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21 N 1st Ave 56,939 SF Office Building Yakima, WA 98902 $8,750,000 ($153.67/SF) 7.30% Cap Rate
INVESTMENT HIGHLIGHTS
- WSDA recently entered into a new 10-year lease despite the state of Washington’s current policy of signing lease terms of no more than 5 years.
- Yakima is the agricultural hub of central Washington and this is a critically important location for WSDA.
- Washington State is rated Aaa by Moody’s and AA+ by both S&P Global and Fitch.
- WSDA has occupied the building since 1998, is heavily invested in the property and is considered an essential governmental agency.
- Lease is below market at $14.36/SF, semi-gross, which is the equivalent of approximately $11.22/SF if it were triple-net.
- Includes approximately 180 parking stalls, 130 of which are located within a first-class secured and gated parking lot.
EXECUTIVE SUMMARY
THIS OFFERING is for the opportunity to purchase an office and laboratory building leased on a long-term basis with approximately 8.5 years remaining to Washington State Department of Agriculture (“WSDA”).
Located in the absolute heart of downtown Yakima, this facility is a critical hub supporting the region’s vast and diverse agricultural industry. Its central location that services central Washington is critically important to a region heavily dependent upon agriculture, where Yakima County is Washington’s leading agricultural county and number one producer of apples, hops and various other crops.
This is a simple, transparent offering with a strong credit tenant and essential governmental agency paying below market rent who is entrenched and heavily invested at the location that they’ve been in since 1998.
Located in the absolute heart of downtown Yakima, this facility is a critical hub supporting the region’s vast and diverse agricultural industry. Its central location that services central Washington is critically important to a region heavily dependent upon agriculture, where Yakima County is Washington’s leading agricultural county and number one producer of apples, hops and various other crops.
This is a simple, transparent offering with a strong credit tenant and essential governmental agency paying below market rent who is entrenched and heavily invested at the location that they’ve been in since 1998.
PROPERTY FACTS
Sale Type
Investment
Property Type
Office
Building Size
56,939 SF
Building Class
B
Year Built
1998
Price
$8,750,000
Price Per SF
$153.67
Cap Rate
7.30%
NOI
$638,750
Tenancy
Single
Building Height
2 Stories
Typical Floor Size
28,470 SF
Building FAR
0.54
Lot Size
2.41 AC
Opportunity Zone
Yes
Zoning
CBD
1 1
Walk Score®
Very Walkable (85)
PROPERTY TAXES
| Parcel Number | 191319-23520 | Improvements Assessment | $5,027,900 |
| Land Assessment | $371,250 | Total Assessment | $5,399,150 |
PROPERTY TAXES
Parcel Number
191319-23520
Land Assessment
$371,250
Improvements Assessment
$5,027,900
Total Assessment
$5,399,150
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21 N 1st Ave
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