Turn-Key Restaurant Ready For
2122 Mildred Street W University Place, WA 98466
2122 Mildred Street W, University Place, WA, 98466
$1,700,000
Pending
For Sale
$1,700,000
Pending
Restaurant with hood, grease trap, kitchen equipment, and bar.
Property Size5,634 SF
Days on Market498
Property Features for 2122 Mildred Street W
General Information
- Standard status
- Pending
- Size
- 5,634 SF
- Property subtype
- Commercial
Building Details
- Year Built
- 1979
Listing agency
LEE & ASSOCIATES COMMERCIAL REAL ESTATE SERVICES
Listed by
THOMAS BROWN
Source
Corcoran
Added: Mar 11, 2025 Updated: Jul 6 at 7:47AM Checked: Jul 21 at 5:44AM
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 LEE & ASSOCIATES COMMERCIAL REAL ESTATE SERVICES
Investment Insights
Based on property information with market context.
This turn-key restaurant is available for sale, suitable for an owner-user or investor. The property includes a hood, grease trap, kitchen equipment, and a bar. It is situated in a central retail location on busy Mildred Street, bordering University Place and Tacoma. The property offers a total size of 5634 square feet and includes parking.
Key Highlights
- Turn‑key restaurant ready for owner or investor.
- Includes hood, grease trap, kitchen equipment, and bar.
- Great central retail location on busy Mildred Street.
Local Financial Insights For Specialty 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 | $81.1k | $14.40 |
| − Vacancy | −$6.0k | −$1.07 |
| EGI | $75.1k | $13.33 |
| − OpEx | −$18.8k | −$3.33 |
| NOI | $56.3k | $10.00 |
5,634 SF · lease $14.40/SF/yr · vacancy 7.40% · expense 25.00%
Alternative Uses
Best Use
Specialty Retail
$804.9K
$704.3K – $939.1K
NOI $56,345 @ 7.0% cap · market cap 3.31%
Second Best
Retail
$697.7K
$610.5K – $814.0K
NOI $48,840 @ 7.0% cap · market cap 2.87%
Theoretical Best
Office A
$1.52M
$1.33M – $1.78M
NOI $106,518 @ 7.0% cap · market cap 6.27%
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
Similar For Sale Nearby
FAQs
What type of property is this?
Restaurant - Restaurant with hood, grease trap, kitchen equipment, and bar.
Where is this restaurant located?
The property is located at 2122 Mildred Street W University Place, WA.
What is the asking price?
The asking price for this property is $1,700,000.
What are key features of this property?
This property features: Turn‑key restaurant ready for owner or investor.; Includes hood, grease trap, kitchen equipment, and bar.; Great central retail location on busy Mildred Street.
