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    Capitol Hill Restaurant Space For Lease Title is generated by Realmo AI

    1510 Melrose Ave, Seattle, WA 98122

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    For Lease
    $14,047/Mo $38 SF/Yr (calc)

    Built-out restaurant space in vibrant Capitol Hill's Pike/Pine Corridor.

    Type:Commercial
    Property size:
    4,436 SF
    Added:
    Jan 21, 2026
    Days on Market:
    134
    Last Refresh:
    Apr 5 at 11:18 pm

    Property Features for 1510 Melrose Ave

    General Information

    Standard status
    Active
    Size
    4,436 SF
    Property subtype
    Commercial

    Building Details

    Year Built
    1928

    We can help!

    Listing Contact
    LAURA MILLER

    Listing agent LAURA MILLER

    Listing office GIBRALTAR, LLC

    Listing date Jan 21, 2026

    Source Corcoran

    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 GIBRALTAR, LLC

    HighLights

    • Prime location in the Pike/Pine Corridor of Capitol Hill, across from Melrose Market, ensuring high foot traffic.
    • Fully built‑out restaurant space with chef's display kitchens, including two type 1 hoods and one type 2 hood, plus a full bar and pick‑up window.
    • Architecturally unique space featuring exposed brick, high ceilings, operable storefront windows, and metal beams from a sunken battleship.
    • Recently renovated in 2012, designed by Cobb Architects.
    • Five‑minute walk to the Washington State Convention Center, attracting 300,000‑400,000 annual visitors.
    • Former automotive garage with modern design aesthetic.

    Overview

    This is an opportunity to lease a built-out restaurant space 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. The property is a five-minute walk from the Washington State Convention Center, which hosts 300,000 to 400,000 visitors annually. The building, a former automotive garage, underwent a renovation completed in 2012 and designed by Cobb Architects. The restaurant features chef's display kitchens including two type 1 hoods (86"x54" and 144"x54") and one type 2 hood (48"x48"), a full bar, and a pick-up window. The space has architectural character with exposed brick, high ceilings, operable storefront windows, metal beams from a sunken battleship, and a modern design aesthetic. The property size is 4,436 square feet.
    Property Profile Location Intelligence

    Current Use by Public Records

    Restaurants

    Suggested Use

    Restaurant Real Estate Agency Spa & Massage Center Hair Salon Dental Office Nail Salon Food Market Grocery & Convenience Store Daycare Center Gym & Fitness Center

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

    Similar Places Nearby

    • Seattle Corporate Catering by ARISTA — 1301 2nd Ave floor 16, Seattle, WA 98101
    • Cafe Stellina Catering/NEST School Lunch — 3007 Beacon Ave S, Seattle, WA 98144
    • Wolf gang puck catering — 2122 7th Ave, Seattle, WA 98121
    • Shooby Doo Catering - Seattle Art Museum — 1300 1st Ave, Seattle, WA 98101
    • Nourish Catering — 1318 E Pine St, Seattle, WA 98122

    Location Insight

    • Map
    • Local Demand
    City
    Seattle
    County
    King
    State
    Washington
    Longitude
    -122.328
    Latitude
    47.6144

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    FAQs

    What type of property is this?
    Restaurant - Built-out restaurant space in vibrant Capitol Hill's Pike/Pine Corridor.
    Where is this restaurant located?
    The property is located at 1510 Melrose Ave Seattle, WA.
    What is the lease rate?
    The lease rate is $14,047 /Mo.
    What are key features of this property?
    This property features: Prime location in the Pike/Pine Corridor of Capitol Hill, across from Melrose Market, ensuring high foot traffic.; Fully built‑out restaurant space with chef's display kitchens, including two type 1 hoods and one type 2 hood, plus a full bar and pick‑up window.; Architecturally unique space featuring exposed brick, high ceilings, operable storefront windows, and metal beams from a sunken battleship.
    We can help!
    Listing Contact
    LAURA MILLER
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    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.

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