Historic Mixed-Use Property in
For Sale
$1,600,000
Pending
2038 152nd St, Burien, WA 98166
Mixed-use property with investment potential in the heart of Olde Burien.
Property Size6,422 SF
Days on Market391
Property Features for 2038 152nd St
General Information
Standard status
Pending
Size
6,422 SF
Property subtype
Commercial
Building Details
Year Built
1927
Listing Agency:
HIGHMARK PARTNERS
Listed By:
JUSTIN KRAFT
Source:
Corcoran
Added: Jul 28, 2025
Changed: Jul 6
Last Checked: Jul 23 at 8:50AM
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 HIGHMARK PARTNERS
Investment Insights
Based on property information with market context.
Located in the Seahurst/Olde Towne Burien neighborhood, this historic corner property dates back to the early 1900s. The mixed-use asset features three commercial suites and two residential units. All units are occupied by long-term tenants on flexible month-to-month leases. There is potential to increase rents by up to 25% through market-rate adjustments and NNN implementation on commercial spaces. The property offers investment potential and the opportunity to establish a presence in a thriving community. The property size is 6422 square feet.
Key Highlights
- High visibility corner property in the desirable Seahurst/Olde Towne Burien neighborhood.
- Mixed‑use asset with three commercial suites and two residential units.
- Significant upside potential with up to 25% rent increases possible.
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
$114,881
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
7.18%
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%
$2,297,620
$2.3M
Cap Rate 7%
$1,641,157
$1.6M
Cap Rate 9%
$1,276,456
$1.3M
Market Conditions
NOI Build-Up for 6,422 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
$169.5K $26.40/SF
− Vacancy
−$5.4K −$0.84/SF
EGI
$164.1K $25.56/SF
− OpEx
−$49.2K −$7.67/SF
NOI
$114.9K $17.89/SF
Area
King County, WA
Vacancy
3.20%
Lease Rate
$26.40 /SF/Yr
Expense Ratio
30.00%
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%
$2,297,620
Cap Rate 7%
$1,641,157
Cap Rate 9%
$1,276,456
Alternative Uses
Best Use
Retail
$1.64M
$1.44M – $1.91M
NOI $114,881 @ 7.0% cap · market cap 7.18%
Second Best
Mixed Use
$1.53M
$1.34M – $1.79M
NOI $107,283 @ 7.0% cap · market cap 6.71%
Theoretical Best
Office A
$2.57M
$2.25M – $3.00M
NOI $180,052 @ 7.0% cap · market cap 11.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
560
Businesses Nearby
Explore this area
Business Placement
Demographics for 98166, WA
22,152
Population
9,766
Households
2.3
Avg Household Size
45
Median Age
45%
College-Educated
93%
High-School Grad
5.8 sq mi
ZIP Area
3,819
Density / Sq Mi
$112,191
Median Household Income
$63,011
Median Earnings
$1,739
Median Rent
$785,700
Median Home Value
Market
Vacancy Rate% for Retail in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Mixed-use property with investment potential in the heart of Olde Burien.
Where is this mixed-use property located?
The property is located at 2038 152nd St Burien, WA.
What is the asking price?
The asking price for this property is $1,600,000.
What are key features of this property?
This property features: High visibility corner property in the desirable Seahurst/Olde Towne Burien neighborhood.; Mixed‑use asset with three commercial suites and two residential units.; Significant upside potential with up to 25% rent increases possible.
