$2,537,577
Yakima, WA 98902
MLS# 22-2026
Status: Closed
17512 sqft
1 / 22
Property Description
THIS OFFERING is for the opportunity to acquire a recently stabilized retail strip center with some upside potential. Located at the significant controlled intersection of 16th Ave and Summitview Ave, the center includes a popular restaurant that's been in place since 2004 as the anchor tenant and has a good mix of local and regional tenants, plus includes a small warehouse and pair of 1 bed/1 bath nicely updated apartments on the 2nd floor. Seller is leasing back the warehouse and one of the apartments for 3 years following closing. Upside potential is mostly administrative in nature and can be accessed by raising rents, which are significantly below market, and reconciling CAM's (seller has not reconciled as allowed by most of the leases, rather follows the scheduled amounts budgeted within the leases).
Details
Maps
Documents
Contract Information
List Pr Description: Total List Price
Seller Disclosure: No
Current Price: $2,537,577
MLS Service Begin Date: 2022-08-09
Status: Closed
Sold Price: $2,537,577
Sub Type: Commercial Property
General Property Description
Lot Front Ft Approx: 0
Lot Depth Ft Approx: 0
Total Approx Lot SF: 53579
Acreage M/L: 1.23
List Price Per SqFt: 148.62
Realtor.COM Type: Commercial
Sale/Lease: For Sale
Main Use: Retail
Year Built: 1965
Total Apx SF: 17512
Location, Tax & Legal
Taxes: 15907
Tax Year: 2022
Spec Tax Designation: None
Parcel Number: 181324-23505, 23554 & 23555
Sellers Title Ins Co: Fidelity
Area (with SubArea): 2A - Btwn N 1st/16th
House Number: 1527
Street Name: Summitview
Street Suffix: Ave
State/Province: WA
Zip Code: 98902
Remarks & Misc
Public Remarks: THIS OFFERING is for the opportunity to acquire a recently stabilized retail strip center with some upside potential.
Located at the significant controlled intersection of 16th Ave and Summitview Ave, the center includes a popular restaurant that's been in place since 2004 as the anchor tenant and has a good mix of local and regional tenants, plus includes a small warehouse and pair of 1 bed/1 bath nicely updated apartments on the 2nd floor. Seller is leasing back the warehouse and one of the apartments for 3 years following closing.
Upside potential is mostly administrative in nature and can be accessed by raising rents, which are significantly below market, and reconciling CAM's (seller has not reconciled as allowed by most of the leases, rather follows the scheduled amounts budgeted within the leases).
Directions: Located on the NE corner of N 16th Ave and Summitview Ave
Status Change Info
Sold Pr Description: Total Sold Price
Financing: OTHER
Sold Date: 2023-04-20
Under Contract Date: 2023-01-16
Status Change Date: 2023-04-20
Sold Price: $2,537,577
Domestic Water
Public Water: 1
Lot Size
1+ - 5.0 Acres: 1
Heat
Forced Air: 1
Gas: 1
Sewage System
Connected: 1
Zoning
B1 - Prof Bus: 1
Roof
Built-Up: 1
Property Features
Domestic Water: Public Water
Heat: Forced Air; Gas
Lot Size: 1+ - 5.0 Acres
Roof: Built-Up
Sewage System: Connected
Zoning: B1 - Prof Bus
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.