5110 Tieton Dr

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 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. All are operating well at present and other tenants report strong activity as well 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. Current sale price is at 6.7% cap rate and there is certainly ample opportunity to achieve more. 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 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 2023. 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 6.5% 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). 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! Pre-qualification letter or proof of funds as well as non-disclosure agreements are required for receipt of any confidential or proprietary information.