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24 S 1st St 31,500 SF Retail Building Yakima, WA 98901 $695,000 ($22.06/SF) 8.25% Cap Rate
INVESTMENT HIGHLIGHTS
- Asking price based upon a 9 cap of the scheduled NOI from the Buddy’s Home Furnishing’s lease plus $58,000 attributable to the vacant upper floors.
- Upper floors provide redevelopment potential (perhaps best converted to multi-family) at a steeply discounted price.
- Significant pylon sign.
- Tenant is paying $5,900/month with lease expiring 12/31/26 with one 5-year renewal option. Landlord pays property taxes and insurance.
- Located at a controlled intersection in the heart of downtown with traffic counts in excess of 27,700 vehicles per day passing by.
EXECUTIVE SUMMARY
THIS OFFERING is for the opportunity to purchase a prominent commercial building with the ground floor leased to a regional home furnishing retailer, Buddy’s Home Furnishings, and unfinished upper floors vacant.
Buddy’s and their predecessor have occupied the ground floor since approximately 2000 while the vacant upper floors provide for redevelopment potential or discounted storage areas. The building was originally occupied by its entirety by the Bon Marche.
Located in the heart of downtown Yakima at a controlled intersection with more than 27,700 vehicles passing by, the property has significant frontage along S 1st St and is only 1-block south of Yakima Ave.
Buddy’s and their predecessor have occupied the ground floor since approximately 2000 while the vacant upper floors provide for redevelopment potential or discounted storage areas. The building was originally occupied by its entirety by the Bon Marche.
Located in the heart of downtown Yakima at a controlled intersection with more than 27,700 vehicles passing by, the property has significant frontage along S 1st St and is only 1-block south of Yakima Ave.
PROPERTY FACTS
Sale Type
Investment
Property Type
Retail
Property Subtype
Freestanding
Building Size
31,500 SF
Building Class
C
Year Built
1910
Price
$695,000
Price Per SF
$22.06
Cap Rate
8.25%
NOI
$57,337
Tenancy
Single
Building Height
3 Stories
Building FAR
3.01
Lot Size
0.24 AC
Opportunity Zone
Yes
Zoning
CBD
Parking
19 Spaces (0.6 Spaces per 1,000 SF Leased)
AMENITIES
- Bus Line
- Signalized Intersection
Walk Score®
Very Walkable (88)
NEARBY MAJOR RETAILERS
PROPERTY TAXES
| Parcel Number | 191319-23423 | Improvements Assessment | $301,200 |
| Land Assessment | $121,900 | Total Assessment | $423,100 |
PROPERTY TAXES
Parcel Number
191319-23423
Land Assessment
$121,900
Improvements Assessment
$301,200
Total Assessment
$423,100
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24 S 1st St
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