Equipped Restaurant with Commercial
For Sale
$468,000
667 156th Ave SE, Bellevue, WA 98007
Restaurant space offers seating for more than 70 guests and a fully equipped kitchen for a new concept.
Property Size2,500 SF
Price / SF$187.20
Days on Market8
Property Features for 667 156th Ave SE
General Information
Standard status
Active
Size
2,500 SF
Property subtype
Commercial
Restaurant
Hood Type
Type I
Commercial Hood
Yes
Equipment Included
Yes
Listing Agency:
RE/MAX Town Center
Listed By:
Amy Wang · License #1110494
(425) 922-1343
Source:
Eastsideseattleproperties
Added: Aug 26
Changed: Sep 1
Last Checked: Sep 2 at 6:24PM
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 2500 sq ft restaurant space includes seating for 70+ guests and a fully equipped commercial kitchen. Existing improvements include two Type 1 hoods, gas appliances, a walk-in cooler, and a refrigerator, providing a substantial installed equipment package for an operator introducing a new concept. The property is not offered as a franchise opportunity.
The restaurant is located at 667 156th Ave SE in Bellevue, WA 98007. Ample parking is available on site, adding practical convenience for restaurant customers and staff.
The restaurant is located at 667 156th Ave SE in Bellevue, WA 98007. Ample parking is available on site, adding practical convenience for restaurant customers and staff.
Key Highlights
- 2500 sq ft restaurant space
- Seating for 70+ guests
- Commercial kitchen with two Type 1 hoods
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
$23,041
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
4.92%
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%
$460,820
$460.8K
Cap Rate 7%
$329,157
$329.2K
Cap Rate 9%
$256,011
$256.0K
Market Conditions
NOI Build-Up for 2,500 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
$35.7K $14.28/SF
− Vacancy
−$2.8K −$1.11/SF
EGI
$32.9K $13.17/SF
− OpEx
−$9.9K −$3.95/SF
NOI
$23.0K $9.22/SF
Area
Bellevue, WA
Vacancy
7.80%
Lease Rate
$14.28 /SF/Yr
Expense Ratio
30.00%
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%
$460,820
Cap Rate 7%
$329,157
Cap Rate 9%
$256,011
Alternative Uses
Best Use
Specialty Retail
$713.8K
$624.6K – $832.8K
NOI $49,967 @ 7.0% cap · market cap 10.68%
Second Best
Industrial
$329.2K
$288.0K – $384.0K
NOI $23,041 @ 7.0% cap · market cap 4.92%
Theoretical Best
Office A
$1.16M
$1.01M – $1.35M
NOI $81,000 @ 7.0% cap · market cap 17.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Commercial hood
Location Intelligence
Trade Area within ½ mile
548
Businesses Nearby
78k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 74%
Shops & Services 26%
Walmart Neighborhood Market
Groceries
58,273 visits/mo
0.5 miles
AutoZone
Shops & Services
20,007 visits/mo
0.5 miles
Demographics for 98007, WA
29,476
Population
12,403
Households
2.4
Avg Household Size
33
Median Age
69%
College-Educated
95%
High-School Grad
4.3 sq mi
ZIP Area
6,855
Density / Sq Mi
$126,814
Median Household Income
$81,818
Median Earnings
$2,276
Median Rent
$934,600
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 - Restaurant space offers seating for more than 70 guests and a fully equipped kitchen for a new concept.
Where is this conventional restaurant located?
The property is located at 667 156th Ave SE Bellevue, WA.
What is the asking price?
The asking price for this property is $468,000.
What are key features of this property?
This property features: 2500 sq ft restaurant space; Seating for 70+ guests; Commercial kitchen with two Type 1 hoods
