Built-Out Medical Office
504 N 40th Ave Yakima, WA 98908
For Sale
$2,800,000
COMMERCIAL - Yakima, WA
Property Size13,762 SF
Lot Size1.13 Acres
Price / SF$203.46
Days on Market66
Property Features for 504 N 40th Ave
General Information
- Property type
- Commercial Sale
- Property subtype
- Other
- Rooms
- Basement
- Standard status
- Active
- APN
- 181322-21450
- Size
- 13,762 SF
- Lot size
- 1.13 Acres
Taxes and HOA fees
- Tax Year
- 2026
- Tax Annual Amount
- 7359
Utilities
- Heating system
- Natural Gas, Forced Air
- Cooling system
- Central Air
- Water source
- Public
Building Details
- Year built
- 1993
- Flooring type
- Carpet, Vinyl
- Building materials
- Frame
- Roof type
- Metal
Listing Agency:
Keller Williams Yakima Valley
(509) 966-1020
Listed By:
Russ Roberts, · License #26317
(509) 949-2192
Added: May 19
Changed: May 20
Last Checked: Jul 23 at 6:06PM
MLS# 26-1473
Copyright © 2026 Yakima Association of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
A built-out medical facility offering a total of 18,591 square feet. The layout includes 12,083 square feet of finished ground floor, 2,730 square feet of finished basement, and 3,778 square feet of unfinished basement. Interior improvements are optimized for healthcare use, with 27 exam rooms, a private lab, 2 procedure rooms, 7 private offices, a breakroom, a conference room, and a gym.
The property sits on approximately 1.13 acres and is zoned B-1. It includes 70 designated parking spaces. Reported infrastructure features include a metal roof, a fully sprinkled interior, and reserved space for a future basement elevator.
The building is currently leased to MultiCare Hospital through March 2027.
The property sits on approximately 1.13 acres and is zoned B-1. It includes 70 designated parking spaces. Reported infrastructure features include a metal roof, a fully sprinkled interior, and reserved space for a future basement elevator.
The building is currently leased to MultiCare Hospital through March 2027.
Key Highlights
- 18,591 sq. ft. built‑out medical facility leased to MultiCare Hospital through March 2027
- Includes 12,083 sq. ft. finished ground floor plus 2,730 sq. ft. finished basement and 3,778 sq. ft. unfinished basement
- 27 exam rooms, private lab, 2 procedure rooms, 7 private offices, breakroom, conference room, and gym
Financial Insights For Healthcare Medical
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $262.6k | $19.08 |
| − Vacancy | −$18.0k | −$1.31 |
| EGI | $244.5k | $17.77 |
| − OpEx | −$97.8k | −$7.11 |
| NOI | $146.7k | $10.66 |
13,762 SF · lease $19.08/SF/yr · vacancy 6.87% · expense 40.00%
Alternative Uses
Best Use
Healthcare Medical
$2.10M
$1.83M – $2.45M
NOI $146,724 @ 7.0% cap · market cap 5.24%
Second Best
Office B
$2.09M
$1.83M – $2.44M
NOI $146,493 @ 7.0% cap · market cap 5.23%
Theoretical Best
Office A
$2.79M
$2.45M – $3.26M
NOI $195,632 @ 7.0% cap · market cap 6.99%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Family Medicine of Yakima: ...
Pediatrician
Mindy Udell
Physician
Kial Wiley
Pediatrician
Midhuna Papazian
Pediatrician
Family Medicine of Yakima: ...
Pediatrician
FAQs
What type of property is this?
Medical center - 18,591 sf medical facility includes exam rooms, procedure rooms, and private lab, with parking and reserved elevator space.
Where is this medical center located?
The property is located at 504 N 40th Ave Yakima, WA.
What is the asking price?
The asking price for this property is $2,800,000.
What are key features of this property?
This property features: 18,591 sq. ft. built‑out medical facility leased to MultiCare Hospital through March 2027; Includes 12,083 sq. ft. finished ground floor plus 2,730 sq. ft. finished basement and 3,778 sq. ft. unfinished basement; 27 exam rooms, private lab, 2 procedure rooms, 7 private offices, breakroom, conference room, and gym
