Building Details

Year built 1965

Flooring type Tile

Building materials Block

Roof type Composition

Listing Agency: eXp Realty LLC Kennewick L***@exprealty.com Show Phone

Listed By: Erik Soto · License #21010568 Show Phone

Added: Feb 28 Changed: Sep 15 Last Checked: Oct 2 at 6:06AM

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MLS# 26-497

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 1,110-square-foot automotive property is currently configured as a car lot and includes four private offices, a lobby, and a cafeteria or breakroom. The building was constructed in 1965 with block construction, tile flooring, forced-air and electric heating, central air, a composition roof, and public water service.

Located at 111 N Frontage Rd in Wapato, the property sits directly off the highway with convenient access and established street exposure. The 0.17-acre site combines the existing automotive setup with an office-oriented interior layout suitable for continued automotive use or other commercial operations supported by the existing improvements.

Key Highlights

• 1,110‑square‑foot automotive property on a 0.17‑acre site
• Currently operating as a car lot
• Four private offices plus lobby and cafeteria/breakroom

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

$11,816

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

3.07%

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%

$236,320 $236.3K

Cap Rate 7%

$168,800 $168.8K

Cap Rate 9%

$131,289 $131.3K

Market Conditions

NOI Build-Up for 1,110 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

$16.9K $15.24/SF

− Vacancy

−$1.2K −$1.05/SF

EGI

$15.8K $14.19/SF

− OpEx

−$3.9K −$3.55/SF

NOI

$11.8K $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%

$236,320

Cap Rate 7%

$168,800

Cap Rate 9%

$131,289

Alternative Uses

Best Use

Office B

$168.8K

$147.7K – $196.9K (±1% cap)

NOI $11,816 @ 7.0% cap · market cap 3.07%

Second Best

Retail

$160.8K

$140.7K – $187.6K (±1% cap)

NOI $11,255 @ 7.0% cap · market cap 2.92%

Theoretical Best

Office A

$225.4K

$197.2K – $263.0K (±1% cap)

NOI $15,779 @ 7.0% cap · market cap 4.10%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Office Units

Suggested Use

Top Pick Dental Office Building Supply Pharmacy Kitchen & Bath Showroom Electrical Service Big Box & Wholesale Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Yes

Highway access

Yes

Paved road access

Location Intelligence

Trade Area within ½ mile

244

Businesses Nearby

Under-served

Demand for This Use

Explore this area Business Placement

Demographics for 98951, WA

13,821

Population

3,672

Households

3.8

Avg Household Size

30

Median Age

11%

College-Educated

66%

High-School Grad

149.0 sq mi

ZIP Area

93

Density / Sq Mi

$63,083

Median Household Income

$33,141

Median Earnings

$871

Median Rent

$214,000

Median Home Value

Market

Vacancy Rate% for Office in West region

11% 2019

14.1% 2020

15.5% 2021

17.2% 2022

19.9% 2023

21% 2024

20.8% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this automotive properties located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Automotive property - Highway-accessible commercial building with private offices, a lobby, and a cafeteria or breakroom.

Where is this automotive property located?

The property is located at 111 N Frontage Rd Wapato, WA.

What is the asking price?

The asking price for this property is $385,000.

What are key features of this property?

This property features: 1,110‑square‑foot automotive property on a 0.17‑acre site; Currently operating as a car lot; Four private offices plus lobby and cafeteria/breakroom