Turnkey Cafe and Bistro
For Sale
Contact for pricing
2822 Western Avenue, Seattle, WA 98121
Newly built 1,220 SF cafe and bistro space delivered in August 2025, with owned equipment and interior finishes.
Property Size1,220 SF
Price / SF$192.62
Days on Market17
Property Features for 2822 Western Avenue
General Information
Standard status
Active
Size
1,220 SF
Property subtype
Retail, Business for Sale
Lease Type
NNN
Financials
Asking Price
$235,000
Business Included
Yes
Additional Details
Furnished
Yes
Equipment Included
Yes
Building Details
Year Built
2025
Year Renovated
2025
Listing Agency:
Better Properties Kent Real Estate
Listed By:
Harman Pannu · License #21005734
Source:
Crexi
Added: Jul 27
Changed: Aug 8
Last Checked: Aug 12 at 6:43AM
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 Better Properties Kent Real Estate
Investment Insights
Based on property information with market context.
Turnkey cafe and bistro restaurant opportunity built from a raw shell and completed in August 2025. The 1,220 SF space includes newly installed equipment, furniture, counters, paint, finishes, and interior design, which are owned outright. The property is offered as a packaged restaurant business opportunity with supporting materials available after NDA.
The restaurant is located at 2822 Western Avenue in Belltown, near the Seattle waterfront and Olympic Sculpture Park. An initial lease runs through July 31, 2031, with two additional 5-year renewal options at fair market rent.
The interior improvements and restaurant-specific buildout were completed recently, and the operator-ready package is supported by new, owned items intended to support day-to-day operations.
The restaurant is located at 2822 Western Avenue in Belltown, near the Seattle waterfront and Olympic Sculpture Park. An initial lease runs through July 31, 2031, with two additional 5-year renewal options at fair market rent.
The interior improvements and restaurant-specific buildout were completed recently, and the operator-ready package is supported by new, owned items intended to support day-to-day operations.
Key Highlights
- 1,220 SF turnkey cafe and bistro space completed August 2025
- Owned equipment, furniture, counters, paint, finishes, and interior design are newly installed
- Initial lease runs through July 31, 2031
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
$20,555
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
8.75%
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%
$411,100
$411.1K
Cap Rate 7%
$293,643
$293.6K
Cap Rate 9%
$228,389
$228.4K
Market Conditions
NOI Build-Up for 1,220 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
$28.1K $23.04/SF
− Vacancy
−$703 −$0.58/SF
EGI
$27.4K $22.46/SF
− OpEx
−$6.9K −$5.62/SF
NOI
$20.6K $16.85/SF
Area
Seattle, WA
Vacancy
2.50%
Lease Rate
$23.04 /SF/Yr
Expense Ratio
25.00%
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%
$411,100
Cap Rate 7%
$293,643
Cap Rate 9%
$228,389
Alternative Uses
Best Use
Specialty Retail
$293.6K
$256.9K – $342.6K
NOI $20,555 @ 7.0% cap · market cap 8.75%
Second Best
Industrial
$157.8K
$138.0K – $184.1K
NOI $11,043 @ 7.0% cap · market cap 4.70%
Theoretical Best
Office A
$367.0K
$321.2K – $428.2K
NOI $25,693 @ 7.0% cap · market cap 10.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
6,120
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 98121, WA
21,411
Population
15,781
Households
1.4
Avg Household Size
35
Median Age
78%
College-Educated
98%
High-School Grad
0.4 sq mi
ZIP Area
53,528
Density / Sq Mi
$148,974
Median Household Income
$118,893
Median Earnings
$2,329
Median Rent
$796,600
Median Home Value
Market
Vacancy Rate% for Retail in Seattle, WA
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Conventional restaurant - Newly built 1,220 SF cafe and bistro space delivered in August 2025, with owned equipment and interior finishes.
Where is this conventional restaurant located?
The property is located at 2822 Western Avenue Seattle, WA.
What is the asking price?
The asking price for this property is $235,000.
What are key features of this property?
This property features: 1,220 SF turnkey cafe and bistro space completed August 2025; Owned equipment, furniture, counters, paint, finishes, and interior design are newly installed; Initial lease runs through July 31, 2031
