Fully Occupied Retail
For Sale
Contact for pricing
1217 Thayer Dr, Richland, WA 99352
Neighborhood retail center with diverse tenants and ample parking.
Property Size5,181 SF
Price / SF$186.26
Days on Market172
Property Features for 1217 Thayer Dr
General Information
Standard status
Active
Size
5,181 SF
Total Parking Spaces
30
Property subtype
Retail, Industrial
Zoning
COMMCL OFFICE
Occupancy
100%
Building Details
Year Built
1943
Listing Agency:
SVN | Retter & Company
(509) 430-2378
Listed By:
Rob Ellsworth · License #WA 17790
Source:
Crexi
Added: Feb 20
Changed: Aug 8
Last Checked: Aug 11 at 5:55PM
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.
This fully occupied neighborhood retail center features a strong and diverse tenant mix and an established operating history. The property is suitable for shopping centers, retail properties and spaces, coffee shops, restaurants, day care centers, specialty properties, and general commercial real estate. Current tenants include a coffee stand, a preschool, and a live fish wholesaler. The property features an expansive parking lot, providing ample convenience for customers and staff. The property size is 5181 square feet. This presents an excellent opportunity for a stable, passive investment.
Key Highlights
- Fully occupied retail center providing immediate income
- Diverse tenant mix (coffee stand, preschool, fish wholesaler) reduces risk
- Established operating history indicates stability
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
$79,820
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
8.27%
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%
$1,596,400
$1.6M
Cap Rate 7%
$1,140,286
$1.1M
Cap Rate 9%
$886,889
$886.9K
Market Conditions
NOI Build-Up for 5,181 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
$111.9K $21.60/SF
− Vacancy
−$5.5K −$1.06/SF
EGI
$106.4K $20.54/SF
− OpEx
−$26.6K −$5.14/SF
NOI
$79.8K $15.41/SF
Area
Benton County, WA
Vacancy
4.90%
Lease Rate
$21.60 /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%
$1,596,400
Cap Rate 7%
$1,140,286
Cap Rate 9%
$886,889
Alternative Uses
Best Use
Specialty Retail
$1.14M
$997.8K – $1.33M
NOI $79,820 @ 7.0% cap · market cap 8.27%
Second Best
Retail
$871.0K
$762.2K – $1.02M
NOI $60,972 @ 7.0% cap · market cap 6.32%
Theoretical Best
Office A
$1.44M
$1.26M – $1.68M
NOI $100,591 @ 7.0% cap · market cap 10.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
293
Businesses Nearby
166k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 45%
Dining 19%
Shops & Services 19%
Apparel 11%
Fred Meyer
Groceries
74,571 visits/mo
0.1 miles
McDonald's
Dining
23,552 visits/mo
0.2 miles
Fred Meyer Gas Station
Shops & Services
19,483 visits/mo
0.2 miles
Goodwill
Apparel
18,290 visits/mo
0.2 miles
Harbor Freight Tools
Home Improvements & Furnishings
10,533 visits/mo
0.3 miles
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 Retail in West region
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Frequently Asked Questions
What type of property is this?
Shopping center - Neighborhood retail center with diverse tenants and ample parking.
Where is this shopping center located?
The property is located at 1217 Thayer Dr Richland, WA.
What is the asking price?
The asking price for this property is $965,000.
What are key features of this property?
This property features: Fully occupied retail center providing immediate income; Diverse tenant mix (coffee stand, preschool, fish wholesaler) reduces risk; Established operating history indicates stability
