Built-Out Family Medicine
For Sale
Contact for pricing
504 N 40th Ave, Yakima, WA 98908
A fully sprinklered medical building with 27 exam rooms and 70 designated parking spaces, currently leased through March 2027.
Property Size13,762 SF
Lot Size1.31 Acres
Price / SF$203.46
Days on Market1029
Property Features for 504 N 40th Ave
General Information
Standard status
Active
Size
13,762 SF
Total Parking Spaces
70
Lot size
1.31 Acres
Property subtype
OFFICE
Zoning
B-1
Additional Details
Sprinkler System
Yes
Building Details
Tenancy
Single
Listing Agency:
Keller Williams Yakima Valley
(509) 966-1020
Listed By:
Russell Roberts, CCIM
(509) 594-7989
Source:
Moodyscre
Added: Jan 3, 2024
Changed: Oct 26
Last Checked: Oct 26 at 1:03PM
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 Keller Williams Yakima Valley
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Investment Insights
Based on property information with market context.
This built-out family medicine facility includes 18,591 total square feet across finished ground floor and basement space, plus additional unfinished basement area. The healthcare layout features 27 exam rooms, a private lab, 2 procedure rooms, and multiple private offices, along with a breakroom, conference room, and gym. Building infrastructure includes a metal roof and a fully sprinkled interior, with reserved space for a future basement elevator.
The property sits on 1.31 acres and is zoned B-1, which allows for multiple uses. It provides 70 designated parking spaces and is located on Yakima’s North 40th, described as the 2nd most travel street in Yakima.
The building is currently leased to MultiCare Hospital through March 2027.
The property sits on 1.31 acres and is zoned B-1, which allows for multiple uses. It provides 70 designated parking spaces and is located on Yakima’s North 40th, described as the 2nd most travel street in Yakima.
The building is currently leased to MultiCare Hospital through March 2027.
Key Highlights
- 18,591 SF medical facility leased to MultiCare Hospital through March 2027
- Built‑out Family Medicine space with 27 exam rooms plus private lab and 2 procedure rooms
- Includes 12,083 SF finished ground floor and 2,730 SF finished basement (plus 3,778 SF unfinished basement)
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$146,724
Cap Rate
5.24%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,934,480
$2.9M
Cap Rate 7%
$2,096,057
$2.1M
Cap Rate 9%
$1,630,267
$1.6M
Market Conditions
NOI Build-Up for 13,762 SF
Gross rent
$262.6K $19.08/SF
− Vacancy
−$18.0K −$1.31/SF
EGI
$244.5K $17.77/SF
− OpEx
−$97.8K −$7.11/SF
NOI
$146.7K $10.66/SF
Area
Yakima County, WA
Vacancy
6.87%
Lease Rate
$19.08 /SF/Yr
Expense Ratio
40.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,934,480
Cap Rate 7%
$2,096,057
Cap Rate 9%
$1,630,267
Alternative Uses
Best Use
Healthcare Medical
$2.10M
$1.83M – $2.45M
NOI $146,724 @ 7.0% cap · market cap 5.24%
Second Best
Office B
$2.09M
$1.83M – $2.44M
NOI $146,493 @ 7.0% cap · market cap 5.23%
Theoretical Best
Office A
$2.79M
$2.45M – $3.26M
NOI $195,632 @ 7.0% cap · market cap 6.99%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
Single-tenant
Tenancy
Yes
Sprinkler system
Location Intelligence
Trade Area within ½ mile
671
Businesses Nearby
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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
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Market
Vacancy Rate% for Office in West region
Frequently Asked Questions
What type of property is this?
Medical center - A fully sprinklered medical building with 27 exam rooms and 70 designated parking spaces, currently leased through March 2027.
Where is this medical center located?
The property is located at 504 N 40th Ave Yakima, WA.
What is the asking price?
The asking price for this property is $2,800,000.
What are key features of this property?
This property features: 18,591 SF medical facility leased to MultiCare Hospital through March 2027; Built‑out Family Medicine space with 27 exam rooms plus private lab and 2 procedure rooms; Includes 12,083 SF finished ground floor and 2,730 SF finished basement (plus 3,778 SF unfinished basement)
