Historic Mixed-Use Property in
2038 152nd St Burien, WA 98166
For Sale
$1,600,000
Pending
Mixed-use property with investment potential in the heart of Olde Burien.
Property Size6,422 SF
Days on Market365
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 For Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $169.5k | $26.40 |
| − Vacancy | −$5.4k | −$0.84 |
| EGI | $164.1k | $25.56 |
| − OpEx | −$49.2k | −$7.67 |
| NOI | $114.9k | $17.89 |
6,422 SF · lease $26.40/SF/yr · vacancy 3.20% · expense 30.00%
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 local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Isalis
(Bike/Boat/Book/etc) Store
Party City
Party Supply Store
Skunk Funk
Big Box & Wholesale Store
Carl's Trading Co
Hat Shop
Bushka's Kitchen LLC
(Bike/Boat/Book/etc) Store
FAQs
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.
