Triple-Net Retail
For Sale
Contact for pricing
1911 S 1st Street, Yakima, WA 98903
A 2015-built, net-leased retail building operated by Harbor Freight under an extended lease through 2030.
Property Size15,166 SF
Lot Size1.79 Acres
Price / SF$276.94
Days on Market54
Property Features for 1911 S 1st Street
General Information
Standard status
Active
Size
15,166 SF
Lot size
1.79 Acres
Property subtype
Retail
Occupancy
100%
Lease Type
NNN
Investment Type
Net Lease
Net Operating Income
$227,490
Building Details
Year Built
2015
Buildings
1
Tenancy
Single
Listing Agency:
Marcus & Millichap - Portland
(503) 200-2031
Listed By:
Eric Garske · License #OR 201235586
Source:
Crexi
Added: Jun 19
Changed: Aug 8
Last Checked: Aug 10 at 1:47PM
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 - Portland
Investment Insights
Based on property information with market context.
The offering is a 15,166-square-foot retail building constructed in 2015 on a 1.79-acre parcel and leased on a triple-net (NNN) basis. The property is secured by a lease structure designed to minimize landlord responsibilities. Harbor Freight operates the site as a tenant, with a lease that has been recently extended through 2030 and includes five additional five-year extension options.
The building is positioned within a high-traffic retail corridor in Yakima, Washington. The immediate area includes shadow anchors Goodwill and Dollar Tree, along with numerous national and regional retailers nearby.
For buyers seeking a stabilized, net-leased investment, this asset provides a long-term tenant structure with extensions through 2030 plus the additional five-year options. Harbor Freight’s presence at the location is highlighted in the remarks as one of its strongest-performing stores, ranking in the top 8% nationally, #4 in Washington, and #1 in Eastern Washington.
The building is positioned within a high-traffic retail corridor in Yakima, Washington. The immediate area includes shadow anchors Goodwill and Dollar Tree, along with numerous national and regional retailers nearby.
For buyers seeking a stabilized, net-leased investment, this asset provides a long-term tenant structure with extensions through 2030 plus the additional five-year options. Harbor Freight’s presence at the location is highlighted in the remarks as one of its strongest-performing stores, ranking in the top 8% nationally, #4 in Washington, and #1 in Eastern Washington.
Key Highlights
- 15,166 SF retail building on a 1.79‑acre parcel in Yakima, Washington
- Built in 2015 and operated by Harbor Freight under a triple‑net (NNN) lease
- Lease recently extended through 2030 with five additional five‑year extension options
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
$153,775
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
3.66%
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%
$3,075,500
$3.1M
Cap Rate 7%
$2,196,786
$2.2M
Cap Rate 9%
$1,708,611
$1.7M
Market Conditions
NOI Build-Up for 15,166 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
$229.3K $15.12/SF
− Vacancy
−$9.6K −$0.64/SF
EGI
$219.7K $14.48/SF
− OpEx
−$65.9K −$4.35/SF
NOI
$153.8K $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%
$3,075,500
Cap Rate 7%
$2,196,786
Cap Rate 9%
$1,708,611
Alternative Uses
Best Use
Retail
$2.20M
$1.92M – $2.56M
NOI $153,775 @ 7.0% cap · market cap 3.66%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.08M
$2.69M – $3.59M
NOI $215,590 @ 7.0% cap · market cap 5.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
621
Businesses Nearby
500k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 35%
Shops & Services 23%
Apparel 15%
Groceries 13%
Safeway
Groceries
52,538 visits/mo
0.4 miles
The Home Depot
Home Improvements & Furnishings
48,414 visits/mo
0.1 miles
Ross Dress for Less
Apparel
38,143 visits/mo
0.5 miles
Panda Express
Dining
32,336 visits/mo
0.1 miles
Dollar Tree
Shops & Services
27,467 visits/mo
0.2 miles
Demographics for 98903, WA
17,491
Population
6,541
Households
2.7
Avg Household Size
39
Median Age
18%
College-Educated
79%
High-School Grad
192.5 sq mi
ZIP Area
91
Density / Sq Mi
$69,188
Median Household Income
$35,250
Median Earnings
$1,232
Median Rent
$265,900
Median Home Value
Market
Vacancy Rate% for Retail in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
NNN property - A 2015-built, net-leased retail building operated by Harbor Freight under an extended lease through 2030.
Where is this nnn property located?
The property is located at 1911 S 1st Street Yakima, WA.
What is the asking price?
The asking price for this property is $4,200,000.
What are key features of this property?
This property features: 15,166 SF retail building on a 1.79‑acre parcel in Yakima, Washington; Built in 2015 and operated by Harbor Freight under a triple‑net (NNN) lease; Lease recently extended through 2030 with five additional five‑year extension options
