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The subject investment is a Kentucky Fried Chicken quick-service restaurant located in Kirkland, Washington. The property sits on approximately 0.96 acres of land and is comprised of roughly 2,630 square feet of building space.
The property will be subject to a new 20-Year absolute, triple net “NNN” lease with no landlord responsibilities. The lease will call for 10% rental increases every 5 years and there will be four, 5-year options to renew on the lease. The lease will be guaranteed by Northwest Restaurants, Inc., which is backed by approximately 29 franchisee operated units throughout Washington.
The subject property is located at 11747 124th Avenue in Kirkland, Washington. Kirkland is located in King County which has the highest population of all the counties in Washington state. Approximately twenty-three minutes from Seattle, the population of Kirkland is roughly 49,000 people. The residents of Kirkland are served by Boeing Field-King County International Airport, and by the Seattle Amtrak Station. This KFC is positioned on 124th Avenue which has an average daily traffic count of 15,000+ vehicles. It is located a half mile off I-405. Interstate 405 is a heavily trafficked thoroughfare with average daily traffic counts of 164,000+ vehicles.
The subject property is located across the street from a Ford dealership, several hundred feet from Elite Kids Learning Academy, Hertz Rent-A-Car, Subway, as well as a Hyundai and Infiniti dealership.
Net Operating Income $73,749.84
Bellevue School District (Official website of the Bellevue School District)
Newsweek’s 2010 America’s Best High Schools (Interlake High School ranks #14)
US News & World Report’s Gold Medal List (The International School ranks #10)
#2 Bellevue Parks System
Bellevue is known as the City in a Park. Its award-winning park system includes nearly 100 parks. Some of the varied parks include the area’s best botanical garden, an indoor skate park, beach parks on the lakes, a water spray playground, a park where you can rent kayaks, a blueberry farm, historic houses, and much more.
City of Bellevue Parks (Official Bellevue Parks Department website)
2009 Park Awards (Two Spotlight Awards for Innovative Park Design)
2008 Park Awards (Best Festival, Best Youth Program, Best Website, Best Sports Facility)
#3 King County Library System
The King County Library System is the 2nd or 3rd busiest circulating library system in the country (depending on the online source you believe). The system is near the end of a decade long project to rebuild and update the technology at all of its branches. The Bellevue Library is the system’s largest branch.
#4 Bellevue Employment Outlook
Bellevue is a major regional economic hub, with 140,000 people working in the city, more than the 120,000 residents. Major employers include Puget Sound Energy, Symetra Financial, Microsoft, Eddie Bauer, T-Mobile USA, Verizon, Expedia, Nordstrom, Overlake Hospital, and Bellevue College.
City of Bellevue Economic Profile (City of Bellevue Maps, Outlook, Planning, Statistics)
#5 Innovative City of Bellevue Government
Good governance by the City of Bellevue contributes to the city’s livability and economic performance. Bellevue’s diverse economic base lets it keep taxes and utility costs relatively low. The roads get paved in Bellevue. My mother worked for the state’s largest asphalt paving company and used to say about a large city-I-will-not name across Lake Washington that if that city paved the road in front of your house today, you would not see them again for 40 years.
#6 Fashionable Shopping in Bellevue
Bellevue boasts a rich variety of shopping with three distinctive malls: 1.) Bellevue+Lincoln Square, located in the heart of downtown and one of the region’s largest malls with 250 shops, 2.) The Bravern, a new high-end mall anchored by Nieman Marcus, and 3.) in East Bellevue the revitalized Crossroads Mall, which has become a vibrant community hub with live performance stage, ethnic food court, community center, and terrific new Crossroads Park.
#7 Trails or Bellevue by Foot
Continuing the City in a Park theme, Bellevue is criss-crossed by trails, linking up many of the parks and connecting the two lakes. Some favorites: 1.) the 9 mile Lake to Lake trail, connecting up Lake Washington and Lake Sammamish, 2.) the woodland walk at the Bellevue Botanical Garden, punctuated by the Yao Japanese Garden and the tremendous Perennial Border, and 3.) the extensive network of trails in the Cougar Mountain Regional Wildland Park, touching on southeast Bellevue.
List of Bellevue Trails (Bellevue is criss-crossed by trails)
Lake to Lake Trail Map (How to Walk from Lake Sammamish in the East to Lake Washington to the West)
Cougar Mountain Trail Map (Bellevue’s Wilderness)
#8 Community Centers
The parks department runs four community centers, an aquatic center, and arts center. Bellevue Parks provide programs for entertainment, community events, fitness, sports, after school, outdoor recreation, health, dance, safety, music, nature, heritage, and more. The four community centers have different emphases: at risk youth (Crossroads), senior services (North Bellevue), fitness (South Bellevue), and programs for the disabled (Highland).
#9 Location, Location, Location!
Bellevue sits in a marvelous location: between two major lakes (Washington and Sammamish) for recreation, nearby to Seattle for culture, and close to the mountains up the I-90 corridor for skiing and hiking. 268 foot high Snoqualmie Falls, one of the state’s top attractions lies just 20 miles to the east. Two top tourist attractions located within the city are the Bellevue Square mall and Bellevue Botanical Garden.
Bellevue Attractions Map (Bellevue Square Mall, Bellevue Botanical Garden, and more)
Bellevue features several popular summer and Christmas events. The venerable arts and crafts fair in late July draws 150,000 people.
Bellevue Jazz Festival (June in Downtown Bellevue)
Bellevue Strawberry Festival (June at the Kelsey Creek Center)
Bellevue Arts Week (July in Downtown Bellevue) As a kid I knew this as the Bellevue Arts & Crafts Fair.
Summer Outdoor Movies in the Park (July-August at the Bellevue Downtown Park)
Bellevue Family 4th (July 4th at the Bellevue Downtown Park)
Bellevue Christmas Events (November-December in Downtown Bellevue)
As with other segments in the economy, the Eastside – Seattle and Washington state real estate market is seeing improvement coincident with other markets in the nation.
Amazon is a key player in the commercial sector
Amazon has quickly become the dominant leader in the South Lake Union real estate market. They recently closed on 3 blocks of the Denny Triangle and plan to build 3, one million square foot office buildings. And, it has been rumored that Amazon is buying their new 1.8 million sq/ft corporate headquarters for upwards of $1 billion dollars.
Commercial properties which have seen a rather sizable vacancy rate over the past 3-4 years, are now seeing an increase in both activity and newly leased spaces.
Current statistics for the Central Business District of Bellevue are as follows:
Available – 9,051,989 Sq Ft
Vacancy – 8.2%
Average Asking Rental Rate/FS – $34.00-$40.00
The residential housing market rebound continues to be a welcome breath of fresh air, with many buyers, having been lulled into a state of “wait and see”, are now finding a need to quicken their pace as they find themselves in a “slow, unprepared buyer” status, settling for a 2nd choice home, after having been out bid and beat to the punch for higher demand properties. Home sales around western Washington continue to outpace activity of a year ago while inventory remains thin, according to new figures from Northwest Multiple Listing Service. Brokers say that this combination is resulting in disappointment for buyers who are slow to accept the reality of a recovering housing market. Commenting on September data from Northwest Multiple Listing Service that shows upticks in sales and prices, buyers who make unrealistic offers and requests are “back on the street looking at their second choice home.” Meanwhile, some sellers with well-priced, well-prepared homes are receiving multiple offers.
Northwest MLS figures for September show the pace of sales slowed from the past 6 months, but still surpassed activity of a year ago.
Members reported 5,535 closed sales, which compares to the year ago total of 4,988 for an increase of nearly 11%. Thirteen of the 21 counties served by the MLS reported double-digit gains in the number of completed transactions. Through three quarters of 2012, closed sales are up 14.6% from a year ago. (48,022 vs. 41,906)
The median price on last month’s closed sales rose more than 5.9%, to an area-wide figure of $250,000. That’s up from the year-ago median sales price of $236,000 for single family homes and condos combined, but tapered off from the July figure of $254,900. Clark County claimed the largest year-over-year gain at 18.%, followed by Cowlitz (18%), Mason (nearly 16%), and Kittitas (13.7%).
Prices on last month’s closed sales rose 9.2% from twelve months ago. The area-wide median price on single family homes and condos that sold last month was $255,500. Prices on single family homes (excluding condos) increased more than 12%, rising from $240,000 to $269,000.
The most expensive homes sold in San Juan County, which reported a median sales price of $380,000, and in King County, where the median selling price was $375,000.
Brokers added 7,300 new listings to inventory last month, the fewest number since January. With those additions, there were 25,476 active listings in the MLS system at the end of September. That total is down 27.7% from the year-ago selection that encompassed 35,254 listings.
The sharpest drop in active listings occurred in Snohomish County, which has about half the inventory of a year ago (2,187 currently versus 4,308 active listings at end of September 2011). Northwest MLS figures show year-over-year prices there jumped 14.6%. This imbalance between supply and demand is “wreaking havoc” with some buyers and sellers.
Some sellers are lamenting “missed opportunities”, but we believe positive momentum will continue with the combination of below-normal inventory, record-low interest rates and changing views on home ownership.
MLS members tallied nearly 600 more pending sales last month than a year ago. Brokers reported an increase of 8.7% from the year-ago total of pending transactions. Sales results were mixed across the MLS market area, with 12 counties reporting increases, eight reporting declines and one unchanged. The rapid pace of sales in some areas coupled with dwindling inventory means below-average # of months of supply in some counties. Area-wide there is about a 3.4 months worth of supply.
King, Pierce and Snohomish counties all report levels below three months of supply.
The all cash buyers are returning to the entire market. “Cash offers are being made across the price spectrum, including the million dollars-plus ranges“.
New home construction will continue making a rebound. Builders are moving cautiously in most markets, being careful to build only the sizes and quality of homes that are likely to sell before completion, and not starting too many foundations at one time.
With the dwindling number and lack of foreclosed homes coming on the market, the prices have been stabilized, but this has also created a lower number of homes for buyers to select from.
There are new reports on the recent rental activity which indicate a general trend for rent increases and a lower in the availability of good rentals in some key areas. Home ownership is “a better investment in many areas, even if buyers are thinking of holding the home for a relatively short time frame”. It is hard for someone to move into an apartment after having the freedom of a larger home, so displaced home owners are looking to rent homes first. This alone is driving investors back into the housing market.
While the story of a few years ago has flipped, the path to ownership remains constant. “We used to say the seller who priced and staged their home the best would get buyers”. Today, we’re saying buyers who are most realistic with their offers and pre-approved with a lender, and who are the most aggressive might get the house they want. This is what a normal market looks like — buyers and sellers negotiating fairly with each other and each feeling they may have left a little on the table. One of the benefits of a “normal” market is that it is not all about sales price. One must take into consideration closing costs, type of loan, closing date, possession date and work orders, each of which play a vital part in balancing out a normal transaction.
A buyer’s path for success includes pre-approval with a lender, sufficient funds to pay their own closing costs, and the patience to wait through the closing process, especially if they are buying a short sale or bank owned home.
September statistics for key Washington counties –
Average closing price
King – $424.085
Snohomish – $284,833
Pierce – $231,335
Kitsap – $282,866
Interesting in searching for property in Washington state?
15 min from downtown Seattle in a gated enclave of only 12 homes, is a refined estate on 2.29 acres that lays low and surprises you with a labyrinth of timeless treasures, including the original 1927 pool side cabana & beach side guest cottage, carriage house, sport court, Sound side hot tub, large heated pool, moorage and such earthly delights as rare 174 ft of sandy beach on Puget Sound with views of the Olympics,& the iconic Seattle Ferries! Fish, paddle board, swim, breathe salt air sunsets!
Listing courtesy of Windermere Real Estate/East
$12,800,000 Bainbridge Island excellence!
Extraordinary architecture in its purest art form when no expense is spared. 10,499 sq.ft. Miller Hull designed home + 500 sq.ft. art studio. Feng Shui compliant. 4,000 bottle wine cellar with stone imported from China. FSC certified woods + one-of-a-kind materials that cannot be replaced anywhere -1000 yr.old flawless recycled cedar, 19″x38′ beams from a shipwreck. Fabulous 13 acre waterfront compound with western exposure and breathtaking Olympic Mountain views.
The residence is a work of art, fusing the creative instinct of an architectural team at the top of their game with owners wanting to honor the waterfront estate with a home of equal merit. The unparalleled sculptural design of the home reflects the owners’ sensitivity to light, space, and extraordinary materials, as well as a particular desire to enhance a seamless flow of movement from the interior spaces to the spectacular natural setting beyond.
10,000 architecture hours, over $1 million in architecture fees alone. FSC-certified woods and one-of-a-kind materials that cannot be replaced anywhere – 1000 year old flawless recycled cedar, 19 inch x 28 feet large beams from a shipwreck. Six
year project, and four year construction.
Eight bathrooms, one outdoor shower. Four tofive bedrooms, depending on configuration. Kids playrooms, recreational room. Walnut library. Cherry walls and ceilings throughout, machiche flooring. Feng Shui compliant. Three car garage, with parking for eight cars. Nanny/staff/guest quarters separate from main
house, over garage. Complete office setup, advanced phone system with 5 lines, fax, polycom, video conference. Outdoor hot tub suspended in forest off master bathroom.
Well landscaped throughout property, including multiple paths through the surrounding forest, as well as decorative structures such as water features (fountains and streams), blending natural plant growth with subtly added greenery to create complete, serene pathways. Opportunities for viewing amazing sunsets
and animal life, including bald eagles perching in waterfront trees.
Set on almost 13 acres, including 374 feet of natural waterfront and beach access. 10,500 gross sq feet, with a 500 square foot art studio, 5000 gallon water tower and storage building. Designed by Miller Hull, winner of National AIA Awards.
The property is highly secure and gated. Almost $1 million of home automation, completely automated security systems, ten motion sensing cameras, fingerprint access, glass break sensors, Infrared, automated fire/heat/smoke systems. Safe Room. Hidden rooms. Fiber-optic wiring, cat 5, and cable to every room. Ultra high-speed internet. Audio and video servers, with high-end audio built in in every room, as well as subwoofers in walls.
Fifteen separate temperature zones. Oversized, no-sound forced air heat, with redundant in-floor heating. Twenty tons air conditioning capacity. Built for 9.0 earthquake, 130mph winds. 1200 yards concrete and over 300 tons of custom stonework. Completely sound and vibration proof, even in 40mph wind. 65KW generator and 2000 gallon underground propane system can sustain two weeks continuous operation of all systems. Battery backups for main computers.
Chef’s kitchen designed by Charlie Trotter’s kitchen designer, including Double Wolf ovens, seven Subzeros, as well as a full catering/service kitchen with dishwasher, bar, Wolf large oven, and built-in water. Custom Henrybuilt cabinets. 4000 bottle wine and liquor cellar with stone imported from China.
The overall site plan of the island residence is designed to choreograph the three natural landscapes inherent within the site: a low meadow, an old-growth forest, and a steep bluff overlooking the Puget Sound and Olympic Mountains. One enters the site
through the grassy meadow, open to the sky, path bending around a (future) pond and across it, the guesthouse. The path then closes in at the dense, shadowy forest of 100-150 foot tall Douglas Firs, winds around the chosen trees, and finally arrives in aclearing at the edge of the forest. Here, the main residence, separated into three wings, burrows into the bluff’s knoll and conceals the dramatic western views beyond. A low metal roof and stepping stone walls screen the larger wings and tenuously connect the North Wing, the Main Pavilion and the South Wing. Interruptions in the low roof and stone walls create understated entrance foyers and courtyards that blur distinctions between inside and out.
Each wing is developed to uniquely suit the rooms it houses. The North and South Wings sit on exposed concrete bases and are sided with vertical cedar siding. Their asymmetric gable roof forms bracket the Main Pavilion situated between them. The South wing is comprised of the garage and an open Nanny/Guest apartment at the east edge of the clearing. The North wing is comprised of discrete rooms including the master suite, bedrooms, library, living room, media room, and recreation room. The North Wing juts out to the west, affording dramatic southwest views from the corner living room and master suite, but also nestles into the edge of the Old Growth forest. A wooden trestle, 14 feet above the ground, weaves further north into the forest, and culminates at a hot tub platform. Salvaged Doug Fir timbers, raised from Willapa Bay after a shipwreck left them submerged since 1921, inspired the form of the Main Pavilion. The timbers were planed into 19″x19″ columns and beams, to form cantilevered frames that create three, open bays for the main family rooms. Two, massive, masonry hearths interrupt the timbers and define areas for dining, family and kitchen. Exposed steel T’s run across the timbers and support an exposed wood ceiling and low-slope metal roof, punctuated by the paired chimney masses and skylights. Along the entire western edge, windows and doors fill the exposed wood structure to highlight Sound and mountain views. Large, custom wood doors slide away and interior rooms seamlessly extend into outdoor patios and terraces leading down to the garden, lawn, bluff, and beyond.
Welcome to my Realty Executives International real estate web site, a buyer and seller empowering real estate resource site filled with city, state, and regional real estate property listings, MLS and new home listings, domestic and international real estate for sale, and a powerful yet user friendly real estate search engine to help with home buying, home selling, real estate investing and more.
A flair for art & architecture make up the inspiration for this Fleming Sorenson master piece located discretely on Clyde Hill. Attention to a simplicity and sleek streamlined modern design. A private and peaceful parcel gives a sense of seclusion not seen often on Clyde Hill. Home has a designated guest retreat for accommodation of friends and family. A spacious and easily accessible 4 car garage. A near quarter acre lot measures in at 24,407 sq. ft.. Abundant living space totaled at approx 5,800 square feet, with 4 Bedrooms, 4 Bathrooms and located in the well established Bellevue School District. Add to these a very large custom kitchen with details in custom cabinetry, oversized slab granite island, & top of the line appliances. Most spectacular master suite on the market today.
MLS# 380802 P# 425-638-2254 http://mcardon.realtyexecutivesbrio.com/
Welcome to another Bellevue, WA property for sale brought to you by Realty Executives Brio – The Leader in Bellevue, WA Real Estate Services.
This video contains information on one of our Bellevue, WA Homes for sale.
Listing Address: 16222 NE 24th St Bellevue, WA 98008
Property Type: Residential
Mark Cardons Email: email@example.com
This is a very nicely remodeled rambler, on a large 11,250 Sq Ft lot that’s very private. Large two car garage. Fully remodeled kitchen, with a huge slab granite center island White shaker cabinets, Wolfe Stainless steel appliances including double ovens, warming tray, stainless steel fridge, 6 Bar stools included. The see thru gas fireplace opens to the living & dining rooms. Walls of windows throughout the Living & dining area. Spectacular back yard w/enclosed RV parking hot tub. Updated baths