Two-Building Mixed-Use
For Sale
$2,200,000
15310 1ST, Burien, WA 98148
Mixed-use-zoned property with two buildings and frontage along 1st Ave S, including an upper-level restaurant and vacant lower space.
Property Size7,132 SF
Lot Size0.72 Acres
Price / SF$308.47
Days on Market352
Property Features for 15310 1ST
General Information
Standard status
Active
Size
7,132 SF
Lot size
0.72 Acres
Property subtype
Commercial
Site & Location
Highway Access
Yes
Road Access
Yes
Additional Details
Business Included
Yes
Building Details
Year Built
1966
Listing Agency:
Keller Williams Eastside
Listed By:
Thuy A. Nguyen
(206) 363-8509
Source:
Century21northhomes
Added: Sep 18, 2025
Changed: Sep 2
Last Checked: Sep 1 at 8:56PM
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 Keller Williams Eastside
Investment Insights
Based on property information with market context.
This mixed-use-zoned property offers two buildings on three separate tax parcels totaling 31,212 SF. The main 6,775 SF building features an established restaurant and lounge on the upper level, with a vacant lower level that can support additional income or redevelopment. A freestanding 357 SF building provides supplemental revenue.
The site includes 150 feet of frontage along 1st Ave S and strong exposure to Hwy 509. The seller indicates the property can be held as-is or repositioned, with redevelopment possibilities under the new mixed-use zoning. Buyer to verify all information.
The site includes 150 feet of frontage along 1st Ave S and strong exposure to Hwy 509. The seller indicates the property can be held as-is or repositioned, with redevelopment possibilities under the new mixed-use zoning. Buyer to verify all information.
Key Highlights
- Commercial mixed‑use‑zoned property with two buildings on three separate tax parcels totaling 31,212 SF
- 6,775 SF main building with established restaurant and lounge on the upper level, plus a vacant lower level
- Freestanding 357 SF building provides supplemental rental revenue
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
$152,447
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
6.93%
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%
$3,048,940
$3.0M
Cap Rate 7%
$2,177,814
$2.2M
Cap Rate 9%
$1,693,856
$1.7M
Market Conditions
NOI Build-Up for 7,132 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
$214.0K $30.00/SF
− Vacancy
−$10.7K −$1.50/SF
EGI
$203.3K $28.50/SF
− OpEx
−$50.8K −$7.13/SF
NOI
$152.4K $21.38/SF
Area
King County, WA
Vacancy
5.00%
Lease Rate
$30.00 /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%
$3,048,940
Cap Rate 7%
$2,177,814
Cap Rate 9%
$1,693,856
Alternative Uses
Best Use
Specialty Retail
$2.18M
$1.91M – $2.54M
NOI $152,447 @ 7.0% cap · market cap 6.93%
Second Best
Mixed Use
$1.70M
$1.49M – $1.99M
NOI $119,143 @ 7.0% cap · market cap 5.42%
Theoretical Best
Office A
$2.86M
$2.50M – $3.33M
NOI $199,958 @ 7.0% cap · market cap 9.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Turnkey business
Opportunity
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
327
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 98148, WA
11,092
Population
4,382
Households
2.5
Avg Household Size
37
Median Age
28%
College-Educated
85%
High-School Grad
2.7 sq mi
ZIP Area
4,108
Density / Sq Mi
$86,994
Median Household Income
$45,101
Median Earnings
$1,837
Median Rent
$576,400
Median Home Value
Market
Vacancy Rate% for Retail in West region
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 - Mixed-use-zoned property with two buildings and frontage along 1st Ave S, including an upper-level restaurant and vacant lower space.
Where is this conventional restaurant located?
The property is located at 15310 1ST Burien, WA.
What is the asking price?
The asking price for this property is $2,200,000.
What are key features of this property?
This property features: Commercial mixed‑use‑zoned property with two buildings on three separate tax parcels totaling 31,212 SF; 6,775 SF main building with established restaurant and lounge on the upper level, plus a vacant lower level; Freestanding 357 SF building provides supplemental rental revenue
