Two-Tenant Medical Office
For Sale
Contact for pricing
1135 Jadwin Avenue, Richland, WA 99352
Two adjacent single-tenant medical office buildings are 100% leased through 2029.
Property Size16,366 SF
Price / SF$380.67
Days on Market50
Property Features for 1135 Jadwin Avenue
General Information
Standard status
Active
Size
16,366 SF
Property subtype
Office
Occupancy
100%
Investment Type
Net Lease
Net Operating Income
$373,800
Building Details
Year Built
1966
Buildings
2
Tenancy
Single
Listing Agency:
Northmarq - Seattle
Listed By:
Joe Dugoni · License #WA 21001346
Source:
Crexi
Added: Jul 8
Changed: Aug 15
Last Checked: Aug 25 at 10:19AM
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 Northmarq - Seattle
Investment Insights
Based on property information with market context.
Northmarq is pleased to present the Kadlec Clinic Portfolio, two adjacent single-tenant medical office buildings totaling 16,366 SF at 1135 and 1155 Jadwin Avenue in Richland, Washington. The 1135 Jadwin building operates as Kadlec Clinic – Richland Primary Care, supporting family medicine, pediatrics, women’s health, and an onsite lab. The 1155 Jadwin building is home to Kadlec specialty care, including cardiology.
Both buildings are 100% leased to Kadlec Regional Medical Center, a subsidiary of Providence Health & Services. The leases expire November 30, 2029 and include options that have already been exercised, with approximately 3% annual rent escalations. The portfolio is located one block from Kadlec Regional Medical Center’s main campus.
Both buildings are 100% leased to Kadlec Regional Medical Center, a subsidiary of Providence Health & Services. The leases expire November 30, 2029 and include options that have already been exercised, with approximately 3% annual rent escalations. The portfolio is located one block from Kadlec Regional Medical Center’s main campus.
Key Highlights
- Two adjacent, single‑tenant medical office buildings totaling 16,366 SF at 1135 and 1155 Jadwin Avenue in Richland, WA
- 100% leased to Kadlec Regional Medical Center (Providence Health & Services subsidiary)
- Lease term runs through November 30, 2029 with options already exercised
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
$251,219
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
4.03%
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%
$5,024,380
$5.0M
Cap Rate 7%
$3,588,843
$3.6M
Cap Rate 9%
$2,791,322
$2.8M
Market Conditions
NOI Build-Up for 16,366 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
$359.4K $21.96/SF
− Vacancy
−$24.4K −$1.49/SF
EGI
$335.0K $20.47/SF
− OpEx
−$83.7K −$5.12/SF
NOI
$251.2K $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%
$5,024,380
Cap Rate 7%
$3,588,843
Cap Rate 9%
$2,791,322
Alternative Uses
Best Use
Office B
$3.59M
$3.14M – $4.19M
NOI $251,219 @ 7.0% cap · market cap 4.03%
Second Best
Healthcare Medical
$3.47M
$3.04M – $4.05M
NOI $242,905 @ 7.0% cap · market cap 3.90%
Theoretical Best
Office A
$4.54M
$3.97M – $5.30M
NOI $317,753 @ 7.0% cap · market cap 5.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,129
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 99352, WA
35,762
Population
15,522
Households
2.3
Avg Household Size
38
Median Age
48%
College-Educated
96%
High-School Grad
24.0 sq mi
ZIP Area
1,490
Density / Sq Mi
$96,875
Median Household Income
$65,348
Median Earnings
$1,457
Median Rent
$442,100
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?
Medical Office Space - Two adjacent single-tenant medical office buildings are 100% leased through 2029.
Where is this medical office space located?
The property is located at 1135 Jadwin Avenue Richland, WA.
What is the asking price?
The asking price for this property is $6,230,000.
What are key features of this property?
This property features: Two adjacent, single‑tenant medical office buildings totaling 16,366 SF at 1135 and 1155 Jadwin Avenue in Richland, WA; 100% leased to Kadlec Regional Medical Center (Providence Health & Services subsidiary); Lease term runs through November 30, 2029 with options already exercised
