Corner Flex
For Sale
Contact for pricing
2105 Terrace Heights Dr, Yakima, WA 98901
Multi-structure commercial property combining office and warehouse areas with covered vehicle storage.
Property Size11,399 SF
Price / SF$114.05
Days on Market1610
Property Features for 2105 Terrace Heights Dr
General Information
Standard status
Active
Size
11,399 SF
Property subtype
INDUSTRIAL
Listing Agency:
NAI Tri-Cities Commercial
(509) 491-2205
Listed By:
Kenny Teasdale · License #135860
(509) 491-2205
Source:
Moodyscre
Added: Apr 7, 2022
Changed: Aug 30
Last Checked: Aug 31 at 2:15PM
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 NAI Tri-Cities Commercial
Investment Insights
Based on property information with market context.
This flex space property comprises multiple structures with a combined building area of approximately 11,399 square feet. The configuration includes both office and warehouse components, supporting a range of commercial operations within one property. An additional 4,648-square-foot covered carport area provides space for fleet vehicles, storage, or other operational needs.
Located at 2105 Terrace Heights Drive in Yakima, the property occupies a corner position with exposure to approximately 30,000 vehicles per day. The site also offers signage potential along a visible commercial corridor.
Located at 2105 Terrace Heights Drive in Yakima, the property occupies a corner position with exposure to approximately 30,000 vehicles per day. The site also offers signage potential along a visible commercial corridor.
Key Highlights
- Approximately 11,399 SF across multiple structures
- Office and warehouse space within the property
- Additional 4,648 SF of covered carport area
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
$109,701
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
8.44%
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%
$2,194,020
$2.2M
Cap Rate 7%
$1,567,157
$1.6M
Cap Rate 9%
$1,218,900
$1.2M
Market Conditions
NOI Build-Up for 11,399 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
$139.5K $12.24/SF
− Vacancy
−$10.5K −$0.92/SF
EGI
$129.1K $11.32/SF
− OpEx
−$19.4K −$1.70/SF
NOI
$109.7K $9.62/SF
Area
Yakima County, WA
Vacancy
7.50%
Lease Rate
$12.24 /SF/Yr
Expense Ratio
15.00%
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%
$2,194,020
Cap Rate 7%
$1,567,157
Cap Rate 9%
$1,218,900
Alternative Uses
Best Use
Office B
$1.73M
$1.52M – $2.02M
NOI $121,340 @ 7.0% cap · market cap 9.33%
Second Best
Warehouse
$1.57M
$1.37M – $1.83M
NOI $109,701 @ 7.0% cap · market cap 8.44%
Theoretical Best
Office A
$2.31M
$2.03M – $2.70M
NOI $162,041 @ 7.0% cap · market cap 12.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
194
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 Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Multi-structure commercial property combining office and warehouse areas with covered vehicle storage.
Where is this flex space located?
The property is located at 2105 Terrace Heights Dr Yakima, WA.
What is the asking price?
The asking price for this property is $1,300,000.
What are key features of this property?
This property features: Approximately 11,399 SF across multiple structures; Office and warehouse space within the property; Additional 4,648 SF of covered carport area
