2324 1St AveSeattle, WA 98121

Property Details for 2324 1St Ave

Year built

1908

Property size (Sq ft)

4,918 SF

Property type

Retail properties

Property subtype

Other retail properties

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.

Location Insight

City

Seattle

County

King

State

Washington

Latitude

47.6139

Longitude

-122.348

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