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EMERGING MARKETS

KENMORE, WA

 

WATERFRONT LIVE, WORK, AND PLAY

 

INVESTMENT HIGHLIGHTS

Kenmore is emerging.  We've highlighted Kenmore as a market to watch for real estate investors who are:

  1. Seeking higher returns than what can be found in the Seattle and Eastside core
  2. Seeking well located real estate with quick access to employment centers in Seattle, Eastside, & South Snohomish
  3. Seeking markets with catalyst projects (ie - Kenmore's downtown revitalization project "Kenmore Village Square") which will attract further development and investment activity

KENMORE LIVE, WORK, & PLAY

Crowning Lake Washington's north shore, Kenmore's central location provides easy access to Seattle, Bellevue, and Everett. Boasting several miles of shoreline and pedestrian and cycling-friendly infrastructure, Kenmore is not only one of the Seattle area's newest cities, but one of its most inviting as well.

Kenmore's city government is ambitious and eager to attract more private investment. Since its incorporation two decades ago, Kenmore has worked diligently to create a vibrant downtown core. So far, a new City Hall, public library, community building, public plaza, and two large residential apartment buildings have been completed. Further multi-million dollar developments are set to transform Kenmore's lakefront and revamp a historic landmark.


DEMOGRAPHIC SNAPSHOT

 

23,371

Population (2017)

25,303

Population

( 5-year projection ) 

$94,011

Avg. Household Income

$102,022

Avg. Income

( 5-year projection ) 

 

Source: Esri


MAJOR PROJECTS

 
Source: MainStreet Property Group LLC

Source: MainStreet Property Group LLC

KENMORE VILLAGE SQUARE

The city has invested significant time and resources into redevelopment of the downtown core. The lower portion includes indoor/outdoor space for community gatherings with public art, a coffee shop, a sit-down restaurant, and pedestrian improvements.

The upper portion consists of two luxury residential units with a total of 162 units, as well as a brand-new 20,000 SF Evergreen Health Clinic.

 

LAKEPOINTE

After almost three decades of planning, the City of Kenmore has partnered with Weidner and Associates to bring the Lakepointe Development on the north shore of Lake Washington to life. 

Weidner plans to invest $1 billion to create a community and regional destination featuring a waterfront amphitheater, restaurants, retail, and residential units, as well as infrastructure improvements and a floating pedestrian/cycling path to connect the development to the newly-improved downtown core. 

Source: Weidner Apartment Homes

Source: Weidner Apartment Homes

 
Source: Daniels Development Company

Source: Daniels Development Company

THE LODGE AT SAINT EDWARD PARK

After sitting vacant for 40 years, the state has approved the private restoration and development of the historic Saint Edward Seminary in Saint Edward State Park. With an eye to restoring the stunning Romanesque Revival architecture and Art Deco interiors, the former seminary will be transformed into a luxury hotel with 80-100 guest rooms, a conference center, meeting rooms, a wellness spa, restaurant, and cafe.

 


REAL ESTATE MARKET STATS

Residential and Investment Data

 

RESIDENTIAL

25

Avg. Days on Market

( All Home Sales )

$460,859

Median Home Value

( All Home Sales )

$873,948

Median Home Value

( New Home Sales )

$274.15

Avg. $/SF

( New Home Sales )

 

MULTIFAMILY

$1.84/SF

Rental Rate  

5.4%

Vacancy Rate

4.6%

Cap Rate

$270,559

Avg. $/Unit

 

RETAIL

$22.90/SF

Rental Rate

3%

Vacancy Rate

5.5%

Cap Rate

$412/SF

Avg. $/SF

 

OFFICE

$27.64/SF

Rental Rate

12%

Vacancy Rate

6.6%

Cap Rate

$236/SF

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

20 Minute Drive

 

ST3: RAPID TRANSIT BY 2023

The Sound Transit 3 expansion will establish Bus Rapid Transit service through Kenmore. 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 Kenmore to Seattle Light Rail and UW Bothell.

Source: Sound Transit

Source: Sound Transit

 

Contributors: 

Lloyd Ball - President, Managing Broker   Lloyd has over 17 years in Seattle-area real estate experience as both a broker and investor. He has a deep network of local relationships and a long history of sourcing high-quality investment opportunities that are not listed on the open market. Lloyd holds a certificate in real estate finance from MIT, and is an active board member of the Rental Housing Association of WA.

Lloyd Ball - President, Managing Broker

Lloyd has over 17 years in Seattle-area real estate experience as both a broker and investor. He has a deep network of local relationships and a long history of sourcing high-quality investment opportunities that are not listed on the open market. Lloyd holds a certificate in real estate finance from MIT, and is an active board member of the Rental Housing Association of WA.

Justin Sult - Executive Vice President   Justin has over 6 years of real estate experience as a broker, investor, and user of commercial space. Justin has completed the CCIM curriculum, CPM curriculum, and holds a certificate in real estate finance from NAIOP. He is also an active member of the CCIM’s WA chapter, as well as the Urban Land Institute and Institute of Real Estate Management.

Justin Sult - Executive Vice President

Justin has over 6 years of real estate experience as a broker, investor, and user of commercial space. Justin has completed the CCIM curriculum, CPM curriculum, and holds a certificate in real estate finance from NAIOP. He is also an active member of the CCIM’s WA chapter, as well as the Urban Land Institute and Institute of Real Estate Management.

Nicole Mitha - Marketing Director   Nicole was educated at USC film school and has over 8 years of experience in digital marketing, content creation, and  visual art. Nicole entered real estate on the development side, working on multimillion dollar hotel projects. She holds a double BA in film and international relations from USC, and is an active fundraiser for the Seattle Art Museum and Seattle Opera.

Nicole Mitha - Marketing Director

Nicole was educated at USC film school and has over 8 years of experience in digital marketing, content creation, and  visual art. Nicole entered real estate on the development side, working on multimillion dollar hotel projects. She holds a double BA in film and international relations from USC, and is an active fundraiser for the Seattle Art Museum and Seattle Opera.

 
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