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1608 S 24th Ave 15,100 SF Specialty Building Offered at $2,790,400 CAD in Yakima, WA 98902
INVESTMENT HIGHLIGHTS
- Offered price based upon an 8 cap of the NOI from the PT clinic and cell tower leases, $92/SF to the vacan area and $10/SF to the excess land.
- RPM is responsible for 100% of the common area maintenance costs, including taxes and insurance, despite occupying approximately 82% of the building.
- Cell tower lease has been in place since April of 2004.
- RPM has been in the building since approximately 2014 and entered into a new 5-year lease earlier this year.
- Landlord is responsible for structural repairs, plus maintenance and repairs to exterior walls, roof, windows, doors and HVAC.
- Excess land area is estimated to consist of approximately 30,000SF. Seller will entertain selling the land separately at $10/SF.
EXECUTIVE SUMMARY
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.
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.
PROPERTY FACTS
| Price | $2,790,400 CAD | Lot Size | 2.66 AC |
| Price Per SF | $193.03 CAD | Building Size | 14,456 SF |
| Sale Type | Investment | No. Stories | 1 |
| Property Type | Specialty | Year Built/Renovated | 1971/2014 |
| Property Subtype | Movie/Radio/TV Studio | Tenancy | Single |
| Building Class | B | ||
| Zoning | B-1 | ||
| Price | $2,790,400 CAD |
| Price Per SF | $193.03 CAD |
| Sale Type | Investment |
| Property Type | Specialty |
| Property Subtype | Movie/Radio/TV Studio |
| Building Class | B |
| Lot Size | 2.66 AC |
| Building Size | 14,456 SF |
| No. Stories | 1 |
| Year Built/Renovated | 1971/2014 |
| Tenancy | Single |
| Zoning | B-1 |
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PROPERTY TAXES
| Parcel Number | 181335-21014 | Improvements Assessment | $1,725,129 CAD |
| Land Assessment | $581,997 CAD | Total Assessment | $2,307,126 CAD |
PROPERTY TAXES
Parcel Number
181335-21014
Land Assessment
$581,997 CAD
Improvements Assessment
$1,725,129 CAD
Total Assessment
$2,307,126 CAD
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1608 S 24th Ave
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