List Price:

$6,250,000.00

($406/SF)

Cascade Crest | Renton

Executive Summary

Nestled in the picturesque Puget Sound region and along Lake Washington, Kirkland stands out as one of the Eastside’s top submarkets. The city is known for its strong demographics, a diverse mix of global and national companies, and excellent transportation links to the greater Seattle area. Kirkland’s central position near

Seattle, Redmond, and Bellevue make it an ideal place for both living and working.

Market Highlights

By some measures, the Kirkland office submarket has outperformed. The area has one of the lowest office availability rates in the region at 6.2%. That compares to a low of 3.9% around the end of 2023. Low vacancy is largely due to slow growth in the submarket inventory over the past few years. The presence of a long-term stable tenant such as Google also has an impact, with the company accounting for nearly half of the office space built since 2005.

The estimated market asking rent for the submarket sits at $43.84 /SF gross. There is a significant jump between 3 Star rents, at an average of $43.00/SF and the 4 & 5 Star average at $54.00/SF. Rent growth over the past year was flat, which was a slightly better performance than the overall Seattle metro.

While the submarket has seen a slowdown in leasing and absorption, space does remain tight. Google's pause on growth likely means less demand in the near term. However, the submarket should continue to outperform as long as it has a solid anchor tenant in Google and construction activity remains subdued.

Historically, owner users typically account for about half the sales volume, with private buyers accounting for about 40%. Large institutional investors and private

equity funds make up the remainder. With Google accounting for a large share of modern office space in the submarket, much of the potential for sales activity is in opportunities for redevelopment or small owner-user acquisitions

Property Overview

Address  11415 NE 128th St Kirkland, WA 98034

Sales Price  $6,250,000.00

Building Size   15,400 SQ FT

Lot Size  1.38 acres

Zoning  PR 3.6

Taxes  $35, 464.76

Parking  

Class  B

Construction  WOOD

Year Built  1980

Effective Year  1980

Tax Parcel  292605-9032 

Legal Description  LOT 1 OF KC SHORT PLAT #178071 REC #7806301007 SD SP DAF - N E 1/4 OF SE 1/4 OF NE 1/4 LESS CO RDS - LESS POR LY ELY OF LN DAF - BEG SE COR SD LOT TH N 88-42-49 W ALG S LN SD LOT 1 68.52 FT TO BEG SD LN TH N 1-55-20 E 78.02 FT TH N 88-42-49 W 22.15 FT TH N 1-55-20 E 201.28 FT TO S R/W NE 128TH ST & TERM SD LN AKA - LOT 1 KIRKLAND LLA # LL-96-36 REC #9607170342

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Totem Lake Connector

WSDOT I-405 on Ramp

Totem Lake Park

124th Avenue Northeast

Totem Lake Gateway

Willows Road Regional Trail Connector