Family Restaurant with Type II
For Sale
$400,000
123 123ST, Bellevue, WA 98005
Restaurant space in Bellevue with Type II hood, walk-in refrigerator, and seating for up to 95 guests plus outdoor seating.
Property Size2,950 SF
Price / SF$135.59
Days on Market78
Property Features for 123 123ST
General Information
Standard status
Active
Size
2,950 SF
Property subtype
Commercial
Restaurant
Seating Capacity
95
Hood Type
Type II
Commercial Hood
Yes
Patio
Yes
Listing Agency:
Skyline Properties,Inc.
Listed By:
Amir Rashidi
(206) 498-2290
Source:
Skylineproperties
Added: Jul 2
Changed: Sep 17
Last Checked: Sep 16 at 8:14PM
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 Skyline Properties,Inc.
Investment Insights
Based on property information with market context.
This well-established family restaurant features a functional kitchen and dining layout designed for efficient operations. The space is approximately 2,950 square feet and provides seating for up to 95 guests, with additional outdoor seating to expand the dining experience. Kitchen and food-prep amenities include a Type II hood and a walk-in refrigerator.
Ample parking is available, including 10 assigned spaces plus abundant guest parking, supporting convenient arrival for both staff and patrons. The property is offered as a turnkey restaurant opportunity, suitable for an owner-operator or an investor looking for a ready-to-run concept.
For day-to-day restaurant operations, the combination of a practical interior layout, commercial kitchen equipment, and flexible indoor-outdoor seating helps support consistent service during peak hours.
Ample parking is available, including 10 assigned spaces plus abundant guest parking, supporting convenient arrival for both staff and patrons. The property is offered as a turnkey restaurant opportunity, suitable for an owner-operator or an investor looking for a ready-to-run concept.
For day-to-day restaurant operations, the combination of a practical interior layout, commercial kitchen equipment, and flexible indoor-outdoor seating helps support consistent service during peak hours.
Key Highlights
- Approximately 2,950 square feet restaurant space
- Seats up to 95 guests with additional outdoor seating
- Type II hood in the kitchen
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$27,188
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.80%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$543,760
$543.8K
Cap Rate 7%
$388,400
$388.4K
Cap Rate 9%
$302,089
$302.1K
Market Conditions
NOI Build-Up for 2,950 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$42.1K $14.28/SF
− Vacancy
−$3.3K −$1.11/SF
EGI
$38.8K $13.17/SF
− OpEx
−$11.7K −$3.95/SF
NOI
$27.2K $9.22/SF
Area
Bellevue, WA
Vacancy
7.80%
Lease Rate
$14.28 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$543,760
Cap Rate 7%
$388,400
Cap Rate 9%
$302,089
Alternative Uses
Best Use
Specialty Retail
$842.3K
$737.0K – $982.7K
NOI $58,961 @ 7.0% cap · market cap 14.74%
Second Best
Industrial
$388.4K
$339.9K – $453.1K
NOI $27,188 @ 7.0% cap · market cap 6.80%
Theoretical Best
Office A
$1.37M
$1.19M – $1.59M
NOI $95,580 @ 7.0% cap · market cap 23.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Commercial hood
Location Intelligence
Trade Area within ½ mile
33
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 98005, WA
20,961
Population
9,420
Households
2.2
Avg Household Size
36
Median Age
71%
College-Educated
95%
High-School Grad
7.3 sq mi
ZIP Area
2,871
Density / Sq Mi
$158,396
Median Household Income
$87,000
Median Earnings
$2,380
Median Rent
$1,373,000
Median Home Value
Market
Vacancy Rate% for Retail in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Conventional restaurant - Restaurant space in Bellevue with Type II hood, walk-in refrigerator, and seating for up to 95 guests plus outdoor seating.
Where is this conventional restaurant located?
The property is located at 123 123ST Bellevue, WA.
What is the asking price?
The asking price for this property is $400,000.
What are key features of this property?
This property features: Approximately 2,950 square feet restaurant space; Seats up to 95 guests with additional outdoor seating; Type II hood in the kitchen
