1608 S 24th Ave - Specialty FOR SALE


Yakima, WA 98902
$2,000,000 USD
509-966-3800
1608 S 24th Ave, Yakima, WA for Sale
$2,000,000 USD
Specialty - FOR SALE
1/25
null | 6.06% Cap Rate

1608 S 24th Ave
Yakima, WA 98902


HIGHLIGHTS

  • Offered price based upon an 8 cap of the NOI from the PT clinic and cell tower leases, $92/SF to the vacant area and $10/SF to the excess land.
  • RPM has been in the building since approximately 2014 and entered into a new 5-year lease earlier this year.
  • RPM is responsible for 100% of the common area maintenance costs, including taxes and insurance, despite occupying approximately 82% of the building.
  • Landlord is responsible for structural repairs, plus maintenance and repairs to exterior walls, roof, windows, doors and HVAC.
  • Cell tower lease has been in place since April of 2004.
  • Excess land area is estimated to consist of approximately 30,000SF. Seller will entertain selling the land separately at $10/SF.

OVERVIEW

THIS OFFERING is for the opportunity to purchase a commercial property consisting of a double net leased medical office building, a cell tower lease and excess commercial development land. The primary lease is to RPM Rehab, Inc, a 9-location physical therapy clinic, who’s been in the building since approximately 2014 and entered into a new 5-year lease in January of 2025 for approximately 82% of the total building with RPM being responsible for 100% of the common area maintenance charges attributable to the property, including taxes and insurance, but excluding the maintenance of the excess land area. RPM occupies approximately 11,846SF of the total building area. The remaining vacant areas of the building consist of an office area and a garage/storage area, plus an unfinished second story apartment combining to total approximately 2,610SF, while there is also excess land fronting S 24th Ave estimated to consist of approximately 30,000SF that is prime for development.

FOR SALE DETAILS

PRICE

$2,000,000 USD

PRICE/SF

$132 USD /SF

CAP RATE

6.06%

% LEASED

-

TENANCY

Single

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Specialty

TOTAL BUILDING SIZE

-

STORIES

1

BUILDING CLASS

B

YEAR BUILT

1971

SPRINKLERS

-

PARKING SPACES

-

LAND DETAILS

LAND ACRES

2.66 AC

LAND SF

115,903 SF

ZONING

B-1

APN/PARCEL ID

181335-21014

ASK ABOUT THIS PROPERTY

Bill AlmonAlmon Commercial Real EstateMore Info
509-966-3800

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Bill AlmonAlmon Commercial Real EstateMore Info
509-966-3800

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.