Fourplex Portfolio with
For Sale
$1,475,000
3700-3708 Fairbanks Avenue, Yakima, WA 98902
Two fourplexes offer varied unit layouts, recent exterior improvements, and flexible lease timing in West Yakima.
Property Size6,336 SF
Price / SF$232.80
Days on Market195
Property Features for 3700-3708 Fairbanks Avenue
General Information
Standard status
Active
Size
6,336 SF
Property subtype
Multi Family / Fourplex
Zoning
R3 - Multi Fam Res
Units
Unit Mix
4 x 1BR/1BA, 4 x 2BR/2BA
Multifamily Units
8
Taxes and HOA fees
Annual Taxes
$9,205
Amenities
gas fireplaces
oversized garages
Forced Air
Composition
Masonite
Building Details
Year Built
1998
Buildings
2
Units
1
Listing Agency:
Almon Commercial-Residential Real Estate
(509) 480-0733
Listed By:
Nicholas R Mayer · License #90998
(509) 480-0733
Source:
Compass
Added: Feb 18
Changed: Aug 31
Last Checked: Aug 31 at 4:30PM
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-Residential Real Estate
Investment Insights
Based on property information with market context.
This offering includes two fourplexes on separate tax parcels, totaling eight units. The unit mix is evenly divided between 1-bedroom, 1-bathroom apartments and townhouse-style 2-bedroom, 2-bathroom units. Each property includes oversized garages, gas fireplaces, forced-air heating, territorial views, and low-maintenance exterior construction. Both buildings were constructed in 1998 and have recently received new roofs and fresh exterior paint.
The properties are located at 3700-3708 Fairbanks Avenue in Yakima, Washington, within an R3 - Multi Fam Res zoning designation. Seven units are leased month-to-month, while the remaining lease runs through August 2026. Collectively, current rents are approximately 18% below market levels, providing flexibility for future rental adjustments. The offering combines an established eight-unit configuration with recent capital improvements and varied residential layouts.
The properties are located at 3700-3708 Fairbanks Avenue in Yakima, Washington, within an R3 - Multi Fam Res zoning designation. Seven units are leased month-to-month, while the remaining lease runs through August 2026. Collectively, current rents are approximately 18% below market levels, providing flexibility for future rental adjustments. The offering combines an established eight-unit configuration with recent capital improvements and varied residential layouts.
Key Highlights
- Two fourplexes on separate tax parcels with 8 total units
- 50/50 mix of 1‑bedroom, 1‑bathroom and townhouse‑style 2‑bedroom, 2‑bathroom units
- Oversized garages and gas fireplaces included
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
$71,138
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
4.82%
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%
$1,422,760
$1.4M
Cap Rate 7%
$1,016,257
$1.0M
Cap Rate 9%
$790,422
$790.4K
Market Conditions
NOI Build-Up for 6,336 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
$108.7K $17.16/SF
− Vacancy
−$7.1K −$1.12/SF
EGI
$101.6K $16.04/SF
− OpEx
−$30.5K −$4.81/SF
NOI
$71.1K $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%
$1,422,760
Cap Rate 7%
$1,016,257
Cap Rate 9%
$790,422
Alternative Uses
Best Use
Multifamily LT 5
$1.02M
$889.2K – $1.19M
NOI $71,138 @ 7.0% cap · market cap 4.82%
Second Best
Apartment 5plus
$884.6K
$774.0K – $1.03M
NOI $61,922 @ 7.0% cap · market cap 4.20%
Theoretical Best
Office A
$1.29M
$1.13M – $1.50M
NOI $90,069 @ 7.0% cap · market cap 6.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
715
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?
Quadplex - Two fourplexes offer varied unit layouts, recent exterior improvements, and flexible lease timing in West Yakima.
Where is this quadplex located?
The property is located at 3700-3708 Fairbanks Avenue Yakima, WA.
What is the asking price?
The asking price for this property is $1,475,000.
What are key features of this property?
This property features: Two fourplexes on separate tax parcels with 8 total units; 50/50 mix of 1‑bedroom, 1‑bathroom and townhouse‑style 2‑bedroom, 2‑bathroom units; Oversized garages and gas fireplaces included
