Hop Farm With Processing
For Sale
$6,750,000
7502 Campbell Rd, Toppenish, WA 98948
COMMERCIAL - Toppenish, WA
Property Size33,000 SF
Lot Size80.40 Acres
Price / SF$204.55
Days on Market69
Property Features for 7502 Campbell Rd
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
AG - Agricultural
Rooms
Basement
Basement
Crawl Space
Accessibility
Accessible Approach with Ramp
Lot features
View, Level, Sprinkler System, Paved Road
Directions
Yakima, South on Hwy 97, South on Lateral A, East on Fort Road, South on Campbell Road.
Subdivision
13K - Toppenish
Standard status
Active
APN
19101641001
Size
33,000 SF
Lot size
80.40 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
20431
Utilities
Heating system
Heat Pump (Heating), Electric (Heating), Forced Air
Cooling system
Central Air
Water source
Private
Building Details
Year built
2005
Floors in Building
1
Flooring type
Vinyl, Concrete
Building materials
Frame
Roof type
Metal
Listing Agency:
Coldwell Banker Cascade Real Estate · Coldwell Banker Real Estate
(509) 248-5050
Listed By:
Mike Gibbons · License #25974
(509) 248-5050
Added: Jun 2
Changed: Aug 4
Last Checked: Aug 9 at 5:06PM
MLS# 26-1639
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 80.4-acre agricultural property in Toppenish includes approximately 70 acres of established hop trellising and a processing operation supported by purpose-built improvements. The 12-bay hop kiln was constructed in 2019, while a DK Hop Picker/Vine Picker was installed in 2016. Additional facilities include a 2,942+/- square foot office building completed in 2018, a 5,575+/- square foot machine shed built in 2017, and a 2,400 square foot insulated metal storage building with a 20-foot eave height constructed in 2019. The baler building was replaced in 2005.
Propane storage consists of one 60,000-gallon tank and two 30,000-gallon tanks. The property also features private water, metal roofing, concrete and vinyl flooring, heat pump, electric and forced-air heating, central air, and an accessible approach with ramp. Additional expansion options include 37+/- adjacent deeded acres of hop land and access to more than 200 acres of leased hop ground. The property is located at 7502 Campbell Rd, Toppenish, WA 98948.
Propane storage consists of one 60,000-gallon tank and two 30,000-gallon tanks. The property also features private water, metal roofing, concrete and vinyl flooring, heat pump, electric and forced-air heating, central air, and an accessible approach with ramp. Additional expansion options include 37+/- adjacent deeded acres of hop land and access to more than 200 acres of leased hop ground. The property is located at 7502 Campbell Rd, Toppenish, WA 98948.
Key Highlights
- 80.4‑acre agricultural property with approximately 70 acres of established hop trellising
- 12‑bay hop kiln constructed in 2019
- 2,942+/- square foot office building completed in 2018
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
$351,277
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
5.20%
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%
$7,025,540
$7.0M
Cap Rate 7%
$5,018,243
$5.0M
Cap Rate 9%
$3,903,078
$3.9M
Market Conditions
NOI Build-Up for 33,000 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
$502.9K $15.24/SF
− Vacancy
−$34.6K −$1.05/SF
EGI
$468.4K $14.19/SF
− OpEx
−$117.1K −$3.55/SF
NOI
$351.3K $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%
$7,025,540
Cap Rate 7%
$5,018,243
Cap Rate 9%
$3,903,078
Alternative Uses
Best Use
Office B
$5.02M
$4.39M – $5.85M
NOI $351,277 @ 7.0% cap · market cap 5.20%
Second Best
Warehouse
$4.54M
$3.97M – $5.29M
NOI $317,582 @ 7.0% cap · market cap 4.70%
Theoretical Best
Office A
$6.70M
$5.86M – $7.82M
NOI $469,107 @ 7.0% cap · market cap 6.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
2
Businesses Nearby
Explore this area
Business Placement
Demographics for 98948, WA
13,416
Population
3,620
Households
3.7
Avg Household Size
31
Median Age
9%
College-Educated
63%
High-School Grad
335.3 sq mi
ZIP Area
40
Density / Sq Mi
$67,217
Median Household Income
$32,639
Median Earnings
$978
Median Rent
$217,800
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Farm - Agricultural property combining established hop acreage, specialized processing equipment, and multiple support buildings.
Where is this farm located?
The property is located at 7502 Campbell Rd Toppenish, WA.
What is the asking price?
The asking price for this property is $6,750,000.
What are key features of this property?
This property features: 80.4‑acre agricultural property with approximately 70 acres of established hop trellising; 12‑bay hop kiln constructed in 2019; 2,942+/- square foot office building completed in 2018
