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5110 Tieton Dr

Yakima, WA 98908
  • $4,600,000
  • STATUS: Active
  • ON SITE: 34 Days
  • MLS #: 22-1697
UPDATED: 98 min ago
$4,600,000
  • 0
    BEDS
  • 2.39
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
  • 72,218
    SQFT
  • $64
    $/SQFT
Neighborhood:
Type:
Commercial
Built:
1945

School Ratings & Info

Description

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 in1999 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. Population of Yakima County is over 250,000 people with approximately 85,000 homes, over half of which are located within the Yakima city limits. Glenwood is just minutes from anywhere within the city...(SUPPLEMENT CONTINUED IN SUPPLEMENT SECTION & DOCUMENTS).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 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 rented 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. Population of Yakima County is over 250,000 people with approximately 85,000 homes, over half of which are located within the Yakima city limits. Glenwood is just minutes from anywhere within the city. The structure is unique, with rustic beams and heavy hardwood floors giving it plenty of character and a springboard for any retail operation entering the premises. Quiet second level office space is available for yoga or massage studio, spa, call centers, financial services, insurance companies, etc. The building was built to last with substantial foundational values and 213 lighted parking spaces Plan your tour of this piece of Yakima lore and submit your inquiries to the list agent. Pre-qualification letter or proof of funds as well as non-disclosure agreements are required for receipt of any confidential or proprietary information.

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© 2022 Yakima Multiple Listing Service, Inc. All rights reserved. The data relating to real estate for sale on this web site comes in part from the Yakima MLS© IDX Program. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information is deemed reliable but is not guaranteed accurate by the MLS or Nick McLean Real Estate Group. Data last updated: 2022-08-10T23:49:27.447.
www.nickmcleanrealestate.com/homes/130670986
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5110 Tieton Dr Yakima, WA 98908

  • Price: $4,600,000
  • Status: Active
  • On Site: 34 Days
  • Updated: 98 min ago
  • MLS #: 22-1697
0
Beds
0
Baths
0
½ Baths
2.39
Acres
72,218
SQFT
$64
$/SQFT
1945
Built
Neighborhood:
4 - Nw Yakima 40Th/80Th
Area:
4 - Nw Yakima 40Th/80Th
Property Description
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 in1999 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. Population of Yakima County is over 250,000 people with approximately 85,000 homes, over half of which are located within the Yakima city limits. Glenwood is just minutes from anywhere within the city...(SUPPLEMENT CONTINUED IN SUPPLEMENT SECTION & DOCUMENTS).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 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 rented 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. Population of Yakima County is over 250,000 people with approximately 85,000 homes, over half of which are located within the Yakima city limits. Glenwood is just minutes from anywhere within the city. The structure is unique, with rustic beams and heavy hardwood floors giving it plenty of character and a springboard for any retail operation entering the premises. Quiet second level office space is available for yoga or massage studio, spa, call centers, financial services, insurance companies, etc. The building was built to last with substantial foundational values and 213 lighted parking spaces Plan your tour of this piece of Yakima lore and submit your inquiries to the list agent. Pre-qualification letter or proof of funds as well as non-disclosure agreements are required for receipt of any confidential or proprietary information.
Exterior Features

Crops None Foundation Concrete Lot Depth Feet 0.00 Lot Features Bus LineFenced - PartFenced BackLevelPaved Road Lot Front Feet 0.00 Lot Size 1+ - 5.0 Acres Roof Composition Siding Wood

Interior Features

Air Conditioning Central Air Basement Finished Floor Coverings CarpetsConcreteTileWood Heating Agent Remarks

Property Features

Commercial Type Commercial Property Detail Use Restaurant List Price Description Total List Price Main Use Retail Sewage System Connected Sq Ft Source County Assessor Tax Designation None Tax Year 2022 Taxes 28124.00 Terms CashCommercialConventional Water Public Water Zoning Scc - Sm Conv Ctr

Listing provided courtesy of Robert L. Powers of Berkshire Hathaway Homeservices Central Washington Real Estate.


© 2022 Yakima Multiple Listing Service, Inc. All rights reserved. The data relating to real estate for sale on this web site comes in part from the Yakima MLS© IDX Program. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information is deemed reliable but is not guaranteed accurate by the MLS or Nick McLean Real Estate Group. Data last updated: 2022-08-10T23:49:27.447.
 
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Wenatchee WA, 98801