Remodeled Retail Property with
For Sale
$2,400,000
501 West Lincoln Avenue, Yakima, WA 98902
Commercial retail property with long-term tenant, remodeled in 2023.
Property Size9,384 SF
Price / SF$255.75
Days on Market149
Property Features for 501 West Lincoln Avenue
General Information
Standard status
Active
Size
9,384 SF
Property subtype
Retail
Listing Agency:
CBRE - Salt Lake City
(801) 869-8038
Listed By:
Brian Anderson · License #9845646-SA00
(801) 869-8038
Source:
Cbre
Added: Mar 25
Changed: Aug 9
Last Checked: Aug 20 at 11:46AM
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 CBRE - Salt Lake City
Investment Insights
Based on property information with market context.
This commercial retail property at 501 West Lincoln Avenue in Yakima, Washington, presents a unique ownership opportunity. Constructed in 1996, the approximately 9,384 square-foot building has been newly remodeled, with the remodel scheduled for completion in November 2023. A new roof has been installed and is warrantied for 10 years. The current tenant is Dollar Tree Stores, Inc. The Greater Yakima metro area features a landscape of gentle slopes and rich silt-loamy soils within a river basin. The area is surrounded by numerous recreation areas including Mount Rainier National Park, the Mount Adams, Goat Rocks and William O. Douglas wilderness areas, the Wenatchee National Forest, Yakima Scenic River, and the Oak Creek. The Yakima metro area and surrounding Yakima Valley hosts an arid semi-dry climate conducive to dry summers and cool winters with light snow fall. The south-central Washington city of Yakima is a growing area with a plethora of amenities and opportunities.
Key Highlights
- Long‑term tenant: Dollar Tree Stores, Inc.
- Newly remodeled space completed November 2023
- New 10‑year roof warranty
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
$95,149
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
3.96%
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%
$1,902,980
$1.9M
Cap Rate 7%
$1,359,271
$1.4M
Cap Rate 9%
$1,057,211
$1.1M
Market Conditions
NOI Build-Up for 9,384 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
$141.9K $15.12/SF
− Vacancy
−$6.0K −$0.64/SF
EGI
$135.9K $14.48/SF
− OpEx
−$40.8K −$4.35/SF
NOI
$95.1K $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%
$1,902,980
Cap Rate 7%
$1,359,271
Cap Rate 9%
$1,057,211
Alternative Uses
Best Use
Retail
$1.36M
$1.19M – $1.59M
NOI $95,149 @ 7.0% cap · market cap 3.96%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.91M
$1.67M – $2.22M
NOI $133,397 @ 7.0% cap · market cap 5.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,703
Businesses Nearby
95k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 41%
Groceries 35%
Dining 16%
Home Improvements & Furnishings 7%
Safeway
Groceries
33,444 visits/mo
0.1 miles
Dollar Tree
Shops & Services
13,206 visits/mo
0.1 miles
Dutch Bros. Coffee
Dining
11,694 visits/mo
0.4 miles
Safeway Gas
Shops & Services
6,208 visits/mo
0.1 miles
Conoco
Shops & Services
5,758 visits/mo
0.4 miles
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 Retail in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Fleurr — 302 S 1st St, Yakima, WA 98901
- Floral Expressions — 1001 w yakima ave suite 321, yakima, wa 98902
- Floreria La Orquidea — 510 S 1st St, Yakima, WA 98901
Frequently Asked Questions
What type of property is this?
Storefront property - Commercial retail property with long-term tenant, remodeled in 2023.
Where is this storefront property located?
The property is located at 501 West Lincoln Avenue Yakima, WA.
What is the asking price?
The asking price for this property is $2,400,000.
What are key features of this property?
This property features: Long‑term tenant: Dollar Tree Stores, Inc.; Newly remodeled space completed November 2023; New 10‑year roof warranty
