Fully Entitled Bellevue Apartment Site Listed for Sale After Four-Year Delay
According to the Downtown Bellevue Network, a 0.37-acre parcel at 10350 NE 10th St. has been listed for sale by MRM Capital, nearly four years after securing city approvals for a 102-unit apartment project.
The site, known as Bell10, represents a fully entitled opportunity in a high-demand submarket, offering a developer the ability to bypass the land-use process and proceed directly to construction—a significant time advantage in the current cycle.
Entitlements and Site Specifications
The property is approved for an eight-story building. The design, by Seattle-based Runberg Architecture Group, features fiber cement and metal panel facades and includes ground-floor retail fronting Bellevue Way and NE 10th St. The site currently contains a 4,118-sf bank building constructed in 1986. CBRE has been retained to market the listing, positioning it for developers seeking residential inventory in a neighborhood proximate to major tech employers.
Timeline Analysis: A Four-Year Gap
MRM Capital secured key land-use approvals, including design review, in June 2022. Initial projections targeted a construction start by late fall 2022 and a summer 2024 completion. That timeline was not executed. The 46-month interval between entitlement and market listing introduces a critical variable: construction cost inflation. A buyer in 2026 will underwrite a different proforma than one in 2022, requiring updated bids for materials, labor, and financing.
Market Context and Buyer Metrics
The listing cites proximity to the Bellevue light rail station and Eastside tech campuses as demand drivers. Eligibility for Bellevue’s Multifamily Tax Exemption (MFTE) program is a noted financial incentive. For an acquiring developer, the key metrics will be current absorption rates for new Class A inventory, achievable rents, and the yield spread over rising debt costs. The gap between original projection and current market conditions makes this a data-intensive acquisition decision, not a speculative play. The operative factor for any buyer is whether today’s interest rate environment and construction bids allow the approved 102-unit program to pencil.