Fully Leased 8-Unit Strip
For Sale
$1,250,000
841 W 1st Ave, Toppenish, WA 98948
Commercial Sale, Toppenish, WA
Property Size8,640 SF
Lot Size1.28 Acres
Price / SF$144.68
Days on Market131
Property Features for 841 W 1st Ave
General Information
Property type
Commercial Sale
Property subtype
Retail
Zoning
COMMCL GENERAL
Parking
21
Exterior features
Parking/10+ Spaces, Parking/25+ Spaces
Directions
Located just off highway 97
Standard status
Active
APN
20100434017
Size
8,640 SF
Lot size
1.28 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
11098
Utilities
Utilities
Natural Gas Available
Heating system
Electric (Heating), Natural Gas
Cooling system
Central Air
Water source
Public
Building Details
Year built
2015
Flooring type
Laminate
Building materials
Stucco
Roof type
Composition
Listing Agency:
John L Scott Yakima
(509) 966-9900
Listed By:
Kevin Rangel Rangel · License #22017029
(509) 504-8808
Added: May 27
Changed: Sep 25
Last Checked: Oct 4 at 11:06PM
MLS# 293283
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.
Built in 2015, this 8,640-square-foot retail strip center contains eight units on a 1.28-acre parcel. The property is 100% occupied and includes an insurance agency, pawn shop occupying three units, Cricket Wireless, a smoke shop, a nail salon, and a spice and herb retailer. A food truck operator also occupies part of the site. The building features stucco construction, laminate flooring, central air, electric and natural gas heating, a composition roof, and public water service.
Located at 841 W 1st Ave in Toppenish, the center fronts SR 97, where north-south traffic is reported at approximately 11,000 AADT. On-site parking supports the current retail configuration, while excess land at the rear provides additional site area for future concepts subject to zoning, utility, access, and approval requirements. Tenant histories range from 5 to 26 years, with two leases signed within the past year.
Located at 841 W 1st Ave in Toppenish, the center fronts SR 97, where north-south traffic is reported at approximately 11,000 AADT. On-site parking supports the current retail configuration, while excess land at the rear provides additional site area for future concepts subject to zoning, utility, access, and approval requirements. Tenant histories range from 5 to 26 years, with two leases signed within the past year.
Key Highlights
- 8,640 SF retail strip center with 8 units on a 1.28‑acre parcel
- 100% occupied with six established retail and service uses
- Tenant history ranges from 5 to 26 years
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
$87,605
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
7.01%
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%
$1,752,100
$1.8M
Cap Rate 7%
$1,251,500
$1.3M
Cap Rate 9%
$973,389
$973.4K
Market Conditions
NOI Build-Up for 8,640 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
$130.6K $15.12/SF
− Vacancy
−$5.5K −$0.64/SF
EGI
$125.2K $14.48/SF
− OpEx
−$37.5K −$4.35/SF
NOI
$87.6K $10.14/SF
Area
Yakima County, WA
Vacancy
4.20%
Lease Rate
$15.12 /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%
$1,752,100
Cap Rate 7%
$1,251,500
Cap Rate 9%
$973,389
Alternative Uses
Best Use
Retail
$1.25M
$1.10M – $1.46M
NOI $87,605 @ 7.0% cap · market cap 7.01%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.75M
$1.54M – $2.05M
NOI $122,821 @ 7.0% cap · market cap 9.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
11,000 VPD
Traffic count
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
377
Businesses Nearby
108k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 39%
Groceries 31%
Shops & Services 21%
Home Improvements & Furnishings 6%
Safeway
Groceries
33,476 visits/mo
0.2 miles
McDonald's
Dining
23,769 visits/mo
0.1 miles
Taco Bell
Dining
6,455 visits/mo
0.2 miles
7-Eleven
Shops & Services
6,405 visits/mo
0.3 miles
Ideal Lumber
Home Improvements & Furnishings
6,385 visits/mo
0.1 miles
Demographics for 98948, WA
13,416
Population
3,620
Households
3.7
Avg Household Size
31
Median Age
9%
College-Educated
63%
High-School Grad
335.3 sq mi
ZIP Area
40
Density / Sq Mi
$67,217
Median Household Income
$32,639
Median Earnings
$978
Median Rent
$217,800
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Strip mall - Modern retail center with established occupants, varied storefront uses, and rear excess land within a general commercial zoning district.
Where is this strip mall located?
The property is located at 841 W 1st Ave Toppenish, WA.
What is the asking price?
The asking price for this property is $1,250,000.
What are key features of this property?
This property features: 8,640 SF retail strip center with 8 units on a 1.28‑acre parcel; 100% occupied with six established retail and service uses; Tenant history ranges from 5 to 26 years
