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    Property profile & analytics

    2405 3rd Ave Union Gap, WA 98903-1510

    • Industrial properties
    • 128,007 SF
    • 12.28 lot acres
    OFF-MARKET
    Value Estimations
    $1,080,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US90-1835406
    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

    • Industrial properties

    Property Details for 2405 3rd Ave

    Year built
    1998
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    12.28 lot acres
    Property size
    128,007 SF
    Zone code
    LI
    Property type
    Industrial properties
    APN
    181201-13016
    APU
    18120113016

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $1,080,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Union Gap
    County
    Yakima
    State
    Washington
    Longitude
    -120.508
    Latitude
    46.5599
    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
    $44,787
    $1,069,800
    $5,452,100
    $6,521,900
    -
    $1,069,800
    $5,452,100
    $6,521,900

    Comparable in this City

    • Value Estimation
      $950,000
      20,100 SF

      3801 Washington Ave

      INDUSTRIAL (GENERAL) • 20,100 SF
      3801 Washington Ave, Yakima, WA 98903-1181
      View Details
    • Value Estimation
      $405,000
      15,200 SF

      1308 Mead Ave

      INDUSTRIAL (GENERAL) • 15,200 SF
      1308 Mead Ave, Union Gap, WA 98903-3709
      View Details
    • Value Estimation
      $485,000
      21,600 SF

      604 Vly Mall Blvd

      INDUSTRIAL (GENERAL) • 21,600 SF
      604 Vly Mall Blvd, Union Gap, WA 98903-1621
      View Details
    • Value Estimation
      $920,000
      213,640 SF

      600 Ahtanum Rd

      INDUSTRIAL (GENERAL) • 213,640 SF
      600 Ahtanum Rd, Union Gap, WA 98903-1860
      View Details
    • Value Estimation
      $3,345,000
      19,200 SF

      2751 Goodman Rd

      INDUSTRIAL (GENERAL) • 19,200 SF
      2751 Goodman Rd, Union Gap, WA 98903-8911
      View Details
    • Value Estimation
      $2,180,000
      12,360 SF

      1220 Industrial Way

      INDUSTRIAL (GENERAL) • 12,360 SF
      1220 Industrial Way, Union Gap, WA 98903-9567
      View Details

    Similar Nearby for Sale

    • $10,250,000
      80,715 SF

      Union Gap Warehouse: Prime Location

      80,715 SF Warehouse, $10.25M
      94 Valley Mall Blvd, Union Gap, WA 98903
      View Details
    • $3,150,000
      24.42 Acres

      Union Gap Industrial Land

      24 Acres, Prime Location, $3.15M
      0 Goodman Rd, Union Gap, WA 98903
      View Details
    • $2,052,983
      15.71 Acres

      Union Gap Industrial Land Sale

      15.71 Acres, Light Industrial Zoning
      0 16Th Ave, Union Gap, WA 98903
      View Details
    • $599,000
      0.40 Acres

      Yakima Industrial Property For Sale

      Industrial property available for purchase in Yakima, Washington.
      2107 E Mead Ave, Yakima, WA 98903
      View Details
    • $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
      View Details
    • Contact for pricing
      127,195 SF

      Development Site near Valley Mall

      Prime development site near regional mall in Union Gap, WA.
      Old Town Rd, Union Gap, WA 98903
      View Details

    Similar Nearby for Lease

    • $0.80 SF/Yr
      12,360 SF

      Industrial Space Available For Lease

      Industrial property with 12,360 square feet available for lease.
      1220 Industrial Way, Yakima, 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
      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
    • $9 SF/Yr
      5,600 SF

      Yakima Industrial Warehouse Space

      5,600 SF Warehouse, I-82 Access
      2105 Mead Ave, Yakima, WA 98903
      View Details
    • $9 SF/Yr
      33,778 SF

      Yakima Warehouse Space Available

      Prime Yakima warehouse, 22,070 sq ft.
      700 Valley Mall Blvd, Union Gap, WA 98903
      View Details
    • 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
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    2405 3rd Ave
    Union Gap, WA 98903-1510
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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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