Masonry Flex Space with Outdoor
For Sale
Contact for pricing
204 Butterfield Rd, Yakima, WA 98901
The property combines masonry construction, mezzanine storage, and a fully fenced, gated yard.
Property Size22,400 SF
Price / SF$290.18
Days on Market257
Property Features for 204 Butterfield Rd
General Information
Standard status
Active
Size
22,400 SF
Property subtype
RETAIL
Listing Agency:
SVN Cascades
(509) 949-0860
Listed By:
Kenneth Davis
(509) 949-0860
Source:
Moodyscre
Added: Dec 16, 2025
Changed: Aug 30
Last Checked: Aug 30 at 5:10AM
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 SVN Cascades
Investment Insights
Based on property information with market context.
Built in 2024, this masonry flex property provides 22,400 SF on the main floor with mezzanine storage and 20' clear height. The building includes two GL roll-up doors, while covered outdoor storage extends the usable area beyond the main floor.
The property occupies over 4 acres and includes a fully fenced, gated yard. Its setting is adjacent to the fully controlled intersection of Butterfield Rd. and Terrace Heights Drive, providing a defined access point for the site.
The property occupies over 4 acres and includes a fully fenced, gated yard. Its setting is adjacent to the fully controlled intersection of Butterfield Rd. and Terrace Heights Drive, providing a defined access point for the site.
Key Highlights
- 22,400 SF main floor with mezzanine storage
- 20' clear height and two GL roll‑up doors
- Covered outdoor storage within a fully fenced and gated yard
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
$227,124
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
3.49%
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%
$4,542,480
$4.5M
Cap Rate 7%
$3,244,629
$3.2M
Cap Rate 9%
$2,523,600
$2.5M
Market Conditions
NOI Build-Up for 22,400 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
$338.7K $15.12/SF
− Vacancy
−$14.2K −$0.64/SF
EGI
$324.5K $14.48/SF
− OpEx
−$97.3K −$4.35/SF
NOI
$227.1K $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%
$4,542,480
Cap Rate 7%
$3,244,629
Cap Rate 9%
$2,523,600
Alternative Uses
Best Use
Retail
$3.24M
$2.84M – $3.79M
NOI $227,124 @ 7.0% cap · market cap 3.49%
Second Best
Industrial
$2.54M
$2.22M – $2.96M
NOI $177,529 @ 7.0% cap · market cap 2.73%
Theoretical Best
Office A
$4.55M
$3.98M – $5.31M
NOI $318,424 @ 7.0% cap · market cap 4.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
217
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?
Flex space - The property combines masonry construction, mezzanine storage, and a fully fenced, gated yard.
Where is this flex space located?
The property is located at 204 Butterfield Rd Yakima, WA.
What is the asking price?
The asking price for this property is $6,500,000.
What are key features of this property?
This property features: 22,400 SF main floor with mezzanine storage; 20' clear height and two GL roll‑up doors; Covered outdoor storage within a fully fenced and gated yard
