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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    2404 3rd Ave Union Gap, WA 98903-1511

    • Office buildings
    • 1,328 SF
    • 1.36 lot acres
    OFF-MARKET
    Last Sale
    Dec 17, 2021
    $515,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US90-0962658
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Office buildings

    Property Details for 2404 3rd Ave

    Year built
    1985
    Construction
    WOOD
    Lot size
    1.36 lot acres
    Property size
    1,328 SF
    Zone code
    COM
    Property type
    Office buildings
    APN
    181201-13401
    APU
    18120113401

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Union Gap
    County
    Yakima
    State
    Washington
    Longitude
    -120.51
    Latitude
    46.5613
    CBSA code
    49420
    CBSA name
    YAKIMA, WA METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2024
    $3,949
    $237,000
    $233,300
    $470,300
    -
    $237,000
    $233,300
    $470,300

    Comparable in this City

    • Value Estimation by Request
      672 SF

      3816 Main St

      OFFICE BUILDING • 672 SF
      3816 Main St, Union Gap, WA 98903-2037
      View Details
    • Value Estimation by Request
      1,938 SF

      8500 Ahtanum Rd

      OFFICE BUILDING • 1,938 SF
      8500 Ahtanum Rd, Yakima, WA 98903-9433
      View Details
    • Value Estimation
      $3,095,000
      17,002 SF

      1209 Ahtanum Rdg Dr

      OFFICE BUILDING • 17,002 SF
      1209 Ahtanum Rdg Dr, Union Gap, WA 98903-1859
      View Details
    • Value Estimation
      $960,000
      4,752 SF

      2600 Business Pkwy

      OFFICE BUILDING • 4,752 SF
      2600 Business Pkwy, Union Gap, WA 98903-1816
      View Details
    • Value Estimation by Request
      0.95 Acres

      1902 Lilac Ln

      PROFESSIONAL BUILDING • 0.95 Acres
      1902 Lilac Ln, Yakima, WA 98903
      View Details
    • Value Estimation by Request
      1,408 SF

      3209 Main St

      OFFICE BUILDING • 1,408 SF
      3209 Main St, Union Gap, WA 98903-1847
      View Details

    Similar Nearby for Sale

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      Union Gap Industrial Land Sale

      15.71 Acres, Light Industrial Zoning
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    • $1,717,464
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      Union Gap Commercial Land Available

      1.88 acre commercial land for sale in Union Gap.
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    • $599,000
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      Yakima Industrial Property For Sale

      Industrial property available for purchase in Yakima, Washington.
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    • $2,105,908
      2.90 Acres

      Yakima Commercial Land - $2M+

      Prime 2.9-acre commercial lot in Yakima, WA.
      2007 Longfibre Rd, Yakima, WA 98903
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    • $1,600,000
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      Union Gap Industrial Land

      4.93 acre industrial land for sale in Union Gap.
      1101 Industrial Way, Union Gap, WA 98903
      View Details
    • $4,285,000

      Large Industrial Site For Sale

      Flat, level, light industrial zoned site near established industrial area.
      Na Ahtanum Rd, Yakima, WA 98903
      View Details

    Similar Nearby for Lease

    • $14 SF/Yr
      11,134 SF

      Prime Yakima County Creative Office Space

      Large Creative Office Space Available; 11,134 sq ft.
      2319 1St St, Yakima, WA 98903
      View Details
    • $9 SF/Yr
      5,600 SF

      Yakima Industrial Warehouse Space

      5,600 SF Warehouse, I-82 Access
      2105 Mead Ave, Yakima, WA 98903
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    • Contact for pricing
      23,123 SF

      Union Gap Retail Space

      Retail property available for lease in Union Gap, Washington.
      2500-2520 Rudkin Rd, Union Gap, WA 98903
      View Details
    • $8,350,000
      80,715 SF

      Union Gap Industrial Property

      Industrial property in Union Gap, WA with leaseback option.
      94 W Valley Mall Blvd, Union Gap, WA 98903
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    • Contact for pricing
      6,402 SF

      Prime Retail Space in Union Gap

      Highly visible retail space in a high-traffic area.
      14 E Valley Mall Blvd, Union Gap, WA 98903
      View Details
    • $485,694

      Customizable Flex Industrial Space

      15,000 SF flex space with build-to-suit options.
      1225 Industrial Way, Union Gap, WA 98903
      View Details
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    2404 3rd Ave
    Union Gap, WA 98903-1511
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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