PORTFOLIO OFFERING: REDMOND + WEST SEATTLE RETAIL | INVESTMENT OPPORTUNITY
Offered at: $10,250,000
Addresses: 16330 & 16390 Cleveland Street, Redmond, WA | 4822 California Avenue SW, Seattle, WA

Executive Summary

Lee & Associates is pleased to present an exclusive three-property portfolio opportunity in two of King County’s most vibrant urban markets—Downtown Redmond and West Seattle. This offering combines stable in-place income with compelling long-term redevelopment potential, making it an ideal acquisition for investors seeking cash flow today and strategic upside tomorrow.

Portfolio Overview

Total Purchase Price: $10,250,000
Cap Rate: 7.5%
Tenants: Origins Cannabis, Prime Steakhouse
Zoning: OT (Redmond), NC2-75(M) (West Seattle)
Total Buildings: ±13,200 SF combined
Redevelopment Potential: Significant, transit-oriented development (TOD) friendly parcels
Lease Structure: Long-term NNN leases with escalation provisions

Redmond Assets

16330 Cleveland Street (Prime Steakhouse)

• Tenant: Prime Steakhouse

• Building Size: 3,700 SF

• Lot Size: 16,058 SF

• Zoning: Old Town (OT)

• Lease: Original 10-year lease (expires 2024) with 5-year renewal option

• Highlights: Long-term tenant, high-end dining, pedestrian-oriented retail zoning, across from Redmond Light Rail Station

16390 Cleveland Street (Origins Cannabis)

• Tenant: Origins Cannabis

• Building Size: 3,219 SF

• Lot Size: 3,140 SF

• Zoning: Old Town (OT)

• Lease: 10-year NNN lease commencing upon sale, with 2 five-year options

• Highlights: Flagship retail location, strategic TOD site, located directly across from Redmond Sound Transit Station

West Seattle Asset

4822 California Avenue SW

• Tenant: Origins Cannabis (relocation site)

• Building Size: 3,050 SF

• Lot Size: 5,750 SF

• Zoning: NC2-75(M)

• Lease: New 10-year NNN lease with 2 five-year options; $296,000 annual rent with escalations

• Highlights: Located in the heart of West Seattle Junction, near 2030 light rail station, $300K renovation in progress

Location Strengths

Downtown Redmond

• Immediate access to future Redmond Light Rail Station

• Dense mix of tech employers (Microsoft, Facebook, Amazon)

• Old Town zoning allows for 6-story mixed-use redevelopment

• Urban village design supports residential, office, and retail integration

West Seattle

• Core retail corridor on California Avenue SW

• Near SW Alaska Street Light Rail Station (2030 completion)

• Surrounded by high-demand residential neighborhoods and growing foot traffic

• Strong barriers to entry and favorable neighborhood demographics

Tenant Profiles

Origins Cannabis
A regional cannabis brand operating in WA, CA, OK, and ME under Origins and Rose Mary Jane. Annual revenues exceed $10M from two WA stores. Vertical integration in multiple markets supports long-term stability and growth.

Prime Steakhouse
A neighborhood staple in Redmond, Prime offers high-quality American cuisine and attracts consistent customer volume. The restaurant has operated at this location since 2014.

Zoning Advantages

Old Town (OT) – Redmond

Intended to promote a walkable, mixed-use downtown core with flexible development standards. Encourages retail storefronts with residential or office uses above.

• Max height: 6 stories

• 100% lot coverage

• Transit-oriented development potential

NC2-75 (M) – West Seattle

Medium-intensity commercial zoning supporting mixed-use development, with residential above commercial.

• Max height: 75 feet

• Emphasis on pedestrian orientation

• 25,000 SF max for certain commercial uses

Why This Matters

This portfolio is a showcase of long-term urban real estate value—offering stable income today and strong development optionality tomorrow. Its strength lies in its locations: directly adjacent to Sound Transit light rail expansions and within walkable commercial hubs. The offering represents a compelling opportunity for investors seeking risk-mitigated returns backed by high-performing tenants in rapidly evolving neighborhoods.

Strategic Investment Thesis

This offering provides the rare opportunity to acquire stabilized assets in two of the region’s most competitive submarkets with significant transit-oriented redevelopment potential. Investors benefit from:

• Immediate, in-place income from established tenants

• Long-term value creation via high-density redevelopment opportunities

• Strong rental escalations and institutional lease structures

• Core locations poised to benefit from major infrastructure investment (light rail, TOD incentives)