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EMERGING MARKETS

DES MOINES, WA

 

THE WATERLAND CITY

 

DES MOINES IS EMERGING

Des Moines is a waterfront-focused community centrally located between Seattle and Tacoma. Its long stretch of shoreline combined with a unique natural topography allowing access to the Sound draw residents and visitors outdoors for spectacular views and recreation. The city operates a recreational marina with moorage and pier fishing, and further south the Redondo Boardwalk invites charming strolls.

Businesses, meanwhile, benefit from Des Moines' proximity to SeaTac International Airport and Interstate 5. The City of Des Moines is ready and willing to work with developers looking to get their project in the pipeline in time for the arrival of Sound Transit Light Rail.


DEMOGRAPHIC SNAPSHOT

 

32,434

Population (2017)

34,446

Population

( 5-year projection )

$84,083

Avg. Household Income

$95,613

Avg. Income

( 5-year projection )

 

Source: Esri


MAJOR PROJECTS

 
Source: IHB Architects

Source: IHB Architects

HIGHLINE PLACE MIXED-USE PROJECT

Highline Place is a two building development located next to Highline College. The first phase will feature modern student housing units and 12,000 SF of ground-floor retail space. 

Phase two of the project will create a larger building consisting of 240 residential apartments, as well as creating a landscaped courtyard with a children's play area and street improvements associated with the construction. Most units will enjoy fabulous views and all residents will benefit from the proximity to future Light Rail. 

 
Source: Panattoni Development Company

Source: Panattoni Development Company

DES MOINES CREEK BUSINESS PARK

The 87-acre Des Moines Creek Business Park, a development just south of SeaTac international Airport, will bring over two million square feet of new industrial and office space to Des Moines once completed.

The project has already attracted many big-name tenants. The Federal Aviation Administration (FAA) is relocating to the park, as is K2 Sports and freight logistics company Meiko America. 

 

 

FEDERAL WAY LINK EXTENSION

Sound Transit has budgeted $1.5 billion to extend Light Rail service from SeaTac to Federal way. The 7.8 mile alignment includes a station at Kent Des Moines road near Highline College.

Construction will begin in early 2019 and is expected to finish in 2024. Once complete, Des Moines commuters will enjoy quick and easy rides to SeaTac airport, downtown Seattle, and the Eastside. 

Source: Sound Transit

Source: Sound Transit

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REAL ESTATE MARKET STATS

Residential and Investment Data

 

MULTIFAMILY

$1.51/SF

Rental Rate

3.9%

Vacancy Rate

5.3%

Cap Rate

$132,812

Avg. $/Unit

 

RETAIL

$18.64/SF

Rental Rate

4.8%

Vacancy Rate

6.3%

Cap Rate

$245

Avg. $/SF

 

OFFICE

$23.98/SF

Rental Rate

12.3%

Vacancy Rate

7.6%

Cap Rate

$147

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

20 Minute Drive

DOWNTOWN BELLEVUE

26 Minute Drive

 

ST3: LIGHT RAIL CONTINUES SOUTH

The Sound Transit 3 expansion will extend Light Rail from Federal Way to Tacoma, creating a new station south of the existing Federal Way Transit Center.

Other phases of the ST3 plan will expand the service north as well, meaning that Des Moines riders will be able to travel all the way to Everett.  Completion is projected for 2030.

Source: Sound Transit

Source: Sound Transit


 
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