Executive Office, Group Living Building For Sale

513 N Front St, Yakima, WA

$895,000

Price

13,986 sqft

Building Size

0.3261 acres

Lot Area

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Street
Map
Overview
Building Size
13,986 sqft
Lot Area
0.3261 acres
Occupancy
67%
Class
B
Units
26
Year Built
1973
Floors
3
Parking Spots
30
Description

This 2 story, 14,000 sq ft office building is a diamond in the rough. It has an excellent location in downtown Yakima. It was built in the '70s to serve brokers, traders, and others related to the produce industry in the Yakima Valley. The existing office sizes are big by newer industry standards. Currently, there are approx 8 tenants, some occupying multiple units; all leases are month-to-month. The management has historically been a family member pulling a salary. Recently a professional property management company took over the building. Immediately the expenses have been substantially reduced and leases will be put into place.

Buyers have several options for the building: improve management practices and continue to operate as an executive office building; convert the offices to medical and other health-related services; repurpose the building/lot into something totally different. The General Commercial (GC) zoning uses include medical buildings, group homes, churches, multi-family, business schools, mixed-use, health, and social services facilities, some subject to Planning & Zoning Department approval.

1 Block west of North 1st St, which is the main N/S street in Yakima.

The rectangular site is served by city services and well maintained.

Highlights
  • Established multi-tenant office suite business with real estate in an excellent location
  • The building is solidly built and ripe for an upgrade or conversion.
  • GC Zoning allows for multiple uses including group housing.
  • Operate as executive suites. Lease rates are below market. Proforma financials are calculated using existing rental rates.
  • Unit sizes range from 261 sf to 660 sf; could be reconfigured into private and/or shared co-working spaces.
  • Marketing and management of the building can be vastly improved.
  • The concrete/bunker basement is underutilized and could be an additional revenue stream.
Location
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