Remodeled Restaurant with Commercial
For Sale
$250,000
800 164th Street SE #K, Mill Creek, WA 98012
Updated restaurant space with a fully equipped kitchen and dedicated dining area.
Property Size1,320 SF
Price / SF$189.39
Days on Market45
Property Features for 800 164th Street SE #K
General Information
Standard status
Active
Size
1,320 SF
Total Parking Spaces
74
Property subtype
Business Opportunity
Listing Agency:
Keller Williams Realty PS
(253) 835-4500
Listed By:
Hanna Lee
(253) 835-4500
Source:
Multifamilyspecialist
Added: Jun 26
Changed: Aug 5
Last Checked: Aug 9 at 12:35PM
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 Keller Williams Realty PS
Investment Insights
Based on property information with market context.
This 1,320 SF restaurant space combines a recently remodeled interior with a commercial kitchen furnished with equipment. The floor plan includes areas for food preparation and customer dining, with a contemporary finish throughout the premises. Its compact configuration is suited to restaurant operations that require both back-of-house functionality and an on-site guest area.
The property is located at 800 164th Street SE #K in Mill Creek, Washington. The existing improvements provide a ready-made restaurant setting for an operator planning a dining, takeout, or specialty food concept, subject to applicable approvals and requirements.
The property is located at 800 164th Street SE #K in Mill Creek, Washington. The existing improvements provide a ready-made restaurant setting for an operator planning a dining, takeout, or specialty food concept, subject to applicable approvals and requirements.
Key Highlights
- 1,320 SF restaurant space
- Recently remodeled interior with contemporary finishes
- Fully equipped commercial kitchen
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
$20,545
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
8.22%
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%
$410,900
$410.9K
Cap Rate 7%
$293,500
$293.5K
Cap Rate 9%
$228,278
$228.3K
Market Conditions
NOI Build-Up for 1,320 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
$29.0K $21.96/SF
− Vacancy
−$1.6K −$1.21/SF
EGI
$27.4K $20.75/SF
− OpEx
−$6.8K −$5.19/SF
NOI
$20.5K $15.56/SF
Area
Snohomish County, WA
Vacancy
5.50%
Lease Rate
$21.96 /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%
$410,900
Cap Rate 7%
$293,500
Cap Rate 9%
$228,278
Alternative Uses
Best Use
Specialty Retail
$293.5K
$256.8K – $342.4K
NOI $20,545 @ 7.0% cap · market cap 8.22%
Second Best
Industrial
$183.2K
$160.3K – $213.7K
NOI $12,821 @ 7.0% cap · market cap 5.13%
Theoretical Best
Office A
$368.1K
$322.1K – $429.5K
NOI $25,769 @ 7.0% cap · market cap 10.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
330
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 98012, WA
74,956
Population
28,174
Households
2.7
Avg Household Size
36
Median Age
56%
College-Educated
96%
High-School Grad
15.7 sq mi
ZIP Area
4,774
Density / Sq Mi
$141,653
Median Household Income
$72,412
Median Earnings
$2,279
Median Rent
$811,500
Median Home Value
Market
Vacancy Rate% for Retail in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Conventional restaurant - Updated restaurant space with a fully equipped kitchen and dedicated dining area.
Where is this conventional restaurant located?
The property is located at 800 164th Street SE #K Mill Creek, WA.
What is the asking price?
The asking price for this property is $250,000.
What are key features of this property?
This property features: 1,320 SF restaurant space; Recently remodeled interior with contemporary finishes; Fully equipped commercial kitchen
