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    2506 Old Town Rd Union Gap, WA 98903

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    Claim this Listing
    New
    For Sale
    $3,500,000

    COMMERCIAL - Union Gap, WA

    Property size:
    21,255 SF
    Lot size:
    2.92 Acres
    Added:
    Apr 10, 2026
    Days on Market:
    3
    Last Refresh:
    Apr 12 at 4:06 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
    Electric (Heating), Forced Air, Natural Gas
    Water source
    Public

    Building Details

    Year built
    1948
    Flooring type
    Wood, Concrete, Carpet
    Building materials
    Block
    Roof type
    Metal, Composition

    We can help!

    Listing Contact
    Pat Lawler

    Listing agent Pat Lawler

    Listing office Coldwell Banker Cascade Real Estate 205 N 40th Ave Suite 203, Yakima, WA

    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.

    Overview

    Yakima Valley Landmark: Skateland

    This Yakima Valley landmark, commonly recognized as Skateland, presents a rare opportunity. With a long-standing history of hosting skating, school functions, and community events, this property is a nostalgic and recognizable destination. The property offers potential to continue operating as a skating rink or to be re-imagined with new development concepts. Investors and business owners may appreciate the flexibility for redevelopment or expansion, especially with surrounding industrial and commercial growth already underway. The building is equipped with a newer HVAC system, providing efficient gas heat. Situated in the business-friendly City of Union Gap, this Commercial Gateway property sits on 2.92 level acres with frontage along Old Town Rd, directly across from the Valley Mall and near major commercial intersections, offering visibility and accessibility. Interstate I-82 is less than half a mile away, ensuring convenient regional access. The property, totaling 21255 square feet, is fully serviced with power, city water, and city sewer, opening the door to a wide range of commercial uses.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Skating rinks

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Building Supply Hair Salon Big Box & Wholesale Store Auto Repair Shop Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Union Gap
    County
    Yakima
    State
    Washington
    Longitude
    -120.4837053
    Latitude
    46.5652034

    Nearby Similar for Sale

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      Customizable Flex Industrial Space

      15,000 SF flex space with build-to-suit options.
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    • $8,350,000
      80,715 SF

      Union Gap Industrial Property

      Industrial property in Union Gap, WA with leaseback option.
      94 W Valley Mall Blvd, Union Gap, WA
      View Details
    • $8,350,000
      80,715 SF

      80,715 SF Union Gap Warehouse

      80,715 SF warehouse on 6.7 acres in Union Gap.
      94 W Valley Mall Blvd, Union Gap, WA 98903
      View Details

    FAQs

    What type of property is this?
    Skating rink - Well-known commercial property with redevelopment potential in Union Gap.
    Where is this skating rink 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: Prime Commercial Gateway location in Union Gap, directly across from Valley Mall, offering outstanding visibility and accessibility.; 2.92 level acres with frontage along Old Town Rd, suitable for redevelopment or expansion.; Versatile property with potential to continue as a skating rink or be re‑imagined for new development concepts.
    (509) 248-5050
    We can help!
    Listing Contact
    Pat Lawler
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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