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    Restaurant and Bar Building For Sale Title is generated by Realmo AI

    15310 Main St, Mill Creek, WA 98012

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    Restaurant and bar building with outdoor patio and equipment.

    Type:RETAIL
    Property size:
    6,272 SF
    Lot size:
    0.28 Acres
    Price / SF:
    $127/SF
    Added:
    Nov 27, 2024
    Days on Market:
    534
    Last Refresh:
    Apr 5 at 8:44 pm

    Property Features for 15310 Main St

    General Information

    Standard status
    Active
    Size
    6,272 SF
    Lot size
    0.28 Acres
    Property subtype
    RETAIL

    Properties For Sale

    at 15310 Main St Contact us

    We can help!

    Listing Contact
    Nathan Belo

    Listing agent Nathan Belo

    Listing office Skyline Properties, Inc.

    Listing date Nov 27, 2024

    Source Moodyscre

    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.

    HighLights

    • Land lease until 12/31/2045
    • Seller financing at 8%
    • Equipped with 2 type 1 hoods and 1 type 2 hood
    • Includes 2 walk‑in coolers and 1 walk‑in freezer
    • Features a separate bar and outdoor fenced patio with gas heaters
    • Offers approximately 1,000 retail sf suitable for grocery/deli

    Overview

    This 6,272 square foot building was built as a Boston Pizza and bar. It features two type 1 hoods and one type 2 hood for a pizza oven, along with two walk-in coolers and one walk-in freezer. The property includes a separate bar area and an outdoor fenced patio equipped with gas heaters. Less than 1,000 square feet of the retail space could be utilized as a grocery or deli. The property is located on Main St, Mill Creek, WA and is subject to a land lease until 12/31/2045.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Bars & Pubs

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

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

    Similar Places Nearby

    • mina coffee — 15704 Mill Creek Blvd, Mill Creek, WA 98012
    • Boston's Restaurant & Sports Bar — 15310 Main St, Mill Creek, WA 98012
    • DeVine Wines & Wine Bar — 15224 Main St #107, Mill Creek, WA 98012
    • The Lodge Sports Grille — 15117 Main St B101, Mill Creek, WA 98012
    • The Northern Public House — 15415 Main St #101, Mill Creek, WA 98012

    Location Insight

    • Map
    • Local Demand
    City
    Mill Creek
    County
    Snohomish
    State
    Washington
    Longitude
    -122.221
    Latitude
    47.8589

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    FAQs

    What type of property is this?
    Bar & Pub - Restaurant and bar building with outdoor patio and equipment.
    Where is this bar & pub 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: Land lease until 12/31/2045; Seller financing at 8%; Equipped with **2 type 1 hoods and 1 type 2 hood**
    (206) 686-8989 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Nathan Belo
    Learn More
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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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