Listing Agency: Skyline Properties, Inc. Show Phone

Listed By: Nathan Belo · License #6678 Show Phone

Source: Moodyscre

Added: Nov 27, 2024 Changed: Oct 25 Last Checked: Oct 28 at 10:26AM

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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.

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Investment Insights

Based on property information with market context.

Built as a Boston Pizza and bar building, this restaurant property includes a dedicated bar area and an outdoor fenced patio with gas heaters. The commercial kitchen is equipped with 2 Type 1 hoods and 1 Type 2 hood for a pizza oven, along with 2 walk-in coolers and 1 walk-in freezer. Under 1,000 retail sf is noted as usable for grocery or deli.

The property is located on a pad with a land lease that runs until 12/31/2045.

The offering is listed as for sale, with a stated pro-forma lease rate of $38/yr and seller financing noted at 8% (buyer/broker to verify terms directly with the listing agent).

Key Highlights

• Restaurant building built as Boston Pizza & bar on a pad with a land lease through 12/31/2045
• Commercial kitchen includes 2 type 1 hoods and 1 type 2 hood for a pizza oven
• Includes 2 walk‑in coolers and 1 walk‑in freezer

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$60,917

Cap Rate

7.61%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,218,340 $1.2M

Cap Rate 7%

$870,243 $870.2K

Cap Rate 9%

$676,856 $676.9K

Is this asking price fair?

Market Conditions

NOI Build-Up for 6,272 SF

Gross rent

$94.1K $15.00/SF

− Vacancy

−$7.1K −$1.13/SF

EGI

$87.0K $13.88/SF

− OpEx

−$26.1K −$4.16/SF

NOI

$60.9K $9.71/SF

Area

Snohomish County, WA

Vacancy

7.50%

Lease Rate

$15.00 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,218,340

Cap Rate 7%

$870,243

Cap Rate 9%

$676,856

Alternative Uses

Best Use

Specialty Retail

$1.39M

$1.22M – $1.63M (±1% cap)

NOI $97,618 @ 7.0% cap · market cap 12.20%

Second Best

Industrial

$870.2K

$761.5K – $1.02M (±1% cap)

NOI $60,917 @ 7.0% cap · market cap 7.61%

Theoretical Best

Office A

$1.75M

$1.53M – $2.04M (±1% cap)

NOI $122,441 @ 7.0% cap · market cap 15.31%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

Conventional restaurants

Suggested Use

Top Pick Auto Repair Shop Big Box & Wholesale Store Auto Parts Store Building Supply Storage Facility Hotel & Motel

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Yes

Commercial hood

Location Intelligence

Trade Area within ½ mile

1,262

Businesses Nearby

127k

Monthly Visits Nearby

Under-served

Demand for This Use

Explore this area Business Placement

Foot Traffic Nearby

Groceries 39% Dining 28% Shops & Services 19% Office Supplies 12%

Safeway Groceries

49,547 visits/mo 0.5 miles

Staples Office Supplies

14,954 visits/mo 0.5 miles

Starbucks Dining

11,994 visits/mo 0.1 miles

Wells Fargo Shops & Services

9,007 visits/mo 0.5 miles

MOD Pizza Dining

8,773 visits/mo 0.5 miles

Demographics for 98012, WA

74,956

Population

28,174

Households

2.7

Avg Household Size

36

Median Age

56%

College-Educated

96%

High-School Grad

15.7 sq mi

ZIP Area

4,774

Density / Sq Mi

$141,653

Median Household Income

$72,412

Median Earnings

$2,279

Median Rent

$811,500

Median Home Value

Market

Vacancy Rate% for Retail in West region

7% 2020

6.3% 2021

5.5% 2022

5.3% 2023

5.5% 2024

5.8% 2025

Similar Off Market Nearby

• Arirang Korean BBQ Mill Creek — 800 164th St SE, Mill Creek, WA 98012

Frequently Asked Questions

What type of property is this?

Conventional restaurant - Restaurant building on a pad with a gas-heated, fenced patio and commercial kitchen equipment.

Where is this conventional restaurant located?

The property is located at 15310 Main St Mill Creek, WA.

What is the asking price?

The asking price for this property is $800,000.

What are key features of this property?

This property features: Restaurant building built as Boston Pizza & bar on a pad with a land lease through 12/31/2045; Commercial kitchen includes 2 type 1 hoods and 1 type 2 hood for a pizza oven; Includes 2 walk‑in coolers and 1 walk‑in freezer