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7113 W Okanogan Pl Kennewick, WA 99336

For Sale
$6,285,000

Leased Washington State DSHS facility with assumable financing.

Property size:
21,229 SF
Lot size:
2.72 Acres

Property Features for 7113 W Okanogan Pl

General Information

Size
21,229 SF
Lot size
2.72 Acres

Source: Marcus & Millichap, Inc. Agent Clayton Brown

Displayed information is deemed reliable but is not guaranteed and should be independently verified.


Overview

Kennewick DSHS Facility For Sale

The Washington State Department of Social and Health Services (DSHS) facility in Kennewick, WA is available for sale. Constructed in 2020 as a build-to-suit for DSHS, the property has been continuously occupied since completion and is customized to its operational needs. The property features a 10-year modified gross lease signed in 2020 with approximately 5 years remaining, guaranteed by the State of Washington. The lease includes one renewal option at fair market rent. The property has assumable financing at a 3.23% interest rate. The Department of Social and Health Services (DSHS) is a mission-critical arm of the Washington State government. The property is situated on 2.72 acres with approximately 85 parking stalls. The property serves a community of approximately 162,170 residents within a 5-mile radius. The population within a 5-mile radius has increased 16% since 2015 and rental rates have risen 33% cumulatively over the past decade. The property contains 21,229 square feet.
Location Intelligence

Current Use by Public Records

Office buildings

Suggested Use

Restaurant Realty agency Building Supply Law Firm Wholesale Shop Spa & Massage Dental Office Auto Repair Shop Hair Salon Gym & Fitness

Zoning and permitted uses should be independently verified with local authorities.

Location Insight

  • Map
  • Local Demand
City
Kennewick
County
Benton
State
Washington
Longitude
-119.218194
Latitude
46.221015

FAQs

What type of property is this?
Office building - Leased Washington State DSHS facility with assumable financing.
Where is this office building located?
The property is located at 7113 W Okanogan Pl Kennewick, WA.
What is the asking price?
The asking price for this property is $6,285,000.
What are key features of this property?
This property features: - High-credit tenant: 10-year modified gross lease guaranteed by the State of Washington (Fitch: AA+) with approximately 5 years remaining.; - Attractive assumable financing: 3.23% interest rate, resulting in a 9.22% cash-on-cash return in Year 1, with approximately $3.774 million loan representing ~60% LTV.; - Recession-resilient income stream: Tenant is a mission-critical arm of the Washington State government (DSHS), with demand for services increasing during economic downturns.
More about this property
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