Partially Remodeled Restaurant
For Sale
$525,000
719 1ST Ave, Seaside, OR 97138
Includes an approximately 1,500-sqft commercial prep kitchen with storefront, plus additional unfinished space, with tenant to vacate.
Property Size3,534 SF
Price / SF$148.56
Days on Market879
Property Features for 719 1ST Ave
General Information
Standard status
Active
Size
3,534 SF
Property subtype
General Commercial
Taxes and HOA fees
Annual Taxes
$2,310
Amenities
3
C3
6 Parking Spaces.
Building Details
Year Built
1919
Listing Agency:
Popkin Real Estate, LLC
(503) 739-7192
Listed By:
Mark Popkin
(503) 440-4200
Source:
Xome
Added: Apr 9, 2024
Changed: Sep 3
Last Checked: Sep 2 at 7:43PM
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 Popkin Real Estate, LLC
Investment Insights
Based on property information with market context.
This restaurant property is partially remodeled and offered for sale. Approximately 1,500 square feet is dedicated to a commercial prep kitchen and includes a storefront. The remaining portion of the space is currently unfinished, and the existing tenant will be vacating the property.
Located in central Seaside, the property’s configuration supports food service back-of-house operations through the existing prep kitchen setup. The storefront component provides direct customer-facing access tied to the kitchen area.
Prospective buyers should plan to complete the unfinished portion of the property while leveraging the existing commercial prep kitchen and storefront area as a foundation for a food service use.
Located in central Seaside, the property’s configuration supports food service back-of-house operations through the existing prep kitchen setup. The storefront component provides direct customer-facing access tied to the kitchen area.
Prospective buyers should plan to complete the unfinished portion of the property while leveraging the existing commercial prep kitchen and storefront area as a foundation for a food service use.
Key Highlights
- Approximately 1,500‑sqft commercial prep kitchen with storefront
- Additional unfinished space included beyond the commercial prep kitchen
- Property is partially remodeled
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
$20,038
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
3.82%
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%
$400,760
$400.8K
Cap Rate 7%
$286,257
$286.3K
Cap Rate 9%
$222,644
$222.6K
Market Conditions
NOI Build-Up for 3,534 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
$31.8K $9.00/SF
− Vacancy
−$3.2K −$0.90/SF
EGI
$28.6K $8.10/SF
− OpEx
−$8.6K −$2.43/SF
NOI
$20.0K $5.67/SF
Area
Clatsop County, OR
Vacancy
10.00%
Lease Rate
$9.00 /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%
$400,760
Cap Rate 7%
$286,257
Cap Rate 9%
$222,644
Alternative Uses
Best Use
Specialty Retail
$748.3K
$654.8K – $873.1K
NOI $52,384 @ 7.0% cap · market cap 9.98%
Second Best
Industrial
$286.3K
$250.5K – $334.0K
NOI $20,038 @ 7.0% cap · market cap 3.82%
Theoretical Best
Office A
$1.03M
$899.1K – $1.20M
NOI $71,924 @ 7.0% cap · market cap 13.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
Explore this area
Business Placement
Demographics for 97138, OR
11,248
Population
7,785
Households
1.4
Avg Household Size
48
Median Age
28%
College-Educated
92%
High-School Grad
146.0 sq mi
ZIP Area
77
Density / Sq Mi
$51,993
Median Household Income
$39,285
Median Earnings
$1,004
Median Rent
$433,200
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?
Commercial kitchen - Includes an approximately 1,500-sqft commercial prep kitchen with storefront, plus additional unfinished space, with tenant to vacate.
Where is this commercial kitchen located?
The property is located at 719 1ST Ave Seaside, OR.
What is the asking price?
The asking price for this property is $525,000.
What are key features of this property?
This property features: Approximately 1,500‑sqft commercial prep kitchen with storefront; Additional unfinished space included beyond the commercial prep kitchen; Property is partially remodeled
