Turn-Key Warehouse and Showroom
For Sale
Contact for pricing
1508 E NOB HILL BLVD, Yakima, WA 98901
Former retail, showroom, and distribution facility with recently renovated building, showroom space, warehouse areas, and roll-up loading doors.
Property Size25,600 SF
Price / SF$214.84
Days on Market50
Property Features for 1508 E NOB HILL BLVD
General Information
Standard status
Active
Size
25,600 SF
Property subtype
Retail, Industrial
Zoning
General Commerical
Investment Type
Owner/User
Site & Location
Traffic Count
32,000 vehicles/day
Highway Access
Yes
Fenced Yard
Yes
Warehouse & Industrial
Dock-High Doors
1
Drive-In Doors
3
Building Details
Year Built
1979
Year Renovated
2023
Buildings
1
Stories
1
Units
1
Listing Agency:
Marcus & Millichap - Seattle
Listed By:
Clayton J. Brown · License #WA 123258
Source:
Crexi
Added: Jul 8
Changed: Aug 22
Last Checked: Aug 26 at 1:11AM
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 Marcus & Millichap - Seattle
Investment Insights
Based on property information with market context.
This turn-key commercial facility was formerly used as a Great Floors retail, showroom, and distribution operation and has been recently renovated. The property includes a recently renovated 25,600-square-foot building featuring approximately 8,400 square feet of showroom space, 14,700 square feet of warehouse/distribution area, and multiple private offices, along with supporting amenities. Improvements completed during 2022–2023 include a 10,000-square-foot building addition, structural repairs and maintenance, HVAC replacement and updated mechanical systems, LED lighting upgrades, and other site improvements.
The facility is located on a highly visible commercial corridor just off Interstate 82. It sits near the signalized intersection of E Nob Hill Boulevard and S 18th Street, with access to Interstate 82. The property is equipped with three grade-level roll-up doors, one dock-high loading position, high-clear warehouse space, a fenced yard area, ample parking, and prominent pylon signage.
The facility is located on a highly visible commercial corridor just off Interstate 82. It sits near the signalized intersection of E Nob Hill Boulevard and S 18th Street, with access to Interstate 82. The property is equipped with three grade-level roll-up doors, one dock-high loading position, high-clear warehouse space, a fenced yard area, ample parking, and prominent pylon signage.
Key Highlights
- Recently renovated 25,600 SF retail/showroom/distribution facility built in 1979
- $2.9M renovation (2022–2023) included a 10,000 SF addition, HVAC replacement, updated mechanical systems, and LED lighting upgrades
- Layout includes approx. 8,400 SF showroom space plus approx. 14,700 SF warehouse/distribution area and multiple private offices
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
$259,570
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
4.72%
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%
$5,191,400
$5.2M
Cap Rate 7%
$3,708,143
$3.7M
Cap Rate 9%
$2,884,111
$2.9M
Market Conditions
NOI Build-Up for 25,600 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
$387.1K $15.12/SF
− Vacancy
−$16.3K −$0.64/SF
EGI
$370.8K $14.48/SF
− OpEx
−$111.2K −$4.35/SF
NOI
$259.6K $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 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%
$5,191,400
Cap Rate 7%
$3,708,143
Cap Rate 9%
$2,884,111
Alternative Uses
Best Use
Retail
$3.71M
$3.24M – $4.33M
NOI $259,570 @ 7.0% cap · market cap 4.72%
Second Best
Warehouse
$3.52M
$3.08M – $4.11M
NOI $246,367 @ 7.0% cap · market cap 4.48%
Theoretical Best
Office A
$5.20M
$4.55M – $6.07M
NOI $363,913 @ 7.0% cap · market cap 6.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Dock-high doors
3
Drive-in doors
32,000 VPD
Traffic count
Yes
Fenced yard
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
352
Businesses Nearby
Well-served
Demand for This Use
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 Industrial in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Warehouse - Former retail, showroom, and distribution facility with recently renovated building, showroom space, warehouse areas, and roll-up loading doors.
Where is this warehouse located?
The property is located at 1508 E NOB HILL BLVD Yakima, WA.
What is the asking price?
The asking price for this property is $5,500,000.
What are key features of this property?
This property features: Recently renovated 25,600 SF retail/showroom/distribution facility built in 1979; $2.9M renovation (2022–2023) included a 10,000 SF addition, HVAC replacement, updated mechanical systems, and LED lighting upgrades; Layout includes approx. 8,400 SF showroom space plus approx. 14,700 SF warehouse/distribution area and multiple private offices
