Light Industrial Flex
For Sale
$540,000
506 E Stover, 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
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
INDUST /LIGHT
Parking
21
Directions
GPS
Standard status
Active
APN
23091522410
Size
3,000 SF
Lot size
0.73 Acres
Taxes and HOA fees
Tax Year
2026
Building Details
Year built
2024
Listing Agency:
eXp Realty, LLC
(888) 317-5197
Listed By:
Anwar Nassar · License #21012326
(509) 840-1323
Added: Jul 12
Changed: Aug 4
Last Checked: Aug 28 at 3:06AM
MLS# 294622
Copyright © 2026 PACMLS. 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 approximately 3,000 square feet on a 0.73-acre lot and is currently being used as a banquet hall. The property has operated as a construction company office in the past, and the existing layout provides flexibility for a range of commercial or industrial uses. The owner previously explored conversion plans for a daycare, supporting the property’s adaptability for future redevelopment or an owner-occupied concept.
Buyer should verify all information to their satisfaction regarding existing conditions and any intended use. The site includes space intended for parking or potential expansion.
Buyer should verify all information to their satisfaction regarding existing conditions and any intended use. The site includes space intended for parking or potential expansion.
Key Highlights
- 3,000 SF light industrial building built in 2024
- Set on 0.73 acres in Grandview
- Functional layout that has been used as a construction company office and a banquet hall
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
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Frequently Asked Questions
What type of property is this?
Flex space - Versatile light industrial building on 0.73 acres with flexible interior use and room for parking or expansion.
Where is this flex space located?
The property is located at 506 E Stover 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 built in 2024; Set on 0.73 acres in Grandview; Functional layout that has been used as a construction company office and a banquet hall
