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Property profile & analytics
OFF-MARKET
Estimated value
$3,460,000
Medical Office Space
506 40th Ave Yakima, WA 98908-4318
Entity Owned
4-yr Hold
~
Est. High Equity
Property ID
US90-1293324
Property profile
Verified
Property type
Medical Office Space
Use group
MEDICAL BUILDING
Year built
1994
Construction
WOOD
Total area
14,742 SF
Lot
1.05 ac (45,738 SF)
Zoning code
B1
APN
181322-21448
UPID
US90-1293324
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Department of Services For the Blind State Government Office
-
Cascadia Senior Living & Development Nursing Home Retirement Community
-
Michael A. Taylor M.D. Ophthalmologist
-
Yakima Eye Care Ophthalmologist
-
Amy Root Physician
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$3.51M
CAP Approach
CAP
$2.42M
Comparable Approach
Comparable
$3.30M
Blend (final)
Blend
$3.46M
Owner & transaction history
40th Ave Re LLC · 4 yrs held
40th Ave Re LLC
since 2021
Last sale
$3.5M
6 recorded transactions
Zoning & alternative use
B1 · Yakima, WA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Restaurant
$5.2M
+82.2%
Commercial (general)
$4.3M
+52.2%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Yakima submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Yakima submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
$3,435,000
ML approach
$3,505,000
CAP Approach
CAP Return
Estimation
6%
$2,620,000
6.5%
$2,420,000
7%
$2,245,000
Alternative Use
Use
Estimation
MEDICAL BUILDING
$2,855,000
Current use
RESTAURANT
$5,200,000
Change: +82% · Conversion: Difficult
COMMERCIAL (GENERAL)
$4,345,000
Change: +52% · Conversion: Easy
OFFICE BUILDING
$2,745,000
Change: -4% · Conversion: Easy
INDUSTRIAL (GENERAL)
$2,400,000
Change: -16% · Conversion: Difficult
Blend value · Realmo final
$3.46M
Range $3.11M – $3.81M · ±10% · vs last sale $3.45M (Nov 9 2021)
Last sale anchor
$3.45M
Nov 9 2021
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$235 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2024Property tax & assessments
Tax year 2024
Tax billed
$24,602
Tax year 2024
Assessed value
$2,830,000
Assessed 2024
Previous assessed
$2,744,300
+3.1% YoY
Effective rate
0.87%
On assessed value
Assessed land
$275,500
Assessed improvement
$2,554,500
Land market value
$275,500
Improvement market value
$2,554,500
Total market value
$2,830,000
Applied tax rate
335.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Medical Office Space
Use group
MEDICAL BUILDING
Status
Off-Market
Year built
1994
Construction
WOOD
Heating
YES
Cooling
AC.PACKAGE
Stories
2
Total area
14,742 SF
Lot
1.05 ac (45,738 SF)
Zoning code
B1
APN
181322-21448
UPID
US90-1293324
Jurisdiction
YAKIMA
Zoning & alternative use
B1 · Yakima, WA
Zoning B1 · permitted uses
B1 · Yakima, WA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Yakima. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
MEDICAL BUILDING Current
Est. value
$2.9M
RESTAURANT
Est. value
$5.2M
COMMERCIAL (GENERAL)
Est. value
$4.3M
OFFICE BUILDING
Est. value
$2.7M
INDUSTRIAL (GENERAL)
Est. value
$2.4M
MEDICAL BUILDING Current
RESTAURANT
COMMERCIAL (GENERAL)
OFFICE BUILDING
INDUSTRIAL (GENERAL)
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1994
Construction
WOOD
Heating
YES
Cooling
Yes
Stories
2
Lot
1.05 ac
Current owner
From public records · entity-resolved
40th Ave Re LLC
Entity
Mailing address
19679 MARINE VW DR SW, NORMANDY PARK, WA 98166-4117
Ownership since
2021
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
6 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Nov 9, 2021
$3,450,000
40th Ave Re LLC
Eliker LLC
Warranty Deed
$2,400,000 · Peoples Bank
Feb 12, 2018
$2,120,000
Elliker LLC
506 North LLC
Warranty Deed
$1,696,000 · Washington St Emp Cu
Dec 23, 2011
—
Michael A Taylor
Taylor,michael A & Rhonda L
Quit Claim Deed
related
—
—
—
Elliker LLC
—
Deed Of Trust
related
$502,904 · Washington St Emp Cu
—
—
506 North LLC
—
Deed Of Trust
related
$425,000 · Key Bank & Trust
—
—
Michael A Taylor
—
Deed Of Trust
related
—
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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