friendly boulevard.
  • Expand Main Street with new buildings that have ground-floor stores with office space or residences above.
  • Build a 50,000-square-foot City Hall.
  • Create and encourage various private development projects, bringing new multi-family, retail, and office properties to the area, such as the McMenamin's hotel and entertainment complex, with multiple restaurants, a luxury dine-in movie theater, and salt-water pool.
Source: City of Bothell

Source: City of Bothell


REAL ESTATE MARKET STATS

Residential and Investment Data

 

MULTIFAMILY

$2.00/SF

Monthly Rental Rate

5.4%

Vacancy Rate

5.5%

Historical Cap Rate

$261,881

Avg. $/Unit

 

RETAIL

$26.92/SF

Rental Rate

5.6%

Vacancy Rate

7.8%

Historical Cap Rate

$215

Avg. $/SF

 

OFFICE

$19.89/SF

Rental Rate

14.2%

Vacancy Rate

7.3%

Historical Cap Rate

$218

Avg. $/SF

 

Source: Costar, REIS, NWMLS and Dupree & Scott. Statistics are for Kenmore and surrounding markets. Cap Rate calculated from Costar and Dupree & Scott for all of 2017 only.  Statistics shown above are a blend of all qualities on investment spectrum (class A, B, & C).


TRANSPORTATION

 

 
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DOWNTOWN SEATTLE

22 Minute Drive

DOWNTOWN BELLEVUE

16 Minute Drive

RAPID TRANSIT BY 2023

The Sound Transit 3 expansion will establish Bus Rapid Transit service to Bothell in multiple directions. BRT provides fast, reliable bus service every 10 minutes in peak hours. The new BRT stations and transport corridors will provide a direct line from Bothell to Shoreline (and its future Light Rail station) in the west, Lynnwood in the north, and as far south as Burien.

Source: Sound Transit

Source: Sound Transit

Source: Sound Transit

Source: Sound Transit


 
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