Mixed-Use Building with Retail
For Sale
$930,900
1215 Meade Ave, Prosser, WA 99350
Commercial Sale, Prosser, WA
Property Size6,201 SF
Price / SF$150.12
Days on Market325
Property Features for 1215 Meade Ave
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
COMMCL GENERAL
Window features
Single Pane Window(s), Double Pane Windows, Vinyl Frames
Interior features
Appliances Included
Directions
South on 7th, R on Meade Ave
Standard status
Active
APN
10184302008400D
Size
6,201 SF
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
3554
Utilities
Utilities
Cable Available
Heating system
Electric (Heating), Forced Air
Cooling system
Electric, Wall Unit(s), Central Air
Water source
Public
Amenities
private garage
EV charger
air conditioning
Building Details
Year built
1947
Flooring type
Vinyl, Concrete, Tile
Building materials
T1-11, Wood Siding
Roof type
Rolled Hot Mop
Listing Agency:
Realty One Group Ignite
(509) 581-1911
Listed By:
Justin Maltos
(206) 356-6982
Added: Oct 10, 2025
Changed: Aug 21
Last Checked: Aug 30 at 11:06AM
MLS# 288146
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.
This 6,201-square-foot mixed-use property in downtown Prosser includes two retail storefronts and a varied interior layout. The upper level features a yoga studio with its own entrance and a furnished two-bedroom, two-bath short-term rental suite with a private garage and EV charger. On the main floor are a salon studio, flex office, and dual garage doors with rear parking access.
The building was constructed in 1947 and has COMMCL GENERAL zoning. Improvements include a newer rolled hot mop roof, updated electrical systems, and modern air conditioning. Interior finishes include vinyl, concrete, and tile flooring, while heating is provided by electric and forced air systems. Public water and cable availability are also noted.
The building was constructed in 1947 and has COMMCL GENERAL zoning. Improvements include a newer rolled hot mop roof, updated electrical systems, and modern air conditioning. Interior finishes include vinyl, concrete, and tile flooring, while heating is provided by electric and forced air systems. Public water and cable availability are also noted.
Key Highlights
- 6,201‑square‑foot mixed‑use building in downtown Prosser
- Two retail storefronts with additional office and salon space
- Furnished 2‑bedroom, 2‑bath short‑term rental suite
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
$72,976
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
7.84%
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%
$1,459,520
$1.5M
Cap Rate 7%
$1,042,514
$1.0M
Cap Rate 9%
$810,844
$810.8K
Market Conditions
NOI Build-Up for 6,201 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
$111.6K $18.00/SF
− Vacancy
−$7.4K −$1.19/SF
EGI
$104.3K $16.81/SF
− OpEx
−$31.3K −$5.04/SF
NOI
$73.0K $11.77/SF
Area
Benton County, WA
Vacancy
6.60%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
30.00%
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%
$1,459,520
Cap Rate 7%
$1,042,514
Cap Rate 9%
$810,844
Alternative Uses
Best Use
Office B
$1.36M
$1.19M – $1.59M
NOI $95,186 @ 7.0% cap · market cap 10.23%
Second Best
Retail
$1.04M
$912.2K – $1.22M
NOI $72,976 @ 7.0% cap · market cap 7.84%
Theoretical Best
Office A
$1.72M
$1.50M – $2.01M
NOI $120,395 @ 7.0% cap · market cap 12.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
503
Businesses Nearby
Explore this area
Business Placement
Demographics for 99350, WA
13,240
Population
4,954
Households
2.7
Avg Household Size
36
Median Age
20%
College-Educated
79%
High-School Grad
600.1 sq mi
ZIP Area
22
Density / Sq Mi
$74,393
Median Household Income
$35,976
Median Earnings
$899
Median Rent
$289,100
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?
Mixed-use property - Two retail storefronts are paired with office, wellness, and short-term rental space.
Where is this mixed-use property located?
The property is located at 1215 Meade Ave Prosser, WA.
What is the asking price?
The asking price for this property is $930,900.
What are key features of this property?
This property features: 6,201‑square‑foot mixed‑use building in downtown Prosser; Two retail storefronts with additional office and salon space; Furnished 2‑bedroom, 2‑bath short‑term rental suite
