Retail Redevelopment Casino
For Sale
$799,999
101 S Gum St, Kennewick, WA 99336
Shell-condition casino property on a signalized corner, offering expansive parking and redevelopment flexibility with retail allowed.
Property Size7,557 SF
Days on Market87
Property Features for 101 S Gum St
General Information
Standard status
Active
Size
7,557 SF
Property subtype
Industrial
Additional Details
Road Access
Yes
Building Details
Building Size
7,557 SF
Year Built
1964
Listing Agency:
NAI Tri-Cities Commercial
Listed By:
Kenny Teasdale · License #135860
(509) 491-2205
Source:
Naiglobal
Added: Jun 11
Changed: Sep 4
Last Checked: Sep 5 at 5:59AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of NAI Tri-Cities Commercial
Investment Insights
Based on property information with market context.
The Cable Bridge Casino site is being offered in shell condition, giving an owner a clean slate to redevelop to their specifications. The property sits on two parcels and is configured for a major entertainment use, with the shell delivery aligning well with a tenant or operator seeking to control the final build-out.
The site is located at a high-visibility, 4-way signalized corner on Gum Street and 1st Avenue. As an iconic, recognizable presence at the intersection, it provides straightforward visibility and access, supported by expansive on-site parking.
For prospective tenants, buyers, and developers, the Heavy Industrial zoning designation includes allowance for retail use, supporting a range of redevelopment concepts that fit within industrial zoning parameters. Combined with the prominent corner location and large parking field, the property is well suited for retail-oriented redevelopment where access and site presence are key considerations.
The site is located at a high-visibility, 4-way signalized corner on Gum Street and 1st Avenue. As an iconic, recognizable presence at the intersection, it provides straightforward visibility and access, supported by expansive on-site parking.
For prospective tenants, buyers, and developers, the Heavy Industrial zoning designation includes allowance for retail use, supporting a range of redevelopment concepts that fit within industrial zoning parameters. Combined with the prominent corner location and large parking field, the property is well suited for retail-oriented redevelopment where access and site presence are key considerations.
Key Highlights
- Shell‑condition casino property built in 1964, ready for redevelopment
- Located on a high‑visibility, 4‑way signalized corner at Gum Street and 1st Avenue
- Site sits on two parcels and includes an iconic, recognizable casino location
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$47,382
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.92%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$947,640
$947.6K
Cap Rate 7%
$676,886
$676.9K
Cap Rate 9%
$526,467
$526.5K
Market Conditions
NOI Build-Up for 7,557 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$113.4K $15.00/SF
− Vacancy
−$13.6K −$1.80/SF
EGI
$99.8K $13.20/SF
− OpEx
−$52.4K −$6.93/SF
NOI
$47.4K $6.27/SF
Area
Benton County, WA
Vacancy
12.00%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
52.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$947,640
Cap Rate 7%
$676,886
Cap Rate 9%
$526,467
Alternative Uses
Best Use
Hotel Hospitality
$676.9K
$592.3K – $789.7K
NOI $47,382 @ 7.0% cap · market cap 5.92%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.10M
$1.83M – $2.45M
NOI $146,722 @ 7.0% cap · market cap 18.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
351
Businesses Nearby
Explore this area
Business Placement
Demographics for 99336, WA
51,127
Population
20,915
Households
2.4
Avg Household Size
33
Median Age
21%
College-Educated
85%
High-School Grad
13.4 sq mi
ZIP Area
3,815
Density / Sq Mi
$63,308
Median Household Income
$38,211
Median Earnings
$1,155
Median Rent
$292,300
Median Home Value
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Casino - Shell-condition casino property on a signalized corner, offering expansive parking and redevelopment flexibility with retail allowed.
Where is this casino located?
The property is located at 101 S Gum St Kennewick, WA.
What is the asking price?
The asking price for this property is $799,999.
What are key features of this property?
This property features: Shell‑condition casino property built in 1964, ready for redevelopment; Located on a high‑visibility, 4‑way signalized corner at Gum Street and 1st Avenue; Site sits on two parcels and includes an iconic, recognizable casino location
