Event Venue With Equipped
For Sale
$379,000
204 S 46th Ave, Yakima, WA 98908
COMMERCIAL - Yakima, WA
Property Size2,426 SF
Lot Size0.42 Acres
Price / SF$156.22
Days on Market191
Property Features for 204 S 46th Ave
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
R1 - Single Fam Res
Lot features
Fenced - Part
Directions
Corner of W Chestnut Ave and S 46th Ave
Subdivision
5A - W 40th/S Yak Ave
Standard status
Active
APN
181322-33474 / 33473
Size
2,426 SF
Lot size
0.42 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
1908
Utilities
Heating system
Electric (Heating), Natural Gas
Cooling system
Central Air
Water source
Public
Amenities
space for dancing
equipped kitchen with food-serving bar
dedicated bar/pub-style area with a built-in bar and back bar cooler
fireplace
Building Details
Year built
1955
Floors in Building
1
Flooring type
Tile, Concrete
Building materials
Block
Roof type
Metal
Listing Agency:
Kelly Right Real Estate of TC
(509) 489-7000
Listed By:
Humberto (Beto) Mendoza · License #35581
(206) 309-6461
Added: Feb 7
Changed: Aug 4
Last Checked: Aug 17 at 12:06PM
MLS# 26-281
Copyright © 2026 Yakima Association of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This wedding and event property contains approximately 2,426 square feet arranged for flexible gatherings and customizable layouts. Interior features include a dance area, equipped kitchen with a food-serving bar, a pub-style section with a built-in bar and back-bar cooler, and a fireplace. A separate 502-square-foot storage building expands the usable support space.
Constructed in 1955, the building has block construction, tile and concrete flooring, a metal roof, central air, and electric and natural gas heating. Public water serves the property, which occupies 0.42 acres at 204 S 46th Ave in Yakima, Washington.
Constructed in 1955, the building has block construction, tile and concrete flooring, a metal roof, central air, and electric and natural gas heating. Public water serves the property, which occupies 0.42 acres at 204 S 46th Ave in Yakima, Washington.
Key Highlights
- Approximately 2,426 SF of event space
- 502 SF separate storage building
- Equipped kitchen with food‑serving bar
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$24,682
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.51%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$493,640
$493.6K
Cap Rate 7%
$352,600
$352.6K
Cap Rate 9%
$274,244
$274.2K
Market Conditions
NOI Build-Up for 2,426 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$34.4K $14.16/SF
− Vacancy
−$1.4K −$0.59/SF
EGI
$32.9K $13.57/SF
− OpEx
−$8.2K −$3.39/SF
NOI
$24.7K $10.17/SF
Area
Yakima County, WA
Vacancy
4.20%
Lease Rate
$14.16 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$493,640
Cap Rate 7%
$352,600
Cap Rate 9%
$274,244
Alternative Uses
Best Use
Specialty Retail
$352.6K
$308.5K – $411.4K
NOI $24,682 @ 7.0% cap · market cap 6.51%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$492.7K
$431.1K – $574.8K
NOI $34,486 @ 7.0% cap · market cap 9.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
572
Businesses Nearby
23k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 57%
Shops & Services 43%
Arctic Circle
Dining
10,442 visits/mo
0.4 miles
O'Reilly Auto Parts
Shops & Services
5,852 visits/mo
0.3 miles
Chevron
Shops & Services
2,829 visits/mo
0.5 miles
Baskin-Robbins
Dining
2,775 visits/mo
0.5 miles
H&R Block
Shops & Services
1,086 visits/mo
0.3 miles
Demographics for 98908, WA
38,205
Population
15,496
Households
2.5
Avg Household Size
42
Median Age
33%
College-Educated
91%
High-School Grad
105.7 sq mi
ZIP Area
361
Density / Sq Mi
$80,266
Median Household Income
$43,789
Median Earnings
$1,302
Median Rent
$356,900
Median Home Value
Market
Vacancy Rate% for Retail in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Wedding venue - Flexible facility includes dance space, bar service area, and separate storage building.
Where is this wedding venue located?
The property is located at 204 S 46th Ave Yakima, WA.
What is the asking price?
The asking price for this property is $379,000.
What are key features of this property?
This property features: Approximately 2,426 SF of event space; 502 SF separate storage building; Equipped kitchen with food‑serving bar
