504-510 W Chestnut Ave - Office FOR SALE


Yakima, WA 98902- Downtown Yakima
$1,250,850 USD
509-966-3800
504-510 W Chestnut Ave, Yakima, WA for Sale
$1,250,850 USD
Office - FOR SALE
1/18
null | 8% Cap Rate

504-510 W Chestnut Ave
Yakima, WA 98902
Downtown Yakima


HIGHLIGHTS

  • The building serves both professional and retail businesses with a good local and regional tenant mix.
  • Leases have been converted to or signed on triple-net terms (landlord responsible for structural repairs and roof, HVAC and parking lot replacement).
  • Average base rent of leases in place are slightly below market at approximately $9/SF/year, NNN.
  • In the event the lone vacancy has not been leased by closing, seller will lease that space back for 6 months.
  • Most HVAC units have been replaced between 2022 - 2024.

OVERVIEW

THIS OFFERING is for the opportunity to purchase a net leased multi-tenant building with a good blend of regional and local retailers and professionals at an attractive cap rate and affordable purchase price based upon below market leases signed at an average of just under $9/SF, NNN, providing for some upside while also providing downsize protection. The purchase price equates to approximately $101.51/SF, which demonstrates a rare opportunity to acquire an investment grade property at an equivalent price/SF the building would be worth if it were sold vacant, meaning the capitalization rate does not manipulate the price above market. The sole vacancy, a former emergency veterinarian clinic, is currently on the market and seller will lease that space back for a period of up to 6 months if it has not been filled by closing.

FOR SALE DETAILS

PRICE

$1,250,850 USD

PRICE/SF

$99 USD /SF

CAP RATE

8%

% LEASED

-

TENANCY

Multiple

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Gabbard Building

PROPERTY TYPE

Office

TOTAL BUILDING SIZE

-

STORIES

1

BUILDING CLASS

C

YEAR BUILT

1978

SPRINKLERS

-

PARKING SPACES

10

LAND DETAILS

LAND ACRES

0.49 AC

LAND SF

21,344 SF

ZONING

CBD

APN/PARCEL ID

181324-42504

ASK ABOUT THIS PROPERTY

Bill Almon JrAlmon Commercial Real EstateMore Info
509-966-3800

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Bill Almon JrAlmon Commercial Real EstateMore Info
509-966-3800

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.