Turnkey Restaurant with Equipped
For Sale
$250,000
K-800 164th St Se, Mill Creek, WA 98012
Remodeled restaurant space with a fully equipped commercial kitchen and an efficient layout for dining and quick service concepts.
Property Size1,320 SF
Price / SF$189.39
Days on Market53
Property Features for K-800 164th St Se
General Information
Standard status
Active
Size
1,320 SF
Property subtype
Business Opportunity
Additional Details
Business Included
Yes
Listing Agency:
Keller Williams Realty PS
(253) 835-4500
Listed By:
Hanna Lee
(253) 835-4500
Source:
Exprealty
Added: Jun 26
Changed: Jul 10
Last Checked: Aug 16 at 1:05PM
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 for-sale restaurant space totals 1,320 square feet and has been beautifully remodeled with a modern, well-designed interior. The layout is intended to support smooth kitchen workflow while preserving dining space, making it workable for a range of restaurant formats. A key feature is the fully equipped commercial kitchen, including high-quality equipment, which is presented as ready for immediate operation.
The property is located at K-800 164th St Se in Mill Creek, Washington. It is offered as a turnkey option for a restaurant operator seeking a space that is already built out and configured for service.
For buyers, this setup can fit an owner-operator or an experienced restaurateur looking to reduce buildout time by starting from an established kitchen and dining configuration. The combination of a remodeled interior and an equipped kitchen supports use cases such as casual dining, takeout, or specialty cuisine, depending on how an operator wants to run the floor plan. Because the space is described as ready to operate, it may appeal to tenants and operators prioritizing speed to opening with minimal downtime.
The property is located at K-800 164th St Se in Mill Creek, Washington. It is offered as a turnkey option for a restaurant operator seeking a space that is already built out and configured for service.
For buyers, this setup can fit an owner-operator or an experienced restaurateur looking to reduce buildout time by starting from an established kitchen and dining configuration. The combination of a remodeled interior and an equipped kitchen supports use cases such as casual dining, takeout, or specialty cuisine, depending on how an operator wants to run the floor plan. Because the space is described as ready to operate, it may appeal to tenants and operators prioritizing speed to opening with minimal downtime.
Key Highlights
- Remodeled restaurant space totaling 1,320 SF with a modern interior and efficient layout for dining and service flow
- Fully equipped commercial kitchen included, with high‑quality kitchen equipment for immediate operation
- Set up for flexible food concepts, including casual dining, takeout, or specialty cuisine
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
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
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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Similar Off Market Nearby
- Arirang Korean BBQ Mill Creek — 800 164th St SE, Mill Creek, WA 98012
Frequently Asked Questions
What type of property is this?
Conventional restaurant - Remodeled restaurant space with a fully equipped commercial kitchen and an efficient layout for dining and quick service concepts.
Where is this conventional restaurant located?
The property is located at K-800 164th St Se 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: Remodeled restaurant space totaling 1,320 SF with a modern interior and efficient layout for dining and service flow; Fully equipped commercial kitchen included, with high‑quality kitchen equipment for immediate operation; Set up for flexible food concepts, including casual dining, takeout, or specialty cuisine
