Flex Industrial
For Sale
$540,000
506 E Stover Rd, Grandview, WA 98930
Light industrial building with flexible layout and multiple use histories on a sizable lot.
Property Size3,000 SF
Lot Size0.73 Acres
Price / SF$180
Days on Market57
Property Features for 506 E Stover Rd
General Information
Standard status
Active
Size
3,000 SF
Lot size
0.73 Acres
Listing Agency:
eXp Realty, LLC
(888) 317-5197
Listed By:
Anwar Nassar · License #21012326
(509) 840-1323
Source:
Exprealty
Added: Jul 12
Changed: Sep 5
Last Checked: Sep 5 at 11:47AM
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 eXp Realty, LLC
Investment Insights
Based on property information with market context.
This versatile light industrial property offers a functional interior layout in a 3,000-square-foot building. The site sits on 0.73 acres, and the property has been used as a banquet hall. The building has also previously operated as a construction company office, and the current owners had plans to convert the site into a daycare, underscoring its flexibility for different commercial or industrial concepts.
The property is located at 506 E Stover Rd in Grandview, WA. Public remarks indicate ample space for parking or potential expansion, and buyers should confirm all information to their satisfaction.
For buyers seeking an owner-occupant or redevelopment-style asset, this property is presented as a ready-to-fit building with room for site adjustments, subject to verification of all details during due diligence.
The property is located at 506 E Stover Rd in Grandview, WA. Public remarks indicate ample space for parking or potential expansion, and buyers should confirm all information to their satisfaction.
For buyers seeking an owner-occupant or redevelopment-style asset, this property is presented as a ready-to-fit building with room for site adjustments, subject to verification of all details during due diligence.
Key Highlights
- 3,000 SF light industrial building on 0.73 acres in Grandview
- Previously used as a construction company office; currently used as a banquet hall
- Flexible layout suited for a variety of commercial or industrial uses
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
$23,776
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
4.40%
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%
$475,520
$475.5K
Cap Rate 7%
$339,657
$339.7K
Cap Rate 9%
$264,178
$264.2K
Market Conditions
NOI Build-Up for 3,000 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
$36.7K $12.24/SF
− Vacancy
−$2.8K −$0.92/SF
EGI
$34.0K $11.32/SF
− OpEx
−$10.2K −$3.40/SF
NOI
$23.8K $7.93/SF
Area
Yakima County, WA
Vacancy
7.50%
Lease Rate
$12.24 /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%
$475,520
Cap Rate 7%
$339,657
Cap Rate 9%
$264,178
Alternative Uses
Best Use
Industrial
$339.7K
$297.2K – $396.3K
NOI $23,776 @ 7.0% cap · market cap 4.40%
Second Best
Flex RnD
$314.7K
$275.4K – $367.2K
NOI $22,030 @ 7.0% cap · market cap 4.08%
Theoretical Best
Office A
$609.2K
$533.1K – $710.8K
NOI $42,646 @ 7.0% cap · market cap 7.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
21
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 98930, WA
15,339
Population
4,910
Households
3.1
Avg Household Size
30
Median Age
9%
College-Educated
67%
High-School Grad
44.9 sq mi
ZIP Area
342
Density / Sq Mi
$67,798
Median Household Income
$34,675
Median Earnings
$980
Median Rent
$277,600
Median Home Value
Market
Vacancy Rate% for Industrial in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - Light industrial building with flexible layout and multiple use histories on a sizable lot.
Where is this flex space located?
The property is located at 506 E Stover Rd Grandview, WA.
What is the asking price?
The asking price for this property is $540,000.
What are key features of this property?
This property features: 3,000 SF light industrial building on 0.73 acres in Grandview; Previously used as a construction company office; currently used as a banquet hall; Flexible layout suited for a variety of commercial or industrial uses
