Single-Level Office
For Sale
$285,000
405 3rd St, Yakima, WA 98901
Single-level office building includes front and back parking, offering practical space for owner-occupants or rental.
Property Size2,300 SF
Price / SF$123.91
Days on Market619
Property Features for 405 3rd St
General Information
Standard status
Active
Size
2,300 SF
Property subtype
General Commercial
Taxes and HOA fees
Annual Taxes
$870
Amenities
Central Air
3
Vinyl, Concrete, Carpet
Composition
6819.0, 6819.0
Curb & Gutter.
Building Details
Year Built
1973
Stories
1
Listing Agency:
(509) 452-2720
Listed By:
Home Source Of Yakima
(509) 952-7147
Source:
Xome
Added: Dec 27, 2024
Changed: Sep 3
Last Checked: Sep 7 at 5:22AM
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 Home Source Of Yakima
Investment Insights
Based on property information with market context.
This for-sale office building is a single-level property with approximately 2,300 square feet of space. The layout is suited to office use and includes parking at both the front and the back of the building.
The property is located near downtown Yakima, providing a convenient setting for day-to-day business operations. Parking access from both sides can support staff and client arrivals.
With its straightforward, single-level design and dedicated parking areas, the building can be considered for either an existing business use or rental potential, depending on the buyer’s objectives.
The property is located near downtown Yakima, providing a convenient setting for day-to-day business operations. Parking access from both sides can support staff and client arrivals.
With its straightforward, single-level design and dedicated parking areas, the building can be considered for either an existing business use or rental potential, depending on the buyer’s objectives.
Key Highlights
- Single‑level 2,300 SF office building
- Front and back parking included
- Central air cooling
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
$24,483
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
8.59%
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%
$489,660
$489.7K
Cap Rate 7%
$349,757
$349.8K
Cap Rate 9%
$272,033
$272.0K
Market Conditions
NOI Build-Up for 2,300 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
$35.1K $15.24/SF
− Vacancy
−$2.4K −$1.05/SF
EGI
$32.6K $14.19/SF
− OpEx
−$8.2K −$3.55/SF
NOI
$24.5K $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%
$489,660
Cap Rate 7%
$349,757
Cap Rate 9%
$272,033
Alternative Uses
Best Use
Office B
$349.8K
$306.0K – $408.1K
NOI $24,483 @ 7.0% cap · market cap 8.59%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$467.1K
$408.7K – $544.9K
NOI $32,695 @ 7.0% cap · market cap 11.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,435
Businesses Nearby
Explore this area
Business Placement
Demographics for 98901, WA
32,351
Population
12,201
Households
2.7
Avg Household Size
33
Median Age
17%
College-Educated
72%
High-School Grad
184.5 sq mi
ZIP Area
175
Density / Sq Mi
$56,429
Median Household Income
$33,058
Median Earnings
$996
Median Rent
$268,100
Median Home Value
Market
Vacancy Rate% for Office 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?
Office building - Single-level office building includes front and back parking, offering practical space for owner-occupants or rental.
Where is this office building located?
The property is located at 405 3rd St Yakima, WA.
What is the asking price?
The asking price for this property is $285,000.
What are key features of this property?
This property features: Single‑level 2,300 SF office building; Front and back parking included; Central air cooling
