Stabilized Multifamily Investment
For Sale
$2,990,000
1011-1013 South 48th Avenue, Yakima, WA 98908
18-unit multifamily property in West Yakima, 100% occupied.
Property Size15,728 SF
Lot Size1.54 Acres
Price / SF$190.11
Days on Market147
Property Features for 1011-1013 South 48th Avenue
General Information
Standard status
Active
Size
15,728 SF
Lot size
1.54 Acres
Property subtype
Residential Income
Net Operating Income
$146,742
Taxes and HOA fees
Annual Taxes
$18,296
Amenities
0, 0, 0, 0
Yes, See Remarks
Yes, Wall Furnace
Coin Op Laundry,Storage
No
Vinyl, Vinyl Plank, Carpet
Composition
Wood
Building Details
Year Built
1996
Listing Agency:
RE/MAX Premier Group
(360) 996-1010
Listed By:
Israel Jimenez · License #138262
(360) 996-1010
Source:
Compass
Added: Apr 2
Changed: Aug 25
Last Checked: Aug 25 at 12:53PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of RE/MAX Premier Group
Investment Insights
Based on property information with market context.
The Eisenhower Complex is an 18-unit multifamily investment located in West Yakima. The property is currently 100% occupied. The offering includes a 16-unit apartment property plus a duplex, creating a two-bedroom dominant unit mix. Additional income is generated from coin-operated laundry. The property is ideally positioned near MultiCare Yakima Memorial Hospital, Yakima Valley College, Wilson Middle School, Eisenhower High School, West Valley Middle School, shopping, dining, parks, fitness centers, golf courses, wineries, and Yakima Air Terminal. The property benefits from convenient access to major healthcare, education, employment, retail, and daily service demand drivers. The combined property features R 3 zoning, approximately 1.54 total acres, approximately 15,728 total building square feet, and 36 total parking spaces including covered parking. The grounds are irrigated. The duplex includes two spacious 2-bedroom, 1-bathroom units of approximately 1,001 square feet each, with carport and driveway parking. Ownership has completed capital improvements and ongoing unit remodels. Certain 2025 reported expenses reflect non-recurring capital work. The property has stable in-place performance, a marketable unit mix, reinvestment, and a location in West Yakima.
Key Highlights
- 100% Occupancy in a desirable West Yakima location.
- Strong rental income exceeding 2025 reported cash basis.
- Desirable unit mix dominated by two‑bedroom apartments.
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
$153,711
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
5.14%
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%
$3,074,220
$3.1M
Cap Rate 7%
$2,195,871
$2.2M
Cap Rate 9%
$1,707,900
$1.7M
Market Conditions
NOI Build-Up for 15,728 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
$300.1K $19.08/SF
− Vacancy
−$20.6K −$1.31/SF
EGI
$279.5K $17.77/SF
− OpEx
−$125.8K −$8.00/SF
NOI
$153.7K $9.77/SF
Area
Yakima County, WA
Vacancy
6.87%
Lease Rate
$19.08 /SF/Yr
Expense Ratio
45.00%
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%
$3,074,220
Cap Rate 7%
$2,195,871
Cap Rate 9%
$1,707,900
Alternative Uses
Best Use
Apartment 5plus
$2.20M
$1.92M – $2.56M
NOI $153,711 @ 7.0% cap · market cap 5.14%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.19M
$2.79M – $3.73M
NOI $223,579 @ 7.0% cap · market cap 7.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
580
Businesses Nearby
Explore this area
Business Placement
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 Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - 18-unit multifamily property in West Yakima, 100% occupied.
Where is this apartment building located?
The property is located at 1011-1013 South 48th Avenue Yakima, WA.
What is the asking price?
The asking price for this property is $2,990,000.
What are key features of this property?
This property features: 100% Occupancy in a desirable West Yakima location.; Strong rental income exceeding 2025 reported cash basis.; Desirable unit mix dominated by two‑bedroom apartments.
