Glenwood Shopping Center | 5110 Tieton Dr
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Glenwood Shopping Center 5110 Tieton Dr
53,986 SF 100% Leased Retail Building Yakima, WA 98908 $4,200,000 ($78/SF) 4.90% Cap Rate
Investment Highlights
- One of a kind prize commercial investment property
Executive Summary
Glenwood Square is a one-of-a-kind, prize commercial property that any investor would want in their portfolio. It has more than a 20 year track record of successful operation in the heart of Yakima. To say it's at the 'core' of the city is an appropriate statement since it was once was an active apple warehouse that was refurbished in 1999 to accommodate mixed use retail, office and restaurant space. Currently, it is home to Zesta Cucina and Tacquerias Xochimilco, two of Yakima's most popular destination restaurants, both are long term tenants with Zesta being in place since the building's inception and Xochimilco since 2013. The Pub of Yakima, a craft beer and arcade harbor, has been there since 2015. Each of these adds color and culture to the environment and a steady flow of fresh patrons on a daily basis. While Covid has had its impact on these mainstays, all are operating well at present and on target to reach greater sales volumes in 2022. Other tenants report steady activity as well and there are definitely more square feet of available space at Glenwood that, once leased, would improve a buyer's cap rate on the purchase price for this property. In fact, pre-Covid Net Operating Income of Glenwood Square would put the current sale price at 6% cap rate and there is certainly ample opportunity to achieve that level again in the near term. Additional financial opportunity exists in a movie/media theatre located on the 2nd floor with ticket booth already in place for special events or regular entertainment. Glenwood Square is located directly across the street from the largest Catholic Church in Yakima County and centered in West Valley which is the highest income per household zip code in the metro area.
Property Facts
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Storefront Retail/Office
Building Size
53,986 SF
Building Class
B
Year Built/Renovated
1945/1999
Price
$4,200,000
Price Per SF
$78
Cap Rate
4.90%
NOI
$205,800
Percent Leased
100%
Tenancy
Multiple
Building Height
2 Stories
Building FAR
0.53
Lot Size
2.32 AC
Zoning
M1
Parking
200 Spaces (3.7 Spaces per 1,000 SF Leased)
Amenities
- Bus Line
- Fenced Lot
- Restaurant
- Tenant Controlled HVAC
- Air Conditioning
Nearby Major Retailers
PROPERTY TAXES
| Parcel Number | 181328-12403 | Improvements Assessment | $2,243,100 |
| Land Assessment | $339,700 | Total Assessment | $2,582,800 |
PROPERTY TAXES
Parcel Number
181328-12403
Land Assessment
$339,700
Improvements Assessment
$2,243,100
Total Assessment
$2,582,800
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Glenwood Shopping Center | 5110 Tieton Dr
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