Dessert and Tea
For Sale
$149,000
298 106th Ave NE, Bellevue, WA 98004
Compact Bellevue food-service space with indoor and outdoor seating and existing equipment in place.
Property Size550 SF
Price / SF$270.91
Days on Market190
Property Features for 298 106th Ave NE
General Information
Standard status
Active
Size
550 SF
Total Parking Spaces
3
Property subtype
Business Opportunity
Restaurant
Patio
Yes
Equipment Included
Yes
Additional Details
Business Included
Yes
Listing Agency:
RE/MAX Town Center
(425) 224-8400
Listed By:
Amy Wang · License #1110494
(425) 224-8400
Source:
Multifamilyspecialist
Added: Feb 10
Changed: Aug 18
Last Checked: Aug 18 at 2:26AM
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 RE/MAX Town Center
Investment Insights
Based on property information with market context.
This 550-square-foot restaurant space is configured as a dessert and tea shop with limited indoor and outdoor seating. The existing concept features Hong Kong-style desserts, fruit-forward specialties, blended drinks, and traditional ingredients including sago, mochi, jelly, and coconut. Equipment is already in place, allowing the next operator to adapt the space for a fresh concept.
The property is located at 298 106th Ave NE in Bellevue, Washington. Its current food-service setup and existing equipment support continued restaurant use, subject to the applicable requirements for the intended operation.
The property is located at 298 106th Ave NE in Bellevue, Washington. Its current food-service setup and existing equipment support continued restaurant use, subject to the applicable requirements for the intended operation.
Key Highlights
- 550 SF dessert and tea shop at 298 106th Ave NE, Bellevue, WA 98004
- Limited indoor and outdoor seating
- Existing equipment included with the space
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
$10,993
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
7.38%
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%
$219,860
$219.9K
Cap Rate 7%
$157,043
$157.0K
Cap Rate 9%
$122,144
$122.1K
Market Conditions
NOI Build-Up for 550 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
$15.5K $28.20/SF
− Vacancy
−$853 −$1.55/SF
EGI
$14.7K $26.65/SF
− OpEx
−$3.7K −$6.66/SF
NOI
$11.0K $19.99/SF
Area
Bellevue, WA
Vacancy
5.50%
Lease Rate
$28.20 /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%
$219,860
Cap Rate 7%
$157,043
Cap Rate 9%
$122,144
Alternative Uses
Best Use
Specialty Retail
$157.0K
$137.4K – $183.2K
NOI $10,993 @ 7.0% cap · market cap 7.38%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$254.6K
$222.8K – $297.0K
NOI $17,820 @ 7.0% cap · market cap 11.96%
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
5,964
Businesses Nearby
308k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Apparel 50%
Dining 23%
Shops & Services 16%
Groceries 5%
Nordstrom
Apparel
153,229 visits/mo
0.4 miles
Wendy's
Dining
22,175 visits/mo
0.5 miles
Chipotle Mexican Grill
Dining
15,698 visits/mo
0.1 miles
See's Candies
Groceries
13,904 visits/mo
0.4 miles
Chase Bank
Shops & Services
12,640 visits/mo
0.4 miles
Demographics for 98004, WA
39,136
Population
20,977
Households
1.9
Avg Household Size
37
Median Age
76%
College-Educated
97%
High-School Grad
7.3 sq mi
ZIP Area
5,361
Density / Sq Mi
$176,367
Median Household Income
$120,667
Median Earnings
$2,706
Median Rent
$2,000,001
Median Home Value
Market
Vacancy Rate% for Retail in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Conventional restaurant - Compact Bellevue food-service space with indoor and outdoor seating and existing equipment in place.
Where is this conventional restaurant located?
The property is located at 298 106th Ave NE Bellevue, WA.
What is the asking price?
The asking price for this property is $149,000.
What are key features of this property?
This property features: 550 SF dessert and tea shop at 298 106th Ave NE, Bellevue, WA 98004; Limited indoor and outdoor seating; Existing equipment included with the space
