Italian Restaurant with Full
For Sale
$4,950,000
6415 32ND, Seattle, WA 98107
Italian restaurant with full bar, cafe, and bakery on a hard-corner lot with land and building included.
Property Size12,000 SF
Lot Size0.36 Acres
Price / SF$412.50
Days on Market458
Property Features for 6415 32ND
General Information
Standard status
Active
Size
12,000 SF
Lot size
0.36 Acres
Property subtype
Commercial
Additional Details
Business Included
Yes
Building Details
Year Built
1940
Listing Agency:
RE/MAX Extra Inc.
Listed By:
Don M. Goethals
(206) 363-8509
Source:
Century21northhomes
Added: May 18, 2025
Changed: Aug 17
Last Checked: Aug 17 at 9:04AM
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 RE/MAX Extra Inc.
Investment Insights
Based on property information with market context.
This Italian restaurant property includes the land and building and operates with a full bar plus a café, coffee shop, and bakery. The offering is described as having multiple indoor and outdoor spaces, supporting a range of on-site dining and event use. The café operates from 5 a.m. to 5 p.m., while the bakery is noted for fresh offerings daily. The restaurant’s peak period is described as 4:30 p.m. to 9 p.m.
The site is presented as a hard-corner location with high visibility, and it is located just blocks from Ballard Locks. The remarks also note a walk rate on a bus line.
In addition to the restaurant site, the listing states that a .14-acre leased property is included for a total of .358 acres. Financials are available, and the seller is willing to sell the land and building or the business only.
The site is presented as a hard-corner location with high visibility, and it is located just blocks from Ballard Locks. The remarks also note a walk rate on a bus line.
In addition to the restaurant site, the listing states that a .14-acre leased property is included for a total of .358 acres. Financials are available, and the seller is willing to sell the land and building or the business only.
Key Highlights
- 12,000+ SF Italian restaurant with full bar, cafe, coffee shop, and bakery (land and building included).
- Hard‑corner lot totals 0.358 acres, including 0.14‑acre leased property.
- Built in 1940.
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
$202,176
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
4.08%
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%
$4,043,520
$4.0M
Cap Rate 7%
$2,888,229
$2.9M
Cap Rate 9%
$2,246,400
$2.2M
Market Conditions
NOI Build-Up for 12,000 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
$276.5K $23.04/SF
− Vacancy
−$6.9K −$0.58/SF
EGI
$269.6K $22.46/SF
− OpEx
−$67.4K −$5.62/SF
NOI
$202.2K $16.85/SF
Area
Seattle, WA
Vacancy
2.50%
Lease Rate
$23.04 /SF/Yr
Expense Ratio
25.00%
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%
$4,043,520
Cap Rate 7%
$2,888,229
Cap Rate 9%
$2,246,400
Alternative Uses
Best Use
Specialty Retail
$2.89M
$2.53M – $3.37M
NOI $202,176 @ 7.0% cap · market cap 4.08%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.61M
$3.16M – $4.21M
NOI $252,717 @ 7.0% cap · market cap 5.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
924
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 98107, WA
28,557
Population
16,538
Households
1.7
Avg Household Size
35
Median Age
76%
College-Educated
99%
High-School Grad
2.2 sq mi
ZIP Area
12,980
Density / Sq Mi
$137,748
Median Household Income
$82,884
Median Earnings
$2,194
Median Rent
$924,900
Median Home Value
Market
Vacancy Rate% for Retail in Seattle, WA
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Conventional restaurant - Italian restaurant with full bar, cafe, and bakery on a hard-corner lot with land and building included.
Where is this conventional restaurant located?
The property is located at 6415 32ND Seattle, WA.
What is the asking price?
The asking price for this property is $4,950,000.
What are key features of this property?
This property features: 12,000+ SF Italian restaurant with full bar, cafe, coffee shop, and bakery (land and building included).; Hard‑corner lot totals 0.358 acres, including 0.14‑acre leased property.; Built in 1940.
