Building Details

Year Built 1966

Listing Agency: Keller Williams Eastside

Listed By: Thuy A. Nguyen Show Phone

Source: Century21northhomes

Added: Nov 20, 2025 Changed: Oct 16 Last Checked: Oct 16 at 9:00AM

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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.

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 / Yr

$152,447

Cap Rate

6.93%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$3,048,940 $3.0M

Cap Rate 7%

$2,177,814 $2.2M

Cap Rate 9%

$1,693,856 $1.7M

Is this asking price fair?

Market Conditions

NOI Build-Up for 7,132 SF

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 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 (±1% cap)

NOI $152,447 @ 7.0% cap · market cap 6.93%

Second Best

Mixed Use

$1.70M

$1.49M – $1.99M (±1% cap)

NOI $119,143 @ 7.0% cap · market cap 5.42%

Theoretical Best

Office A

$2.86M

$2.50M – $3.33M (±1% cap)

NOI $199,958 @ 7.0% cap · market cap 9.09%

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

Property Analytics

Current Use

Conventional restaurants

Suggested Use

Top Pick Law Firm Real Estate Agency Dental Office Spa & Massage Center Electrical Service Parking Lot & Garage

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

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

7% 2020

6.3% 2021

5.5% 2022

5.3% 2023

5.5% 2024

5.8% 2025

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