$3,900,000
Yakima, WA 98902
MLS# 20-1648
Status: Closed
34824 sqft
1 / 24
Property Description
THIS OFFERING is for the opportunity to acquire a well-positioned multi-tenant office building with a strong track record, good location and diversified tenant mix. Structured in an intentionally transparent manner, this investment grade offering comes with minimal downside exposure and considerable upside opportunities both from simple 'paper' value-add concepts and functional/aesthetic updating opportunities. Offered at an 8 cap, the net operating income calculations include conservative projections such as the currently vacant spaces leased at below market rents (with the owner offering to lease back any vacancies up to 1-year following closing), a 10% vacancy factor, 2% capital replacement reserve and certain operating expenses adjusted upwards to account for market normalcies as
Details
Maps
Documents
Contract Information
List Pr Description: Total List Price
Seller Disclosure: Yes
Current Price: $3,900,000
MLS Service Begin Date: 2020-08-03
Status: Closed
Sold Price: $3,900,000
Sub Type: Commercial Property
General Property Description
Lot Front Ft Approx: 0
Lot Depth Ft Approx: 0
Total Approx Lot SF: 91476
Acreage M/L: 2.1
List Price Per SqFt: 131.03
Realtor.COM Type: Commercial
Sale/Lease: For Sale
Main Use: Office
Year Built: 1999
Total Apx SF: 34824
Location, Tax & Legal
Taxes: 51653
Tax Year: 2020
Spec Tax Designation: None
Parcel Number: 181315-12415
Area (with SubArea): 2B - Btwn N 16th/40th
House Number: 1200
Street Name: Chesterley
Street Suffix: Dr
State/Province: WA
Zip Code: 98902
Remarks & Misc
Public Remarks: THIS OFFERING is for the opportunity to acquire a well-positioned multi-tenant office building with a strong track record, good location and diversified tenant mix. Structured in an intentionally transparent manner, this investment grade offering comes with minimal downside exposure and considerable upside opportunities both from simple 'paper' value-add concepts and functional/aesthetic updating opportunities.
Offered at an 8 cap, the net operating income calculations include conservative projections such as the currently vacant spaces leased at below market rents (with the owner offering to lease back any vacancies up to 1-year following closing), a 10% vacancy factor, 2% capital replacement reserve and certain operating expenses adjusted upwards to account for market normalcies as
Directions: From River Rd, turn north at the Chesterley Building.
Status Change Info
Sold Pr Description: Total Sold Price
Financing: OTHER
Sold Date: 2021-06-02
Under Contract Date: 2021-02-10
Status Change Date: 2021-06-03
Sold Price: $3,900,000
Domestic Water
Public Water: 1
Air Conditioning
Central Air: 1
Lot Size
1+ - 5.0 Acres: 1
Heat
Forced Air: 1
Gas: 1
Sewage System
Connected: 1
Construction Style
Frame: 1
Zoning
C - Commercial: 1
Roof
Built-Up: 1
Sq Ft Source
County Assessor: 1
Property Features
Air Conditioning: Central Air
Construction Style: Frame
Domestic Water: Public Water
Heat: Forced Air; Gas
Lot Size: 1+ - 5.0 Acres
Roof: Built-Up
Sewage System: Connected
Sq Ft Source: County Assessor
Zoning: C - Commercial
Supplements
compared to lesser historical amounts.
The property has historically been operated with an emphasis on maintaining cash flow and minimizing management as opposed to maximizing value, leaving the next owner a relatively simple road map to accomplish the latter.
Property Profile - legal description 
Listing Office: Almon Commercial-Residential Real Estate
Last Updated: September - 07 - 2024
Property profiling information contained herein is believed to be accurate, but may contain approximations or estimates where appropriate. The information contained herein is not guaranteed. This information is provided for the sole use and benefit of those authorized to access Yakima Association of Realtors® ('YAR') Multiple Listing Service ('MLS') information, and may not be reproducerepresened to third parties as information produced, warranted, or represented by YAR or MLS to be guaranteed.