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    Historic Restaurant Redevelopment Property Title is generated by Realmo AI

    25 Second Street S, Friday Harbor, WA 98250

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    For Sale
    $1,850,000

    Historic restaurant site with concrete roof, on-site parking, and conditionally approved exterior plan for redevelopment.

    Type:Commercial
    Property size:
    6,000 SF
    Lot size:
    0.14 Acres
    Price / SF:
    $308/SF
    Added:
    Feb 25, 2026
    Days on Market:
    101
    Last Refresh:
    Jun 5 at 2:38 am

    Property Features for 25 Second Street S

    General Information

    Standard status
    Active
    Size
    6,000 SF
    Lot size
    0.14 Acres
    Property subtype
    Commercial

    We can help!

    Listing Contact
    Stephanie L Buffum

    Listing office Coldwell Banker Bain

    Listing date Feb 25, 2026

    Source Century21northhomes

    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 Coldwell Banker Bain

    HighLights

    • 6,000 SF commercial building on a 0.138‑acre lot (50 x 120) in the Town of Friday Harbor
    • Concrete roof and poured concrete foundation
    • Eight onsite parking spaces plus a spacious side yard
    • Utilities are in place and a conditionally approved exterior plan from the Historic Preservation Board is included
    • Over 12,000 SF development potential with noted potential for significant height expansion
    • Existing ground floor restaurant (Vic's) provides income via existing commercial tenants; sale includes branding, websites, marketing assets, and FFE

    Overview

    This offering includes a historic commercial building on a 0.138-acre lot, improved with a poured concrete foundation and a concrete roof. The property also includes a spacious side yard and eight onsite parking spaces. The ground floor restaurant space is currently operating with “Vic’s” as an existing commercial tenant, and the sale is described as turnkey with branding materials, websites, marketing assets, furniture, fixtures, and equipment included. Utilities are noted as conveniently in place to support the pre-construction process.

    Located in the Town of Friday Harbor within the historic district’s transition zone, the site has a conditionally approved exterior plan from the Historic Preservation Board. The property is described as offering potential height expansion, along with over 12,000 square feet of development potential.

    For developers and operators seeking a redevelopment project with an existing restaurant presence, the configuration supports both near-term income continuity and a thoughtful modernization tied to the area’s historic character. The combination of established use, completed site improvements, and documented exterior approval provides a practical foundation for planning a multi-use building aligned with the island community context described for the property.
    Location Intelligence

    Current Use by Public Records

    Conventional restaurants

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Friday Harbor
    County
    San Juan
    State
    Washington
    Longitude
    -123.018982
    Latitude
    48.535183

    FAQs

    What type of property is this?
    Conventional restaurant - Historic restaurant site with concrete roof, on-site parking, and conditionally approved exterior plan for redevelopment.
    Where is this conventional restaurant located?
    The property is located at 25 Second Street S Friday Harbor, WA.
    What is the asking price?
    The asking price for this property is $1,850,000.
    What are key features of this property?
    This property features: 6,000 SF commercial building on a 0.138‑acre lot (50 x 120) in the Town of Friday Harbor; Concrete roof and poured concrete foundation; Eight onsite parking spaces plus a spacious side yard
    We can help!
    Listing Contact
    Stephanie L Buffum
    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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