Flex Space with Daylight
For Sale
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1123 N Grant, Kennewick, WA 99336
Flexible commercial building with open shell areas, basement storage, existing fixtures, and COMMCL OFFICE zoning.
Property Size7,400 SF
Price / SF$229.73
Days on Market153
Property Features for 1123 N Grant
General Information
Standard status
Active
Size
7,400 SF
Total Parking Spaces
30
Property subtype
Office, Industrial
Zoning
COMMCL OFFICE
Building Details
Year Built
2007
Listing Agency:
SVN | Retter & Company
(509) 430-8986
Listed By:
Scott Sautell · License #WA 109003
Source:
Crexi
Added: Mar 31
Changed: Aug 29
Last Checked: Aug 29 at 8:39PM
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 SVN | Retter & Company
Investment Insights
Based on property information with market context.
Built in 2007, this 7,400-square-foot flex property includes 3,700 square feet on the main level and 1,000 square feet of daylight basement storage. The main-level area was previously configured for a laboratory use and retains some fixtures and equipment that may remain by separate negotiation. Two additional ground-level spaces are in semi-vanilla-shell condition and can function together as one open area. The building was planned for three tenants and is fully landscaped.
Located at 1123 N Grant in Kennewick, Washington, the property carries COMMCL OFFICE zoning. Its combination of finished space, storage, and open shell areas supports a range of commercial configurations within the existing building.
Located at 1123 N Grant in Kennewick, Washington, the property carries COMMCL OFFICE zoning. Its combination of finished space, storage, and open shell areas supports a range of commercial configurations within the existing building.
Key Highlights
- 7,400 SF flex property built in 2007
- 3,700 SF main‑level area plus 1,000 SF of daylight basement storage
- Two ground‑level daylight basement spaces in semi‑vanilla‑shell condition
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
$113,590
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
6.68%
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%
$2,271,800
$2.3M
Cap Rate 7%
$1,622,714
$1.6M
Cap Rate 9%
$1,262,111
$1.3M
Market Conditions
NOI Build-Up for 7,400 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
$162.5K $21.96/SF
− Vacancy
−$11.1K −$1.49/SF
EGI
$151.5K $20.47/SF
− OpEx
−$37.9K −$5.12/SF
NOI
$113.6K $15.35/SF
Area
Benton County, WA
Vacancy
6.80%
Lease Rate
$21.96 /SF/Yr
Expense Ratio
25.00%
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%
$2,271,800
Cap Rate 7%
$1,622,714
Cap Rate 9%
$1,262,111
Alternative Uses
Best Use
Office B
$1.62M
$1.42M – $1.89M
NOI $113,590 @ 7.0% cap · market cap 6.68%
Second Best
Flex RnD
$838.1K
$733.3K – $977.8K
NOI $58,667 @ 7.0% cap · market cap 3.45%
Theoretical Best
Office A
$2.05M
$1.80M – $2.39M
NOI $143,674 @ 7.0% cap · market cap 8.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
87
Businesses Nearby
Under-served
Demand for This Use
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
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Flexible commercial building with open shell areas, basement storage, existing fixtures, and COMMCL OFFICE zoning.
Where is this flex space located?
The property is located at 1123 N Grant Kennewick, WA.
What is the asking price?
The asking price for this property is $1,700,000.
What are key features of this property?
This property features: 7,400 SF flex property built in 2007; 3,700 SF main‑level area plus 1,000 SF of daylight basement storage; Two ground‑level daylight basement spaces in semi‑vanilla‑shell condition
