Historic Two-Level Office
New
For Sale
$415,000
314 North 2nd Street, Yakima, WA 98901
Professional office use spans two functional levels with additional basement and attic areas.
Property Size3,456 SF
Lot Size0.47 Acres
Price / SF$120.08
Days on Market2
Property Features for 314 North 2nd Street
General Information
Standard status
Active
Size
3,456 SF
Class
C
Lot size
0.47 Acres
Property subtype
Multi Tenant Office
Zoning
B-1
Additional Details
Asking Price
$415,000
Building Details
Building Size
3,456 SF
Year Built
1899
Buildings
1
Stories
2
Construction
Victorian
Listing Agency:
Almon Commercial
Listed By:
Chris Sentz · License #122205
(509) 966-3800
Source:
Thebrokerlist
Added: Sep 1
Last Checked: Sep 1 at 9:12PM
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 Almon Commercial
Investment Insights
Based on property information with market context.
Built in 1899, this Victorian-style property contains approximately 3,456 square feet of professional office space across two functional levels. Each level measures approximately 1,728 square feet, with basement and attic areas excluded from those figures. The building has supported professional office operations for decades and retains architectural character associated with its original residential design.
The property occupies approximately 0.47 acres at the corner of North 2nd Street and East D Street in downtown Yakima. B-1 Professional Business zoning supports its established office setting. Its location provides access to the Yakima County Courthouse, government offices, downtown businesses, and other professional services.
The property occupies approximately 0.47 acres at the corner of North 2nd Street and East D Street in downtown Yakima. B-1 Professional Business zoning supports its established office setting. Its location provides access to the Yakima County Courthouse, government offices, downtown businesses, and other professional services.
Key Highlights
- Approximately 3,456 SF of professional office space
- Two office levels of approximately 1,728 SF each
- Built in 1899 with Victorian‑style architectural character
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
$36,788
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
8.86%
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%
$735,760
$735.8K
Cap Rate 7%
$525,543
$525.5K
Cap Rate 9%
$408,756
$408.8K
Market Conditions
NOI Build-Up for 3,456 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
$52.7K $15.24/SF
− Vacancy
−$3.6K −$1.05/SF
EGI
$49.1K $14.19/SF
− OpEx
−$12.3K −$3.55/SF
NOI
$36.8K $10.64/SF
Area
Yakima County, WA
Vacancy
6.87%
Lease Rate
$15.24 /SF/Yr
Expense Ratio
25.00%
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%
$735,760
Cap Rate 7%
$525,543
Cap Rate 9%
$408,756
Alternative Uses
Best Use
Office B
$525.5K
$459.9K – $613.1K
NOI $36,788 @ 7.0% cap · market cap 8.86%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$701.8K
$614.1K – $818.8K
NOI $49,128 @ 7.0% cap · market cap 11.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,716
Businesses Nearby
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?
Office building - Professional office use spans two functional levels with additional basement and attic areas.
Where is this office building located?
The property is located at 314 North 2nd Street Yakima, WA.
What is the asking price?
The asking price for this property is $415,000.
What are key features of this property?
This property features: Approximately 3,456 SF of professional office space; Two office levels of approximately 1,728 SF each; Built in 1899 with Victorian‑style architectural character
