23-Unit Apartment
New
For Sale
$3,100,000
1403 S 18th Ave, Yakima, WA 98902
Eight residential buildings offer apartments, duplexes, and townhomes with covered parking and individually metered electricity.
Property Size18,722 SF
Lot Size1.44 Acres
Price / SF$165.58
Days on Market2
Property Features for 1403 S 18th Ave
General Information
Standard status
Active
Size
18,722 SF
Total Parking Spaces
38
Lot size
1.44 Acres
Property subtype
Multi-Family
Units
Unit Mix
12 x 2BR/1BA, 3 x 2BR/1BA with in-unit laundry, 8 x 2BR/1.5BA townhomes
Multifamily Units
23
Additional Details
Asking Price
$3,100,000
Amenities
shared laundry
in-unit laundry
covered parking
Building Details
Year Built
1976
Buildings
8
Listed By:
Ron Rougeaux
(360) 338-8355
Source:
Pnwhomesgroup
Added: Sep 13
Last Checked: Sep 14 at 9:02AM
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 Ron Rougeaux
Investment Insights
Based on property information with market context.
This multifamily community comprises eight residential buildings with 23 units, including two-bedroom apartments, duplex residences, and two-bedroom townhomes. The unit mix includes 12 two-bedroom, one-bath units, three two-bedroom, one-bath units with in-unit laundry, and eight two-bedroom, one-and-a-half-bath townhomes. Residents have access to shared and in-unit laundry, while the property provides 38 parking spaces, including 14 covered spaces. Updated double-pane windows and individually metered electricity add to the physical profile. Four duplex roofs were replaced in 2025, and the triplex roof was replaced in 2021.
The property is located at 1403 S 18th Ave in Yakima, near schools, major employers, shopping, parks, Yakima Valley College, Perry Technical Institute, and Yakima Memorial Hospital. The community was built in 1976.
The property is located at 1403 S 18th Ave in Yakima, near schools, major employers, shopping, parks, Yakima Valley College, Perry Technical Institute, and Yakima Memorial Hospital. The community was built in 1976.
Key Highlights
- 23 units across eight residential buildings
- Unit mix includes 12 two‑bedroom, one‑bath units, three with in‑unit laundry, and eight two‑bedroom, 1.5‑bath townhomes
- 38 parking spaces, including 14 covered
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
$182,971
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
5.90%
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%
$3,659,420
$3.7M
Cap Rate 7%
$2,613,871
$2.6M
Cap Rate 9%
$2,033,011
$2.0M
Market Conditions
NOI Build-Up for 18,722 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
$357.2K $19.08/SF
− Vacancy
−$24.5K −$1.31/SF
EGI
$332.7K $17.77/SF
− OpEx
−$149.7K −$8.00/SF
NOI
$183.0K $9.77/SF
Area
Yakima County, WA
Vacancy
6.87%
Lease Rate
$19.08 /SF/Yr
Expense Ratio
45.00%
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%
$3,659,420
Cap Rate 7%
$2,613,871
Cap Rate 9%
$2,033,011
Alternative Uses
Best Use
Apartment 5plus
$2.61M
$2.29M – $3.05M
NOI $182,971 @ 7.0% cap · market cap 5.90%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.80M
$3.33M – $4.44M
NOI $266,140 @ 7.0% cap · market cap 8.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
23
Residential units
Location Intelligence
Trade Area within ½ mile
452
Businesses Nearby
Explore this area
Business Placement
Demographics for 98902, WA
47,589
Population
17,723
Households
2.7
Avg Household Size
33
Median Age
19%
College-Educated
78%
High-School Grad
9.3 sq mi
ZIP Area
5,117
Density / Sq Mi
$60,050
Median Household Income
$36,900
Median Earnings
$1,045
Median Rent
$237,700
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Eight residential buildings offer apartments, duplexes, and townhomes with covered parking and individually metered electricity.
Where is this apartment building located?
The property is located at 1403 S 18th Ave Yakima, WA.
What is the asking price?
The asking price for this property is $3,100,000.
What are key features of this property?
This property features: 23 units across eight residential buildings; Unit mix includes 12 two‑bedroom, one‑bath units, three with in‑unit laundry, and eight two‑bedroom, 1.5‑bath townhomes; 38 parking spaces, including 14 covered
