Light Industrial Flex
For Sale
$540,000
506 E Stover, Grandview, WA 98930
Commercial Sale, Grandview, WA
Property Size3,000 SF
Lot Size0.73 Acres
Price / SF$180
Days on Market75
Property Features for 506 E Stover
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
INDUST /LIGHT
Parking
21
Directions
GPS
Standard status
Active
APN
23091522410
Size
3,000 SF
Lot size
0.73 Acres
Taxes and HOA fees
Tax Year
2026
Building Details
Year built
2024
Listing Agency:
eXp Realty, LLC
(888) 317-5197
Listed By:
Anwar Nassar · License #21012326
(509) 840-1323
Added: Jul 12
Changed: Sep 16
Last Checked: Sep 24 at 2:06PM
MLS# 294622
Copyright © 2026 PACMLS. 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.
Built in 2024, this 3,000-square-foot light industrial property occupies 0.73 acres and offers a flexible commercial configuration. The building previously served as a construction company office and is currently operated as a banquet hall, providing an established interior layout for a range of business needs.
Located at 506 E Stover in Grandview, Washington, the property includes room for parking or expansion. INDUST /LIGHT zoning is in place, and the site offers an owner-user setting for a business seeking a combination of building area and land.
Located at 506 E Stover in Grandview, Washington, the property includes room for parking or expansion. INDUST /LIGHT zoning is in place, and the site offers an owner-user setting for a business seeking a combination of building area and land.
Key Highlights
- 3,000‑square‑foot light industrial property on 0.73 acres
- INDUST /LIGHT zoning
- Built in 2024
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
$31,934
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
5.91%
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%
$638,680
$638.7K
Cap Rate 7%
$456,200
$456.2K
Cap Rate 9%
$354,822
$354.8K
Market Conditions
NOI Build-Up for 3,000 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
$45.7K $15.24/SF
− Vacancy
−$3.1K −$1.05/SF
EGI
$42.6K $14.19/SF
− OpEx
−$10.6K −$3.55/SF
NOI
$31.9K $10.64/SF
Area
Yakima County, WA
Vacancy
6.87%
Lease Rate
$15.24 /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%
$638,680
Cap Rate 7%
$456,200
Cap Rate 9%
$354,822
Alternative Uses
Best Use
Office B
$456.2K
$399.2K – $532.2K
NOI $31,934 @ 7.0% cap · market cap 5.91%
Second Best
Industrial
$339.7K
$297.2K – $396.3K
NOI $23,776 @ 7.0% cap · market cap 4.40%
Theoretical Best
Office A
$609.2K
$533.1K – $710.8K
NOI $42,646 @ 7.0% cap · market cap 7.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
99
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 98930, WA
15,339
Population
4,910
Households
3.1
Avg Household Size
30
Median Age
9%
College-Educated
67%
High-School Grad
44.9 sq mi
ZIP Area
342
Density / Sq Mi
$67,798
Median Household Income
$34,675
Median Earnings
$980
Median Rent
$277,600
Median Home Value
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Market
Vacancy Rate% for Office in West region
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Frequently Asked Questions
What type of property is this?
Flex space - INDUST /LIGHT zoning complements an adaptable commercial layout with room for parking or expansion.
Where is this flex space located?
The property is located at 506 E Stover Grandview, WA.
What is the asking price?
The asking price for this property is $540,000.
What are key features of this property?
This property features: 3,000‑square‑foot light industrial property on 0.73 acres; INDUST /LIGHT zoning; Built in 2024
