Fully Occupied Richland Retail
For Sale
$965,000
1217 Thayer Dr, Richland, WA 99352
Neighborhood retail center with strong tenants and Thayer Drive frontage.
Property Size5,181 SF
Days on Market167
Property Features for 1217 Thayer Dr
General Information
Standard status
Active
Size
5,181 SF
Property subtype
Retail
Building Details
Building Size
5,181 SF
Year Built
1943
Listing Agency:
SVN Retter & Company
(509) 430-2378
Listed By:
Rob Ellsworth, CCIM · License #WA #17790
Source:
Svn
Added: Mar 6
Changed: Aug 8
Last Checked: Aug 8 at 2:16PM
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. Tenants include a coffee stand, a preschool, and a live fish wholesaler. The property has an expansive parking lot. Located in a densely populated area of Richland, the retail strip center offers frontage along Thayer Drive and is adjacent to Rodney Block Park on the west side. The property benefits from steady daily traffic and provides convenient access to both the George Washington Way corridor and the Bypass Highway. It offers a 7.52% cap rate.
Key Highlights
- Fully Occupied Retail Center: Provides immediate income.
- Strong and Diverse Tenant Mix: Offers stability.
- 7.52% Cap Rate: Indicates a strong return on investment.
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
$60,972
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
6.32%
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%
$1,219,440
$1.2M
Cap Rate 7%
$871,029
$871.0K
Cap Rate 9%
$677,467
$677.5K
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
$93.3K $18.00/SF
− Vacancy
−$6.2K −$1.19/SF
EGI
$87.1K $16.81/SF
− OpEx
−$26.1K −$5.04/SF
NOI
$61.0K $11.77/SF
Area
Benton County, WA
Vacancy
6.60%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
30.00%
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%
$1,219,440
Cap Rate 7%
$871,029
Cap Rate 9%
$677,467
Alternative Uses
Best Use
Retail
$871.0K
$762.2K – $1.02M
NOI $60,972 @ 7.0% cap · market cap 6.32%
Second Best
—
—
no second resolved use
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
804
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 Retail in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Shopping center - Neighborhood retail center with strong tenants and Thayer Drive frontage.
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: Provides immediate income.; Strong and Diverse Tenant Mix: Offers stability.; 7.52% Cap Rate: Indicates a strong return on investment.
