For Sale
$2,300,000

2324 1St AveSeattle, WA 98121

High-end Thai fusion, strong NOI.

Overview

Added:
Dec 11, 2024
Days on market:
116
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.

Highlights

  • $2,300,000 asking price for a Class A, 4,918 square foot retail restaurant in Seattle, WA.
  • Modified lease with a 3.6-year remaining term (expiring 7/1/2028), commencing 8/1/2023.
  • 6.33% cap rate, 7.80% pro-forma cap rate, with a $145,662 NOI and $179,499 pro-forma NOI.
  • Located at 2324 1st Ave, R102 + R104, Seattle, WA 98121, in the Belltown neighborhood.
  • Fully renovated in 2024, featuring a full kitchen, bar, walk-in cooler, Type 1 hood, and sidewalk seating.
  • Tenanted by Kalabaw, a modern Thai fusion restaurant.

Property Details for 2324 1St Ave

Property type
Retail properties, Restaurants
Square Feet
4,918 SF
Class
A
Year Built/Renovated
1908/1990
Units
2

Location Insight

City
Seattle
County
King
State
Washington
Latitude
47.61394764201
Longitude
-122.34751311858
2324 1St Ave, Seattle, Washington

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2324 1St Ave
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