Grocery-Anchored Dollar Tree
For Sale
Contact for pricing
81 Columbia Point Dr, Richland, WA 99352
Dollar Tree anchor leases through January 2032, with an adjacent vacant suite available within the NNN shopping center.
Property Size25,000 SF
Price / SF$255
Days on Market690
Property Features for 81 Columbia Point Dr
General Information
Standard status
Active
Size
25,000 SF
Property subtype
RETAIL
Additional Details
Cap Rate
6.69%
Listing Agency:
StrickerCRE
(509) 430-8533
Listed By:
Derrick Stricker, CCIM, SIOR · License #123853
(509) 430-8533
Source:
Moodyscre
Added: Sep 19, 2024
Changed: Jul 28
Last Checked: Jul 28 at 2:35PM
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 StrickerCRE
Investment Insights
Based on property information with market context.
This for-sale NNN investment is a grocery-anchored retail shopping center totaling approximately 25,000 square feet. Dollar Tree serves as the anchor tenant, occupying 19,966 square feet and recently extending its lease for eight additional years through January 2032, with two five-year renewal options that could extend tenancy until 2042. An adjacent 5,000-square-foot suite is currently vacant; it was previously a mattress suite and is listed for lease.
The property is located at 81 Columbia Point Dr, Richland, WA 99352. NNN estimates are provided at $3.75, and WinCo Grocery manages the center’s common area maintenance.
An NOI figure and underwriting details are available upon request under NDA, and the listing includes broker call instructions for further discussion.
The property is located at 81 Columbia Point Dr, Richland, WA 99352. NNN estimates are provided at $3.75, and WinCo Grocery manages the center’s common area maintenance.
An NOI figure and underwriting details are available upon request under NDA, and the listing includes broker call instructions for further discussion.
Key Highlights
- 25,000 SF grocery‑anchored NNN investment priced at $6,375,000
- 6.69% CAP rate with estimated $426,016 annual NOI
- Dollar Tree occupies 19,966 SF and extended its lease through January 2032
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
$385,155
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
6.04%
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%
$7,703,100
$7.7M
Cap Rate 7%
$5,502,214
$5.5M
Cap Rate 9%
$4,279,500
$4.3M
Market Conditions
NOI Build-Up for 25,000 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
$540.0K $21.60/SF
− Vacancy
−$26.5K −$1.06/SF
EGI
$513.5K $20.54/SF
− OpEx
−$128.4K −$5.14/SF
NOI
$385.2K $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%
$7,703,100
Cap Rate 7%
$5,502,214
Cap Rate 9%
$4,279,500
Alternative Uses
Best Use
Specialty Retail
$5.50M
$4.81M – $6.42M
NOI $385,155 @ 7.0% cap · market cap 6.04%
Second Best
Retail
$4.20M
$3.68M – $4.90M
NOI $294,210 @ 7.0% cap · market cap 4.62%
Theoretical Best
Office A
$6.93M
$6.07M – $8.09M
NOI $485,386 @ 7.0% cap · market cap 7.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
299
Businesses Nearby
160k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 52%
Dining 27%
Shops & Services 15%
Apparel 3%
WinCo Foods
Groceries
82,246 visits/mo
0.1 miles
Dollar Tree
Shops & Services
19,161 visits/mo
0.1 miles
Jack in the Box
Dining
17,277 visits/mo
0.2 miles
Starbucks
Dining
14,621 visits/mo
0.2 miles
Applebee's
Dining
10,821 visits/mo
0.2 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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Grocery and convenience store - Dollar Tree anchor leases through January 2032, with an adjacent vacant suite available within the NNN shopping center.
Where is this grocery and convenience store located?
The property is located at 81 Columbia Point Dr Richland, WA.
What is the asking price?
The asking price for this property is $6,375,000.
What are key features of this property?
This property features: 25,000 SF grocery‑anchored NNN investment priced at $6,375,000; 6.69% CAP rate with estimated $426,016 annual NOI; Dollar Tree occupies 19,966 SF and extended its lease through January 2032
