21 N 1st Ave - Office FOR SALE


Yakima, WA 98902- Downtown Yakima
$8,750,000 USD
509-966-3800
21 N 1st Ave, Yakima, WA for Sale
$8,750,000 USD
Office - FOR SALE
1/28
null | 7.3% Cap Rate

21 N 1st Ave
Yakima, WA 98902
Downtown Yakima


HIGHLIGHTS

  • WSDA recently entered into a new 10-year lease despite the state of Washington’s current policy of signing lease terms of no more than 5 years.
  • WSDA has occupied the building since 1998, is heavily invested in the property and is considered an essential governmental agency.
  • Yakima is the agricultural hub of central Washington and this is a critically important location for WSDA.
  • Lease is below market at $14.36/SF, semi-gross, which is the equivalent of approximately $11.22/SF if it were triple-net.
  • Washington State is rated Aaa by Moody’s and AA+ by both S&P Global and Fitch.
  • Includes approximately 180 parking stalls, 130 of which are located within a first-class secured and gated parking lot.

OVERVIEW

THIS OFFERING is for the opportunity to purchase an office and laboratory building leased on a long-term basis with approximately 8.5 years remaining to Washington State Department of Agriculture (“WSDA”). Located in the absolute heart of downtown Yakima, this facility is a critical hub supporting the region’s vast and diverse agricultural industry. Its central location that services central Washington is critically important to a region heavily dependent upon agriculture, where Yakima County is Washington’s leading agricultural county and number one producer of apples, hops and various other crops. This is a simple, transparent offering with a strong credit tenant and essential governmental agency paying below market rent who is entrenched and heavily invested at the location that they’ve been in since 1998.

FOR SALE DETAILS

PRICE

$8,750,000 USD

PRICE/SF

$154 USD /SF

CAP RATE

7.3%

% LEASED

-

TENANCY

Single

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Office

TOTAL BUILDING SIZE

-

STORIES

2

BUILDING CLASS

B

YEAR BUILT

1998

SPRINKLERS

-

PARKING SPACES

-

LAND DETAILS

LAND ACRES

2.41 AC

LAND SF

104,980 SF

ZONING

CBD

APN/PARCEL ID

191319-23520

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.