Historic Yakima Event Center
515 E Yakima Ave Yakima, WA
515 E Yakima Ave, Yakima, WA, 00000
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For Sale
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Former church converted to event center and vacation rental apartments.
Property Size23,391 SF
Lot Size0.33 Acres
Price / SF$105.77
Days on Market453
Property Features for 515 E Yakima Ave
General Information
- Standard status
- Active
- Size
- 23,391 SF
- Lot size
- 0.33 Acres
- Property subtype
- RETAIL
Listing agency
Wilson R.E. Management, LLC
(509) 728-0654
Listed by
Roger Wilson · License #17888
Source
Moodyscre
Added: Apr 25, 2025 Updated: Jul 6 at 8:50AM Checked: Jul 20 at 8:27AM
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 Wilson R.E. Management, LLC
Investment Insights
Based on property information with market context.
This historic property, formerly the 1st Baptist Church, has been converted into an event center and apartment complex. The upper two floors have been completely remodeled to house seven vacation rental apartments. The church sanctuary can accommodate approximately 400 people and features stained glass. There are two kitchens, including one commercial kitchen, and a full basement with classrooms. The property benefits from a special tax arrangement due to its historical remodel, resulting in a zero tax rate on the building. Two additional lots are available for parking. The location experiences a traffic flow of approximately 29,000 cars per day. The property is located next to the convention center, Hilton Hotel, and various downtown Yakima restaurants, breweries, and hotels. Potential business uses include a restaurant, church, winery, or wedding venue with catering and stay packages. The property size is 23,391 square feet.
Key Highlights
- Prime location next to the convention center, Hilton Hotel, and downtown Yakima's restaurants, breweries, and hotels.
- Seven remodeled vacation rental apartments providing immediate income potential.
- Special tax status with historical remodel at zero on the building.
Local Financial Insights For Hotel Hospitality
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 | $421.0k | $18.00 |
| − Vacancy | −$50.5k | −$2.16 |
| EGI | $370.5k | $15.84 |
| − OpEx | −$194.5k | −$8.32 |
| NOI | $176.0k | $7.52 |
23,391 SF · lease $18.00/SF/yr · vacancy 12.00% · expense 52.50%
Alternative Uses
Best Use
Hotel Hospitality
$2.51M
$2.20M – $2.93M
NOI $175,994 @ 7.0% cap · market cap 7.11%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.75M
$4.16M – $5.54M
NOI $332,512 @ 7.0% cap · market cap 13.44%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Baptist Event Center ...
Hotel & Motel
First Baptist Church
Tour Operator
Fulcrum Innovation Center
Coworking & Hybrid Office
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FAQs
What type of property is this?
Wedding venue - Former church converted to event center and vacation rental apartments.
Where is this wedding venue located?
The property is located at 515 E Yakima Ave Yakima, WA.
What is the asking price?
The asking price for this property is $2,474,000.
What are key features of this property?
This property features: Prime location next to the convention center, Hilton Hotel, and downtown Yakima's restaurants, breweries, and hotels.; Seven remodeled vacation rental apartments providing immediate income potential.; Special tax status with historical remodel at zero on the building.
