Light Industrial Flex
For Sale
$540,000
506 E Stover Rd, Grandview, WA 98930
COMMERCIAL - Grandview, WA
Property Size3,000 SF
Lot Size0.73 Acres
Price / SF$180
Days on Market48
Property Features for 506 E Stover Rd
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
M1 - Light Indus
Directions
GPS
Subdivision
13C - Grandview
Standard status
Active
APN
230915-22410
Size
3,000 SF
Lot size
0.73 Acres
Taxes and HOA fees
Tax Year
2025
Utilities
Heating system
Forced Air
Cooling system
Central Air
Water source
Public
Building Details
Year built
2021
Flooring type
Concrete
Building materials
Frame
Roof type
Composition
Listing Agency:
eXp Realty LLC Kennewick
(888) 421-2531
Listed By:
Anwar Nassar · License #21012326
(808) 200-3677
Added: Jul 10
Changed: Aug 4
Last Checked: Aug 26 at 4:06AM
MLS# 26-2091
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.
This light industrial flex building offers a versatile interior and functional layout in approximately 3,000 square feet. The property has operated in multiple ways, including as a construction company office and currently as a banquet hall, supporting a range of commercial or industrial use possibilities. The current owners previously planned a conversion to a daycare, and the building’s configuration may also suit an owner-occupied business seeking adaptable space.
Located at 506 E Stover Rd in Grandview, WA 98930, the site sits on approximately 0.73 acres. Public remarks note room for parking or expansion, which may be useful for operations that require additional on-site activity space.
Buyer to verify all information to their satisfaction, including any future use or conversion requirements.
Located at 506 E Stover Rd in Grandview, WA 98930, the site sits on approximately 0.73 acres. Public remarks note room for parking or expansion, which may be useful for operations that require additional on-site activity space.
Buyer to verify all information to their satisfaction, including any future use or conversion requirements.
Key Highlights
- 3,000 SF light industrial building on 0.73 acres in Grandview
- Built in 2021 with frame construction and a composition roof
- Central air and forced‑air heating; concrete flooring throughout
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
99
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 - Versatile light industrial building with flexible interior use, currently operated as a banquet hall on 0.73 acres.
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; Built in 2021 with frame construction and a composition roof; Central air and forced‑air heating; concrete flooring throughout
