Flex Space with Covered
For Sale
$695,000
Pending
702 Wilson Ln, Yakima, WA 98901
Level, graveled site with gated entry and access for large trucks.
Property Size3,910 SF
Lot Size0.96 Acres
Days on Market364
Property Features for 702 Wilson Ln
General Information
Standard status
Pending
Size
3,910 SF
Lot size
0.96 Acres
Additional Details
Fenced Yard
Yes
Drive-In Doors
2
Taxes and HOA fees
Annual Taxes
$3,276
Building Details
Buildings
1
Stories
2
Building Size
3,910 SF
Construction
concrete block
Listing Agency:
HomeSmart Elite Brokers - Yakima
(509) 969-7128
Listed By:
Chuck Johnson
(509) 969-7128
Source:
Exprealty
Added: Sep 4, 2025
Changed: Aug 31
Last Checked: Aug 30 at 11:54PM
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 HomeSmart Elite Brokers - Yakima
Investment Insights
Based on property information with market context.
Located at 702 Wilson Ln in Yakima, WA, this flex-space property combines a concrete block building with substantial outdoor storage and parking improvements. The 3,910-square-foot building includes 1,870 square feet of enclosed area, two large overhead doors, office space, two stories of storage, and additional office space.
The 0.96-acre site is level, graveled, and fully fenced, with a gated entry. Another 2,040 square feet of covered storage and parking expands the usable footprint beyond the enclosed building. The configuration also provides access suitable for large trucks, supporting a range of storage, service, and industrial operations.
The 0.96-acre site is level, graveled, and fully fenced, with a gated entry. Another 2,040 square feet of covered storage and parking expands the usable footprint beyond the enclosed building. The configuration also provides access suitable for large trucks, supporting a range of storage, service, and industrial operations.
Key Highlights
- 3,910‑square‑foot concrete block building
- 1,870 square feet of enclosed area with two large overhead doors
- 2,040 square feet of covered storage and parking
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
$37,629
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
5.41%
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%
$752,580
$752.6K
Cap Rate 7%
$537,557
$537.6K
Cap Rate 9%
$418,100
$418.1K
Market Conditions
NOI Build-Up for 3,910 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
$47.9K $12.24/SF
− Vacancy
−$3.6K −$0.92/SF
EGI
$44.3K $11.32/SF
− OpEx
−$6.6K −$1.70/SF
NOI
$37.6K $9.62/SF
Area
Yakima County, WA
Vacancy
7.50%
Lease Rate
$12.24 /SF/Yr
Expense Ratio
15.00%
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%
$752,580
Cap Rate 7%
$537,557
Cap Rate 9%
$418,100
Alternative Uses
Best Use
Warehouse
$537.6K
$470.4K – $627.2K
NOI $37,629 @ 7.0% cap · market cap 5.41%
Second Best
Industrial
$442.7K
$387.4K – $516.5K
NOI $30,988 @ 7.0% cap · market cap 4.46%
Theoretical Best
Office A
$794.0K
$694.8K – $926.4K
NOI $55,582 @ 7.0% cap · market cap 8.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Drive-in doors
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
563
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 98901, WA
32,351
Population
12,201
Households
2.7
Avg Household Size
33
Median Age
17%
College-Educated
72%
High-School Grad
184.5 sq mi
ZIP Area
175
Density / Sq Mi
$56,429
Median Household Income
$33,058
Median Earnings
$996
Median Rent
$268,100
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 - Level, graveled site with gated entry and access for large trucks.
Where is this flex space located?
The property is located at 702 Wilson Ln Yakima, WA.
What is the asking price?
The asking price for this property is $695,000.
What are key features of this property?
This property features: 3,910‑square‑foot concrete block building; 1,870 square feet of enclosed area with two large overhead doors; 2,040 square feet of covered storage and parking
