Triplex With Updated
For Sale
$428,000
302 West Pierce Street, Yakima, WA 98902
Three residential units offer varied layouts, with recent improvements to the smallest apartment.
Property Size2,256 SF
Price / SF$189.72
Days on Market195
Property Features for 302 West Pierce Street
General Information
Standard status
Active
Size
2,256 SF
Property subtype
Multi Family / Triplex
Zoning
R3 - Multi Fam Res
Units
Unit Mix
1 x 3BD/1BA, 1 x 2BD/1BA, 1 x 1BD/1BA
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$2,607
Amenities
Baseboard
3
Cedar Shake
Wood
Building Details
Year Built
1972
Listing Agency:
John L Scott Yakima
(509) 823-3133
Listed By:
Matthew Duane Montez · License #25032888
(509) 823-3133
Source:
Compass
Added: Feb 17
Changed: Aug 29
Last Checked: Aug 29 at 7:03PM
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 John L Scott Yakima
Investment Insights
Based on property information with market context.
Built in 1972, this 2,256-square-foot triplex contains three residential apartments: a three-bedroom, one-bath unit, a two-bedroom, one-bath unit, and a one-bedroom, one-bath unit. Each apartment is equipped with baseboard heating, and the property includes cedar shake and wood exterior materials.
Windows were replaced throughout the building in early 2025. The one-bedroom apartment also received new paint, flooring, and additional updates in 2023. The property is located at 302 West Pierce Street in Yakima, Washington, and is zoned R3 - Multi Fam Res.
Windows were replaced throughout the building in early 2025. The one-bedroom apartment also received new paint, flooring, and additional updates in 2023. The property is located at 302 West Pierce Street in Yakima, Washington, and is zoned R3 - Multi Fam Res.
Key Highlights
- Three‑unit configuration with 3BD/1BA, 2BD/1BA, and 1BD/1BA apartments
- 2,256 SF triplex built in 1972
- New windows installed in all units in early 2025
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
$25,330
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
5.92%
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%
$506,600
$506.6K
Cap Rate 7%
$361,857
$361.9K
Cap Rate 9%
$281,444
$281.4K
Market Conditions
NOI Build-Up for 2,256 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
$38.7K $17.16/SF
− Vacancy
−$2.5K −$1.12/SF
EGI
$36.2K $16.04/SF
− OpEx
−$10.9K −$4.81/SF
NOI
$25.3K $11.23/SF
Area
Yakima County, WA
Vacancy
6.53%
Lease Rate
$17.16 /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%
$506,600
Cap Rate 7%
$361,857
Cap Rate 9%
$281,444
Alternative Uses
Best Use
Multifamily LT 5
$361.9K
$316.6K – $422.2K
NOI $25,330 @ 7.0% cap · market cap 5.92%
Second Best
Apartment 5plus
$315.0K
$275.6K – $367.5K
NOI $22,048 @ 7.0% cap · market cap 5.15%
Theoretical Best
Office A
$458.1K
$400.9K – $534.5K
NOI $32,070 @ 7.0% cap · market cap 7.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
283
Businesses Nearby
Explore this area
Business Placement
Demographics for 98902, WA
47,589
Population
17,723
Households
2.7
Avg Household Size
33
Median Age
19%
College-Educated
78%
High-School Grad
9.3 sq mi
ZIP Area
5,117
Density / Sq Mi
$60,050
Median Household Income
$36,900
Median Earnings
$1,045
Median Rent
$237,700
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Three residential units offer varied layouts, with recent improvements to the smallest apartment.
Where is this triplex located?
The property is located at 302 West Pierce Street Yakima, WA.
What is the asking price?
The asking price for this property is $428,000.
What are key features of this property?
This property features: Three‑unit configuration with 3BD/1BA, 2BD/1BA, and 1BD/1BA apartments; 2,256 SF triplex built in 1972; New windows installed in all units in early 2025
