Leased Office Building with
For Sale
$2,500,000
Pending
801 N 39th Ave, Yakima, WA 98902
Well-maintained office building fully leased to a financial institution through February 2029.
Property Size9,100 SF
Days on Market122
Property Features for 801 N 39th Ave
General Information
Standard status
Pending
Size
9,100 SF
Occupancy
100%
Additional Details
Cap Rate
6.8%
Taxes and HOA fees
Annual Taxes
$18,425
Building Details
Tenancy
Single
Listing Agency:
John L Scott Yakima
(509) 966-9900
Listed By:
Quincey Abrams
(509) 571-0988
Source:
Exprealty
Added: May 15
Changed: Aug 20
Last Checked: Sep 13 at 11:21AM
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 John L Scott Yakima
Investment Insights
Based on property information with market context.
The property is a well-maintained office building with approximately 7,200 SF on the main level and about 1,900 SF in the basement/lower level. The main floor features a walk-in reception area, 18 private offices, a spacious conference room, and a large storage/supply/copy room. The lower-level area provides additional space that can support operational needs and storage.
The building is located at 801 N. 39th Avenue in Yakima, Washington. It is fully leased to a financial institution through February 2029, with automatic 3% annual rent increases. CAM estimates are listed at $5.55 per SF.
For a tenant or buyer seeking an office facility with a proven, office-focused layout, the combination of multiple private offices, a dedicated conference room, and dedicated support space for supplies and copying can help streamline day-to-day operations. The in-place lease provides continued occupancy through the lease term, while the split between main and lower-level space allows for functional separation between front-office and back-office needs.
The building is located at 801 N. 39th Avenue in Yakima, Washington. It is fully leased to a financial institution through February 2029, with automatic 3% annual rent increases. CAM estimates are listed at $5.55 per SF.
For a tenant or buyer seeking an office facility with a proven, office-focused layout, the combination of multiple private offices, a dedicated conference room, and dedicated support space for supplies and copying can help streamline day-to-day operations. The in-place lease provides continued occupancy through the lease term, while the split between main and lower-level space allows for functional separation between front-office and back-office needs.
Key Highlights
- 9,100 SF office building at 801 N. 39th Avenue, Yakima, Washington, fully leased to a financial institution through February 2029
- Main level totals 7,200 SF with walk‑in reception, 18 private offices, conference room, and storage/supply/copy room
- Additional approximately 1,900 SF of basement/lower‑level space
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
$96,867
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
3.87%
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%
$1,937,340
$1.9M
Cap Rate 7%
$1,383,814
$1.4M
Cap Rate 9%
$1,076,300
$1.1M
Market Conditions
NOI Build-Up for 9,100 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
$138.7K $15.24/SF
− Vacancy
−$9.5K −$1.05/SF
EGI
$129.2K $14.19/SF
− OpEx
−$32.3K −$3.55/SF
NOI
$96.9K $10.64/SF
Area
Yakima County, WA
Vacancy
6.87%
Lease Rate
$15.24 /SF/Yr
Expense Ratio
25.00%
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%
$1,937,340
Cap Rate 7%
$1,383,814
Cap Rate 9%
$1,076,300
Alternative Uses
Best Use
Office B
$1.38M
$1.21M – $1.61M
NOI $96,867 @ 7.0% cap · market cap 3.87%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.85M
$1.62M – $2.16M
NOI $129,360 @ 7.0% cap · market cap 5.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
100%
Occupancy
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
641
Businesses Nearby
Explore this area
Business Placement
Demographics for 98902, WA
47,589
Population
17,723
Households
2.7
Avg Household Size
33
Median Age
19%
College-Educated
78%
High-School Grad
9.3 sq mi
ZIP Area
5,117
Density / Sq Mi
$60,050
Median Household Income
$36,900
Median Earnings
$1,045
Median Rent
$237,700
Median Home Value
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Market
Vacancy Rate% for Office in West region
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Frequently Asked Questions
What type of property is this?
Office building - Well-maintained office building fully leased to a financial institution through February 2029.
Where is this office building located?
The property is located at 801 N 39th Ave Yakima, WA.
What is the asking price?
The asking price for this property is $2,500,000.
What are key features of this property?
This property features: 9,100 SF office building at 801 N. 39th Avenue, Yakima, Washington, fully leased to a financial institution through February 2029; Main level totals 7,200 SF with walk‑in reception, 18 private offices, conference room, and storage/supply/copy room; Additional approximately 1,900 SF of basement/lower‑level space
