2324 1St Ave Seattle, WA 98121
- Retail properties
- 4,918 SF
Current Use by Public Records
- Austin Bell / Condominium Complex
- Point Environmental Consulting, Inc / Environmental Consultant
- Belltown Local / News Service
Property Details for 2324 1St Ave
- Year built
- 1908
- Property size
- 4,918 SF
- Property type
- Retail properties
- Property subtype
- Restaurants
Description
This exceptional Class A restaurant property in Seattle's Belltown neighborhood presents a compelling investment opportunity. The 4,918 square foot space, encompassing two units (R102 + R104 at 2324 1st Ave, Seattle, WA 98121), is currently leased to a thriving modern Thai fusion restaurant with a 3.6-year remaining lease term (commencing August 1, 2023, and expiring July 1, 2028). The lease includes annual rent bumps of 3%, offering predictable income growth. The property boasts a current NOI of $145,662 and a pro-forma NOI of $179,499, translating to a current cap rate of 6.33% and a pro-forma cap rate of 7.80%. Built in 1908 and renovated in 1990, the building retains its classic brick façade while featuring fully modernized systems. The restaurant space includes a full kitchen, bar, walk-in cooler, Type 1 hood, and sidewalk seating. Additional space (543 sq ft) is available for office or private dining. The property includes two parking spaces. This turn-key operation is situated in a densely populated area with high foot traffic, surrounded by upscale residential buildings, diverse dining options, and nightlife. The asking price is $2,300,000 ($467.67/sq ft). This is a rare opportunity to acquire a high-performing restaurant property in a prime Seattle location.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Seattle
- County
- King
- State
- Washington
- Longitude
- -122.348
- Latitude
- 47.6139
