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    Yakima Medical Facility For Sale Title is generated by Realmo AI

    504 North 40th Avenue, Yakima, WA 98908

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    Well-equipped medical facility leased to MultiCare Hospital until March 2027.

    Type:Office
    Property size:
    18,591 SF
    Lot size:
    1.31 Acres
    Price / SF:
    $150/SF
    Added:
    May 20, 2026
    Days on Market:
    8
    Last Refresh:
    May 20 at 5:02 am

    Property Features for 504 North 40th Avenue

    General Information

    Standard status
    Active
    Size
    18,591 SF
    Lot size
    1.31 Acres
    Property subtype
    Office

    We can help!

    Listing Contact
    Russ Roberts
    Russ Roberts

    Listing agent Russ Roberts License #WA 26317

    Listing office KW Commercial Yakima Valley

    Listing date May 20, 2026

    Source Crexi

    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 KW Commercial Yakima Valley

    HighLights

    • Leased to MultiCare Hospital through March 2027, providing immediate income.
    • 18,591 sq. ft. medical facility optimized for healthcare with 27 exam rooms, private lab, and procedure rooms.
    • Located on Yakima's North 40th, the 2nd most traveled street in Yakima.
    • Zoned B‑1, allowing for multiple uses beyond medical.
    • Ample parking with 70 designated spaces.
    • Includes finished ground floor (12,083 sq. ft.) and finished basement (2,730 sq. ft.), plus unfinished basement (3,778 sq. ft.).

    Overview

    This 18,591 sq. ft. medical facility is an investment opportunity for an owner/user in the medical field. Located on North 40th Avenue in Yakima, the property is situated on a 1.31-acre lot zoned B-1, allowing for multiple uses. The building features 12,083 sq. ft. of finished ground floor space, 2,730 sq. ft. of finished basement space, and 3,778 sq. ft. of unfinished basement space. The layout includes 27 exam rooms, a private lab, 2 procedure rooms, 7 private offices, a breakroom, a conference room, and a gym. The property has 70 designated parking spaces. Infrastructure features include a metal roof and a fully sprinkled interior. There is reserved space for a future basement elevator. The property is currently leased to MultiCare Hospital through March 2027.

    Financial Insights

    Value Estimation Calculated for Healthcare Medical

    Conservative
    $2.20M
    NOI $198,208 @ 9.00% cap · cautious / downside scenario
    Moderate
    $2.83M
    NOI $198,208 @ 7.00% cap · market / base-case scenario
    Aggressive
    $3.96M
    NOI $198,208 @ 5.00% cap · optimistic / upside scenario

    NOI & Cap Rate Calculator

    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.
         Calculated for Healthcare Medical

    Component $ $/SF
    Gross rent $354.7k $19.08
    − Vacancy −$24.4k −$1.31
    EGI $330.3k $17.77
    − OpEx −$132.1k −$7.11
    NOI $198.2k $10.66
    18,591 SF · lease $19.08/SF/yr · vacancy 6.87% · expense 40.00%

    Alternative Use Scenarios

    Best Use
    Healthcare Medical
    $2.83M
    $2.48M – $3.30M (±1% cap)
    NOI $198,208 @ 7.0% cap · market cap 7.08%
    Second Best
    Office B
    $2.83M
    $2.47M – $3.30M (±1% cap)
    NOI $197,897 @ 7.0% cap · market cap 7.07%
    Theoretical Best
    Office A
    $3.78M
    $3.30M – $4.40M (±1% cap)
    NOI $264,278 @ 7.0% cap · market cap 9.44%
    Zoning and permitted uses should be independently verified with local authorities.
    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

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Auto Repair Shop

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Yakima
    County
    Yakima
    State
    Washington
    Longitude
    -120.5632392
    Latitude
    46.6056971

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    FAQs

    What type of property is this?
    Medical Office Space - Well-equipped medical facility leased to MultiCare Hospital until March 2027.
    Where is this medical office space located?
    The property is located at 504 North 40th Avenue 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: Leased to MultiCare Hospital through March 2027, providing immediate income.; 18,591 sq. ft. medical facility optimized for healthcare with **27 exam rooms, private lab, and procedure rooms**.; Located on Yakima's North 40th, the 2nd most traveled street in Yakima.
    (509) 594-7989 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Russ Roberts
    Russ Roberts
    Real Estate License ID: WA 26317
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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