Turn-Key Restaurant Ready For
For Sale
$1,700,000
Pending
2122 Mildred Street W, University Place, WA 98466
Restaurant with hood, grease trap, kitchen equipment, and bar.
Property Size5,634 SF
Days on Market588
Property Features for 2122 Mildred Street W
General Information
Standard status
Pending
Size
5,634 SF
Property subtype
Commercial
Building Details
Year Built
1979
Listing Agency:
LEE & ASSOCIATES COMMERCIAL REAL ESTATE SERVICES
Listed By:
THOMAS BROWN
Source:
Corcoran
Added: Mar 11, 2025
Changed: Oct 2
Last Checked: Oct 19 at 6:45AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of LEE & ASSOCIATES COMMERCIAL REAL ESTATE SERVICES
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Investment Insights
Based on property information with market context.
This turn-key restaurant is available for sale, suitable for an owner-user or investor. The property includes a hood, grease trap, kitchen equipment, and a bar. It is situated in a central retail location on busy Mildred Street, bordering University Place and Tacoma. The property offers a total size of 5634 square feet and includes parking.
Key Highlights
- Turn‑key restaurant ready for owner or investor.
- Includes hood, grease trap, kitchen equipment, and bar.
- Great central retail location on busy Mildred Street.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$56,345
Cap Rate
3.31%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,126,900
$1.1M
Cap Rate 7%
$804,929
$804.9K
Cap Rate 9%
$626,056
$626.1K
Market Conditions
NOI Build-Up for 5,634 SF
Gross rent
$81.1K $14.40/SF
− Vacancy
−$6.0K −$1.07/SF
EGI
$75.1K $13.33/SF
− OpEx
−$18.8K −$3.33/SF
NOI
$56.3K $10.00/SF
Area
Pierce County, WA
Vacancy
7.40%
Lease Rate
$14.40 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,126,900
Cap Rate 7%
$804,929
Cap Rate 9%
$626,056
Alternative Uses
Best Use
Specialty Retail
$804.9K
$704.3K – $939.1K
NOI $56,345 @ 7.0% cap · market cap 3.31%
Second Best
Retail
$697.7K
$610.5K – $814.0K
NOI $48,840 @ 7.0% cap · market cap 2.87%
Theoretical Best
Office A
$1.52M
$1.33M – $1.78M
NOI $106,518 @ 7.0% cap · market cap 6.27%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
1,643
Businesses Nearby
228k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 46%
Dining 25%
Shops & Services 14%
Home Improvements & Furnishings 12%
Trader Joe's
Groceries
56,098 visits/mo
0.4 miles
Whole Foods Market
Groceries
48,978 visits/mo
0.1 miles
HomeGoods
Home Improvements & Furnishings
27,717 visits/mo
0.4 miles
McDonald's
Dining
22,867 visits/mo
0.5 miles
Applebee's
Dining
11,016 visits/mo
0.5 miles
Demographics for 98466, WA
29,769
Population
12,773
Households
2.3
Avg Household Size
39
Median Age
44%
College-Educated
96%
High-School Grad
6.2 sq mi
ZIP Area
4,801
Density / Sq Mi
$94,598
Median Household Income
$53,823
Median Earnings
$1,724
Median Rent
$564,400
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in West region
Frequently Asked Questions
What type of property is this?
Restaurant - Restaurant with hood, grease trap, kitchen equipment, and bar.
Where is this restaurant located?
The property is located at 2122 Mildred Street W University Place, WA.
What is the asking price?
The asking price for this property is $1,700,000.
What are key features of this property?
This property features: Turn‑key restaurant ready for owner or investor.; Includes hood, grease trap, kitchen equipment, and bar.; Great central retail location on busy Mildred Street.
