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EMERGING MARKETS

RENTON, WA

 

READY FOR TAKEOFF

 

RENTON IS EMERGING

Renton has natural beauty and convenience to spare. Located at the south tip of Lake Washington, the City is equally convenient to Seattle proper and the Eastside, and minutes away from SeaTac International Airport. Its unique location provides both lake- and river-front and views of the Cascades, Olympics, and Mount Rainier. 

Historically known as the location of Boeing's final assembly plant, in more recent years many other organizations have followed suit, including Paccar, Kaiser Permanente, IKEA, Providence Health & Services, and Wizards of the Coast. Even the Seattle Seahawks created their state-of-the-art training facility in Renton. As part of the City of Renton's plan to position itself as a new tech and business center, ambitious new upscale development projects are sprouting up all over.


DEMOGRAPHIC SNAPSHOT

 

104,157

Population (2017)

112,007

Population

( 5-year projection ) 

$69,810

Avg. Household Income

$78,144

Avg. Income

( 5-year projection )

 

Source: Esri


MAJOR PROJECTS

 
Source: Seco Development

Source: Seco Development

SOUTHPORT

The $590 million Southport development is a game changer for Renton. Years in the making, the project has thus far completed two buildings containing 384 apartment units and retail space, and the 12-story luxury Hyatt Regency hotel directly on the waterfront.

Next up are three nine-story office towers that will consist of 730,000 SF of Class A office space, as well as numerous retail spaces and restaurants.

 

 

QUENDALL TERMINALS

Planning is underway to transform the 22-acre former Quendall Terminals site adjacent to the Seahawks training facility, the largest undeveloped parcel of shoreline on Lake Washington. Plans call for 692 units of multi-family housing, 21,600 SF of retail space, restaurants, parking, road improvements,  and lush open public space. 

The redevelopment will include extensive contamination cleanup from the land's former industrial use, providing increased habitat and environmental restoration and more open space near Lake Washington for all to enjoy.

Source: Century Pacific/Lance Mueller

Source: Century Pacific/Lance Mueller


REAL ESTATE MARKET STATS

Residential and Investment Data

 

MULTIFAMILY AFFORDABLE

$1.31/SF

Rental Rate

9.4%

Vacancy Rate

5.0%

Cap Rate

$190,000

Avg. $/Unit

 

MULTIFAMILY MARKET

$1.89/SF

Rental Rate

4.9%

Vacancy Rate

4.7%

Cap Rate

$242,000

Avg. $/Unit

 

RETAIL

$22.30/SF

Rental Rate

2.6%

Vacancy Rate

6.2%

Cap Rate

$270

Avg. $/SF

 

OFFICE

$29.43/SF

Rental Rate

16.3%

Vacancy Rate

5.1%

Cap Rate

$299

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

14 Minute Drive

DOWNTOWN BELLEVUE

16 Minute Drive

ST3: I-405 BUS RAPID TRANSIT

The Sound Transit 3 expansion will establish Bus Rapid Transit service from the Lynnwood Transit Center to the Burien Transit Center via I-405 and SR 518, passing through Renton.

The project includes plans for expanded parking and station access improvements, as well as the construction of a new transit station in South Renton. Completion is expected in 2024.

Source: Sound Transit

Source: Sound Transit


 
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