Sign Up Successful!
You now have access to more from Realmo!
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    1510 Melrose Ave Seattle, WA 98122

    Loading data...
    Loading data...
    Loading data...
    For Lease
    $38 SF/Yr ($14,047 /Mo)

    Built-out restaurant space in vibrant Capitol Hill location for lease.

    Property size:
    4,436 SF
    Lot size:
    0.12 Acres

    Property Features for 1510 Melrose Ave

    General Information

    Size
    4,436 SF
    Lot size
    0.12 Acres

    We can help!

    Listing Contact
    Laura Miller
    Source: Moodyscre

    Listing Agent: Laura Miller

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Capitol Hill Restaurant Space Available

    This is a restaurant space available for lease in the west end of Capitol Hill's Pike/Pine Corridor, across from Melrose Market. The location benefits from strong day and night-time traffic and is a five-minute walk from the Washington State Convention Center. The building, a renovated former automotive garage completed in 2012 and designed by Cobb Architects, features a chef's display kitchen with two type 1 hoods (86"x54" and 144"x54") and one type 2 hood (48"x48"), a full bar, and a pick-up window. Architectural features include exposed brick, high ceilings, operable storefront windows, metal beams, and a modern design aesthetic. The property is equipped with fire sprinklers and HVAC. The space is 4,436 square feet and is suitable for restaurants and retail properties.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Restaurants

    Suggested Use

    Restaurant Realty agency Spa & Massage Hair Salon Dental Office Nail Salon Clothing Store Food Market Grocery Store Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    Seattle Corporate Catering by ARISTA, Cafe Stellina Catering/NEST School Lunch, Wolf gang puck catering, Shooby Doo Catering - Seattle Art Museum, Nourish Catering

    Location Insight

    • Map
    • Local Demand
    City
    Seattle
    County
    King
    State
    Washington
    Longitude
    -122.3275868
    Latitude
    47.6143887

    Nearby Similar for Lease

    • $38 SF/Yr
      1,391 SF

      Prime Retail/Office Space Available

      New mixed-use development in vibrant Seattle neighborhood.
      412 NW 65Th St, Seattle, WA 98117
      View Details
    • $25 SF/Yr
      928 SF

      Prime Wallingford Retail Space

      Inviting retail space in Seattle's vibrant Wallingford neighborhood.
      254 NE 45Th St, Seattle, WA 98105
      View Details
    • $30 SF/Yr
      4,463 SF

      Prime Retail Space in Seattle

      4,463 SF retail space in a mixed-use development.
      1505 SW 107Th St, Seattle, WA 98133
      View Details
    • $24 SF/Yr
      1,300 SF

      West Seattle Cafe/Restaurant Space

      Versatile cafe/restaurant space in West Seattle/White Center.
      1416 SW Roxbury St, Seattle, WA 98106
      View Details
    • Contact for pricing
      2,239 SF

      Freestanding Drive-Thru Restaurant Opportunity

      2,239 SF drive-thru ready for coffee or QSR concepts.
      10256 16Th Ave SW, Seattle, WA 98146
      View Details
    • Contact for pricing
      1,250 SF

      Professionally Configured Uptown Office Space

      Ground-floor office space in walkable Uptown neighborhood near Seattle Center.
      200 Roy St, Seattle, WA 98109
      View Details
    • Contact for pricing
      5,000 SF

      Turnkey Restaurant Space in Astra Hotel

      5,000 SF restaurant space for lease in Astra Hotel.
      1000 Thomas St, Seattle, WA 98109
      View Details
    • Contact for pricing
      95,000 SF

      Prime Seattle Commercial Office Space

      30-story office building with modern amenities and convenient transit access.
      1501 4Th Ave, Seattle, WA 98101
      View Details
    • $38 SF/Yr
      9,032 SF

      Retail Space in Grand Street Commons

      Mixed-use retail space available in Seattle's Grand Street Commons.
      1750 22Nd Ave S, Seattle, WA 98112
      View Details
    • $39 SF/Yr
      2,901 SF

      Prime Retail Space in Seattle

      Ground-floor commercial space in a vibrant, growing Seattle neighborhood.
      917 NE 63Rd St, Seattle, WA 98115
      View Details
    • $25 SF/Yr
      2,110 SF

      Belltown Retail/Office Space Available

      Retail or office space in a high-traffic Belltown location.
      2100-2106 3Rd Ave, Seattle, WA 98121
      View Details
    • $5,000 /Mo
      6,941 SF

      Historic Seattle Office Space

      Creative office space in a historic building with ideal location.
      720 Seneca St, Seattle, WA 98101
      View Details

    FAQs

    What type of property is this?
    Restaurant - Built-out restaurant space in vibrant Capitol Hill location for lease.
    Where is this restaurant located?
    The property is located at 1510 Melrose Ave Seattle, WA.
    What is the lease rate?
    The lease rate is $38 SF/Yr.
    What are key features of this property?
    This property features: - Fully built-out restaurant space in the vibrant Pike/Pine Corridor of Capitol Hill, across from Melrose Market.; - Includes **two Type 1 hoods and one Type 2 hood, full bar, and pick-up window.**; - High foot traffic location, both day and night.
    (206) 351-3573
    Request Owner's contact information
    1510 Melrose Ave Seattle, WA 98122
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    1510 Melrose Ave
    Seattle, WA 98122
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    1510 Melrose Ave Seattle, WA 98122
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Laura Miller
    (206) 351-3573
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.