Building Details

Year Built 1981

Buildings 2

Stories 1

Units 2

Tenancy Single

Listing Agency: Wilson Real Estate Management

Listed By: Roger Wilson · License #17888 Show Phone

Source: Crexi

Added: Apr 22, 2024 Changed: Oct 12 Last Checked: Oct 20 at 8:13PM

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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 Wilson Real Estate Management

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Investment Insights

Based on property information with market context.

This property features a 6,240-square-foot warehouse and office building situated on approximately 5.2 acres of usable land. Additionally, there is a 1,876-square-foot manufactured home with 3 bedrooms and 2 bathrooms, currently rented for $1,335 per month. Zoned for General Commercial use, the property is located on Yakima Valley Highway in Grandview and offers visibility from I-82. The location is suitable for retail and other uses. The warehouse tenant is scheduled to vacate in the fall of 2024, while the residential tenant is on a month-to-month lease and intends to remain. This property presents a potential development opportunity adjacent to a development with a truck stop.

Key Highlights

• Prime location next to a truck stop development and visible from I‑82.
• 5.2 acres of usable land zoned General Commercial, suitable for various retail uses.
• 6240‑sf warehouse and office building on site.**

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$82,292

Cap Rate

4.22%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,645,840 $1.6M

Cap Rate 7%

$1,175,600 $1.2M

Cap Rate 9%

$914,356 $914.4K

Is this asking price fair?

Market Conditions

NOI Build-Up for 8,116 SF

Gross rent

$122.7K $15.12/SF

− Vacancy

−$5.2K −$0.64/SF

EGI

$117.6K $14.48/SF

− OpEx

−$35.3K −$4.35/SF

NOI

$82.3K $10.14/SF

Area

Yakima County, WA

Vacancy

4.20%

Lease Rate

$15.12 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,645,840

Cap Rate 7%

$1,175,600

Cap Rate 9%

$914,356

Alternative Uses

Best Use

Retail

$1.18M

$1.03M – $1.37M (±1% cap)

NOI $82,292 @ 7.0% cap · market cap 4.22%

Second Best

Warehouse

$1.12M

$976.3K – $1.30M (±1% cap)

NOI $78,106 @ 7.0% cap · market cap 4.01%

Theoretical Best

Office A

$1.65M

$1.44M – $1.92M (±1% cap)

NOI $115,372 @ 7.0% cap · market cap 5.92%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

OVS - Orchard & Vineyard ... Specialty Food Shop

Suggested Use

Top Pick Plumbing Service Fish Market Food Market Farmer's Market

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

Location Intelligence

Trade Area within ½ mile

12

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

Market

Vacancy Rate% for Industrial in West region

3.7% 2019

4.3% 2020

2.6% 2021

2.5% 2022

4.8% 2023

6.9% 2024

7.9% 2025

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Frequently Asked Questions

What type of property is this?

Warehouse - Warehouse, office, and land with I-82 visibility in Grandview.

Where is this warehouse located?

The property is located at 120 N Puterbaugh Rd Grandview, WA.

What is the asking price?

The asking price for this property is $1,950,000.

What are key features of this property?

This property features: Prime location next to a truck stop development and visible from I‑82.; 5.2 acres of usable land zoned General Commercial, suitable for various retail uses.; 6240‑sf warehouse and office building on site.**