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3003 Northup Way 2.54 Acres of Commercial Land in Bellevue, WA 98004
Investment Highlights
- Prime Bellevue Infill Location
- Extremely Affluent Demographics
- Bel-Red Corridor Growth
- Redevelopment Potential
- Below-Market In-Place Rents
- Supplemental Parking Income
Executive Summary
Team Vara is pleased to present a 2.54-acre covered land opportunity located off SR-520 along Northup Way in one of Bellevue’s most supply-constrained submarkets. The infill site offers immediate control of a highly accessible parcel with redevelopment potential. The functional site layout supports a range of future uses, including townhomes, senior housing, or multifamily development. In the interim, the four-suite provides stable cash flow with in-place rents approximately 14.7% below market, near-term lease rollover, and supplemental parking income that offset holding costs while preserving redevelopment optionality.
Bellevue is the Pacific Northwest’s premier employment hub, with more than 150,000 jobs today and projected growth to nearly 193,000 by 2035. Major employers include Amazon, Meta, and Microsoft, which continue to drive demand across the Bellevue-Redmond corridor. From 2018 to 2023, Bellevue added over 10,000 jobs and saw approximately 39% growth in median household income. The Bel-Red Corridor alone is expected to add roughly 10,000 jobs and 5,000 housing units by 2030, reinforcing the property’s positioning as a high-demand covered land investment with multiple execution paths.
Bellevue is the Pacific Northwest’s premier employment hub, with more than 150,000 jobs today and projected growth to nearly 193,000 by 2035. Major employers include Amazon, Meta, and Microsoft, which continue to drive demand across the Bellevue-Redmond corridor. From 2018 to 2023, Bellevue added over 10,000 jobs and saw approximately 39% growth in median household income. The Bel-Red Corridor alone is expected to add roughly 10,000 jobs and 5,000 housing units by 2030, reinforcing the property’s positioning as a high-demand covered land investment with multiple execution paths.
Property Facts
| Sale Type | Investment | Property Subtype | Commercial |
| Sale Condition | Redevelopment Project | Proposed Use | Commercial |
| No. Lots | 1 | Total Lot Size | 2.54 AC |
| Property Type | Land | Year Built | 1969 |
| Zoning | OLB | ||
| Sale Type | Investment |
| Sale Condition | Redevelopment Project |
| No. Lots | 1 |
| Property Type | Land |
| Property Subtype | Commercial |
| Proposed Use | Commercial |
| Total Lot Size | 2.54 AC |
| Year Built | 1969 |
| Zoning | OLB |
1 Lot Available
Lot
| Lot Size | 2.54 AC |
| Lot Size | 2.54 AC |
1 1
Property Taxes
| Parcel Number | 202505-9018 | Improvements Assessment | $3,048,012 CAD |
| Land Assessment | $9,431,627 CAD | Total Assessment | $12,479,639 CAD |
Property Taxes
Parcel Number
202505-9018
Land Assessment
$9,431,627 CAD
Improvements Assessment
$3,048,012 CAD
Total Assessment
$12,479,639 CAD
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3003 Northup Way
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