Medical Office Building with Excess
1608 S 24th Ave Yakima, WA 98902
1608 S 24th Ave, Yakima, WA, 98902
$2,000,000
For Sale
$2,000,000
Double net leased medical office building with RPM Rehab, cell tower lease, and excess development land fronting S 24th Ave.
Property Size14,456 SF
Price / SF$138.35
Days on Market256
Property Features for 1608 S 24th Ave
General Information
- Standard status
- Active
- Size
- 14,456 SF
- Property subtype
- General Commercial
Building Details
- Year Built
- 1971
Listing agency
HIRSCHI REALTORS
(940) 692-8120
Listed by
JODY BRANNON · License #0527918
Source
Xome
Added: Nov 7, 2025 Updated: Jul 20 at 5:00PM Checked: Jul 21 at 3:01AM
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 HIRSCHI REALTORS
Investment Insights
Based on property information with market context.
This offering includes a double net leased medical office building along with a cell tower lease and excess commercial development land. The primary lease is with RPM Rehab, Inc., a 9-location physical therapy clinic that has been in the building since approximately 2014. RPM entered into a new 5-year lease in January of 2025 for approximately 82% of the total building area, occupying approximately 11,846 SF. RPM is responsible for 100% of the common area maintenance charges attributable to the property, including taxes and insurance, excluding maintenance of the excess land area.
The remaining portion of the building includes vacant office space and a garage/storage area, plus an unfinished second-story apartment totaling approximately 2,610 SF. The property also includes excess land fronting S 24th Ave estimated at approximately 30,000 SF, described as prime for development.
The remaining portion of the building includes vacant office space and a garage/storage area, plus an unfinished second-story apartment totaling approximately 2,610 SF. The property also includes excess land fronting S 24th Ave estimated at approximately 30,000 SF, described as prime for development.
Key Highlights
- Double net leased medical office building with RPM Rehab, Inc as the primary tenant (9‑location physical therapy clinic).
- RPM has occupied the building since approximately 2014 and signed a new 5‑year lease in January 2025 for approximately 82% of the total building.
- RPM occupies approximately 11,846 SF of the building and is responsible for 100% of common area maintenance charges attributable to the property, including taxes and insurance.
Local Financial Insights For Healthcare Medical
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $275.8k | $19.08 |
| − Vacancy | −$18.9k | −$1.31 |
| EGI | $256.9k | $17.77 |
| − OpEx | −$102.7k | −$7.11 |
| NOI | $154.1k | $10.66 |
14,456 SF · lease $19.08/SF/yr · vacancy 6.87% · expense 40.00%
Alternative Uses
Best Use
Healthcare Medical
$2.20M
$1.93M – $2.57M
NOI $154,123 @ 7.0% cap · market cap 7.71%
Second Best
Office B
$2.20M
$1.92M – $2.56M
NOI $153,881 @ 7.0% cap · market cap 7.69%
Theoretical Best
Office A
$2.94M
$2.57M – $3.42M
NOI $205,497 @ 7.0% cap · market cap 10.27%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Kay A. Gasseling, PT
Physician
JOANNE TURNER
Physician
Abria Home Care, ...
Home Health Care Service
Nola Fraser
Physician
Restorative Therapy Specialists, ...
Physician
Similar For Sale Nearby
FAQs
What type of property is this?
Rehabilitation center - Double net leased medical office building with RPM Rehab, cell tower lease, and excess development land fronting S 24th Ave.
Where is this rehabilitation center located?
The property is located at 1608 S 24th Ave Yakima, WA.
What is the asking price?
The asking price for this property is $2,000,000.
What are key features of this property?
This property features: Double net leased medical office building with RPM Rehab, Inc as the primary tenant (9‑location physical therapy clinic).; RPM has occupied the building since approximately 2014 and signed a new 5‑year lease in January 2025 for approximately 82% of the total building.; RPM occupies approximately 11,846 SF of the building and is responsible for 100% of common area maintenance charges attributable to the property, including taxes and insurance.
