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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    15025 24th St Redmond, WA 98052-5531

    • Turn key restaurants
    • 8,230 SF
    • 0.70 lot acres
    OFF-MARKET
    Last Sale
    Apr 26, 2023
    $5,250,000
    Value Estimations
    $5,145,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US90-1712900
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Biryani and Pizza House / Restaurant
    • Indian Pizza Junction / Restaurant
    • Biryani Pizza House / Restaurant
    • INTERLAKEN TRAILBLAZERS VOLKSSPORT CLUB BELLEVUE, WA / Nightclub / Music Venue

    Property Details for 15025 24th St

    Year built
    1984
    Construction
    WOOD
    Lot size
    0.70 lot acres
    Property size
    8,230 SF
    Zone code
    OV1
    Property type
    Turn key restaurants
    APN
    392720-0200
    APU
    3927200200

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $5,005,000
      ML approach
      $5,080,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $3,358,000
      Market price range: $2.02M - $7.53M

    • Alternative Use

      Use
      Estimation
      RESTAURANT
      $4,365,000
      Current use
      OFFICE BUILDING
      $7,930,000
      Change: +82% Conversion: Moderate
      COMMERCIAL (GENERAL)
      $6,395,000
      Change: +46% Conversion: Easy
      AUTO REPAIR, GARAGE
      $3,780,000
      Change: -13% Conversion: Difficult

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Redmond
    County
    King
    State
    Washington
    Longitude
    -122.14
    Latitude
    47.6305
    CBSA code
    42660
    CBSA name
    SEATTLE-TACOMA-BELLEVUE, WA METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2022
    $22,073
    $2,578,000
    $491,500
    $3,069,500
    -
    $2,578,000
    $491,500
    $3,069,500

    Comparable in this City

    • Value Estimation
      $500,000
      6,010 SF

      15740 Redmond Way

      RESTAURANT • 6,010 SF
      15740 Redmond Way, Redmond, WA 98052-3830
      View Details
    • Value Estimation by Request
      5,391 SF

      14804 24th St

      RESTAURANT • 5,391 SF
      14804 24th St, Redmond, WA 98052-5533
      View Details
    • Value Estimation
      $1,210,000
      1,500 SF

      16244 Cleveland St

      RESTAURANT • 1,500 SF
      16244 Cleveland St, Redmond, WA 98052-4316
      View Details
    • Value Estimation
      $665,000
      10,230 SF

      7950 164th NE Ave

      RESTAURANT • 10,230 SF
      7950 164th NE Ave, Redmond, WA 98052-3837
      View Details
    • Value Estimation
      $6,105,000
      3,792 SF

      8440 160th NE Ave

      RESTAURANT • 3,792 SF
      8440 160th NE Ave, Redmond, WA 98052-3855
      View Details
    • Value Estimation by Request
      3,700 SF

      16330 Cleveland St

      RESTAURANT • 3,700 SF
      16330 Cleveland St, Redmond, WA 98052-4314
      View Details

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      Large retail property in Redmond, WA, suitable for redevelopment.
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      Redmond Industrial/Retail/Automotive Building For Sale

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      350,000 SF

      Redmond Land Parcel For Sale

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      Warehouse with loading dock, grade level access, and 22' clearance.
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      2,000 SF

      Redmond Industrial Land For Sale

      2,000 SF building on 38,117 SF lot in Redmond.
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    Similar Nearby for Lease

    • $40 SF/Yr
      1,716 SF

      Redmond Retail Space For Rent

      Prime retail or restaurant space available in downtown Redmond.
      15808 Bear Creek Pkwy, Redmond, WA 98052
      View Details
    • Contact for pricing
      1,151 SF

      Redmond Office Space with Amenities

      Office space with tenant amenity center near downtown Redmond.
      15241 NE 90Th St, Redmond, WA 98052
      View Details
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      2,535 SF

      Redmond Retail/Restaurant Space Available

      2,535 SF retail or restaurant space with mezzanine.
      16135 NE 85Th St, Redmond, WA 98052
      View Details
    • Contact for pricing
      3,219 SF

      Redmond Retail Space Near Lightrail

      Desirable 650 SF retail space in bustling downtown Redmond.
      16390 Cleveland St, Redmond, WA 98052
      View Details
    • Contact for pricing
      16,852 SF

      Redmond Commercial Space with Parking

      Commercial property in Redmond with ample parking spaces available.
      17445 NE 70Th St, Redmond, WA 98052
      View Details
    • Contact for pricing
      1,019 SF

      Downtown Redmond Commercial Space For Rent

      Premier commercial space in the heart of Downtown Redmond.
      16615 Redmond Way NE, Redmond, WA 98052
      View Details
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    15025 24th St
    Redmond, WA 98052-5531
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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