Union Gap Redevelopment
2506 Old Town Rd, Union Gap, WA 98903
COMMERCIAL - Union Gap, WA
Property size:
21,255 SFLot size:
2.92 AcresPrice / SF:
$164/SF- Added:
- Apr 10, 2026
- Days on Market:
- 53
- Last Refresh:
- Jun 1 at 5:06 pm
Property Features for 2506 Old Town Rd
General Information
- Property type
- Commercial Sale
- Property subtype
- Other
- Standard status
- Active
- APN
- 191332-33005
- Size
- 21,255 SF
- Lot size
- 2.92 Acres
Taxes and HOA fees
- Tax Year
- 2026
- Tax Annual Amount
- 12730
Utilities
- Heating system
- Natural Gas, Forced Air, Electric (Heating)
- Water source
- Public
Building Details
- Year built
- 1948
- Flooring type
- Concrete, Wood, Carpet
- Building materials
- Block
- Roof type
- Composition, Metal
Listing agent Pat Lawler (509) 248-5050
Listing office Coldwell Banker Cascade Real Estate 205 N 40th Ave Suite 203, Yakima, WA (509) 248-5050
Listing date Apr 10, 2026
MLS# 26-1000
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.
HighLights
- Premier +/-2.92‑acre Commercial Gateway site in a rapidly expanding commercial corridor.
- High‑visibility location directly across from the Valley Mall with established retail traffic.
- Excellent connectivity and accessibility via Interstate I‑82 (less than half a mile away).
- Key gateway to approximately 39+ acres of adjacent, largely undeveloped land for larger‑scale development.
- Ongoing commercial expansion in the immediate area (retail, automotive, medical, quick‑service).
- Utilities in place (power, city water, city sewer) and Commercial Gateway zoning allowing for a wide range of potential uses.
Overview
This is a premier redevelopment opportunity situated in the heart of Union Gap's rapidly expanding commercial corridor. The property is a Commercial Gateway site of approximately 2.92 acres, offering potential for investors and developers seeking a high-visibility location with strong regional access and surrounding growth. Positioned along Old Town Rd and directly across from the Valley Mall, the property benefits from established retail traffic and proximity to major national and regional businesses. Interstate I-82 is less than half a mile away, providing connectivity and accessibility. This site serves as a key gateway to approximately 39+ acres of adjacent, largely undeveloped land, creating an opportunity for larger-scale assemblage and future development. Ongoing commercial expansion in the immediate area includes retail, automotive, medical, and quick-service development. The existing structure offers flexibility for adaptive reuse or redevelopment. Utilities in place include power, city water, and city sewer. The property has flat topography and Commercial Gateway zoning, allowing for a range of potential uses. It is suited for retail, automotive, medical, hospitality, or mixed-use development. The property is located in one of the Yakima Valley's active growth areas.
Local Financial Insights For Healthcare Medical
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $405.5k | $19.08 |
| − Vacancy | −$27.9k | −$1.31 |
| EGI | $377.7k | $17.77 |
| − OpEx | −$151.1k | −$7.11 |
| NOI | $226.6k | $10.66 |
21,255 SF · lease $19.08/SF/yr · vacancy 6.87% · expense 40.00%
Alternative Uses
Best Use
Healthcare Medical
$3.24M
$2.83M – $3.78M
NOI $226,611 @ 7.0% cap · market cap 6.47%
Second Best
Retail
$3.08M
$2.69M – $3.59M
NOI $215,514 @ 7.0% cap · market cap 6.16%
Theoretical Best
Office A
$4.32M
$3.78M – $5.04M
NOI $302,148 @ 7.0% cap · market cap 8.63%
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Location Intelligence
Current Use by Public Records
Commercial land
Location Insight
- Map
- Local Demand
- City
- Union Gap
- County
- Yakima
- State
- Washington
- Longitude
- -120.48369
- Latitude
- 46.565197
Nearby Similar for Sale
FAQs
What type of property is this?
Commercial land - Prime 2.92-acre commercial site in Union Gap, Washington.
Where is this commercial land located?
The property is located at 2506 Old Town Rd Union Gap, WA.
What is the asking price?
The asking price for this property is $3,500,000.
What are key features of this property?
This property features: Premier +/-2.92‑acre Commercial Gateway site in a rapidly expanding commercial corridor.; High‑visibility location directly across from the Valley Mall with established retail traffic.; Excellent connectivity and accessibility via Interstate I‑82 (less than half a mile away).
