Fully Leased Kennewick Retail
For Sale
$15,416,000
731 N Columbia Center Boulevard, Kennewick, WA 99336
100% leased shopping center with long-term tenants.
Property Size88,724 SF
Price / SF$173.75
Days on Market156
Property Features for 731 N Columbia Center Boulevard
General Information
Standard status
Active
Size
88,724 SF
Property subtype
Retail
Building Details
Building Size
88,724 SF
Year Built
1990
Listing Agency:
Lee & Associates
(206) 210-5207
Listed By:
Aaron Mathieu · License #108571
Source:
Lee-associates
Added: Mar 27
Changed: Aug 26
Last Checked: Aug 28 at 7:06AM
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 Lee & Associates
Investment Insights
Based on property information with market context.
Columbia Summit Center presents an opportunity to acquire a fully leased neighborhood shopping center situated in the primary retail corridor of the Tri Cities. Anchored by Planet Fitness, the center features a mix of national and local tenants, with approximately 76% having occupied space in the property for ten years or more. The property has undergone capital improvements, including a new roof, parking lot seal coating, exterior paint, and new LED exterior lighting. National tenants include Planet Fitness, Once Upon a Child, Honeybaked Ham, Mattress Depot, and Dutch Bros Coffee. The location benefits from a traffic count of 28,676 on Columbia Center Blvd. The property encompasses a total area of 88,724 square feet.
Key Highlights
- 100% leased neighborhood shopping center.
- Anchored by Planet Fitness.
- High percentage (approximately 76%) of long‑term tenants (ten years or more).
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
$1,044,140
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
6.77%
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%
$20,882,800
$20.9M
Cap Rate 7%
$14,916,286
$14.9M
Cap Rate 9%
$11,601,556
$11.6M
Market Conditions
NOI Build-Up for 88,724 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
$1.60M $18.00/SF
− Vacancy
−$105.4K −$1.19/SF
EGI
$1.49M $16.81/SF
− OpEx
−$447.5K −$5.04/SF
NOI
$1.04M $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%
$20,882,800
Cap Rate 7%
$14,916,286
Cap Rate 9%
$11,601,556
Alternative Uses
Best Use
Retail
$14.92M
$13.05M – $17.40M
NOI $1,044,140 @ 7.0% cap · market cap 6.77%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$24.61M
$21.53M – $28.71M
NOI $1,722,614 @ 7.0% cap · market cap 11.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,732
Businesses Nearby
240k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 61%
Shops & Services 16%
Home Improvements & Furnishings 11%
Hotels & Casinos 7%
Texas Roadhouse
Dining
36,799 visits/mo
0.2 miles
Red Robin Gourmet Burgers
Dining
25,726 visits/mo
0.3 miles
At Home
Home Improvements & Furnishings
25,494 visits/mo
0.2 miles
Circle K
Shops & Services
24,976 visits/mo
0.3 miles
Applebee's
Dining
19,094 visits/mo
0.1 miles
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 Retail in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Columbia Center Blvd At Canalst — 311 S Columbia Center Blvd, Kennewick, WA 99336
- Columbia Plaza — 6855 W Clearwater Ave, Kennewick, WA 99336
- Metropolitan Plaza — Metropolitan Plaza, 321 N Columbia Center Blvd, Kennewick, WA 99336
- Columbia Summit Center — 731 N Columbia Center Blvd, Kennewick, WA 99336
- Columbia Square — 1232 N Columbia Center Blvd, Kennewick, WA 99336
Frequently Asked Questions
What type of property is this?
Shopping center - 100% leased shopping center with long-term tenants.
Where is this shopping center located?
The property is located at 731 N Columbia Center Boulevard Kennewick, WA.
What is the asking price?
The asking price for this property is $15,416,000.
What are key features of this property?
This property features: 100% leased neighborhood shopping center.; Anchored by Planet Fitness.; High percentage (approximately 76%) of long‑term tenants (ten years or more).
