Flex Building with Laboratory
For Sale
Contact for pricing
2765 Salk Ave, Richland, WA 99352
Two-wing commercial building with laboratory improvements, specialized building systems, and enhanced security features.
Property Size10,422 SF
Price / SF$106.99
Days on Market919
Property Features for 2765 Salk Ave
General Information
Standard status
Active
Size
10,422 SF
Property subtype
INDUSTRIAL
Listing Agency:
Tippett Company of Washington LLC
Listed By:
Kirt Shaffer · License #201212317
(509) 545-3355
Source:
Moodyscre
Added: Feb 26, 2024
Changed: Aug 31
Last Checked: Sep 2 at 12:13AM
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 Tippett Company of Washington LLC
Investment Insights
Based on property information with market context.
Located at 2765 Salk Ave in Richland, Washington, this 10,422-square-foot flex building is arranged in two wings. The property includes laboratory improvements and a separately configured area historically supporting a secured computer server operation. Specialized infrastructure includes 3-phase 480 amp electrical service, multiple compressed-air drops, eye-wash stations, a Glycol supply line system, and a 40-Ton Trane heating and cooling system.
Building systems include emergency lighting, a fire alarm with sprinklers throughout, and security windows. The improvements occupy 0.56 leased acres. Both wings were used by PNNL for 18 years, and property tours are available through the listing agent.
Building systems include emergency lighting, a fire alarm with sprinklers throughout, and security windows. The improvements occupy 0.56 leased acres. Both wings were used by PNNL for 18 years, and property tours are available through the listing agent.
Key Highlights
- 10,422 square feet across two building wings
- 0.56 leased acres in Richland, WA
- Upgraded 3‑phase 480 amp electrical service
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
$82,625
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
7.41%
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%
$1,652,500
$1.7M
Cap Rate 7%
$1,180,357
$1.2M
Cap Rate 9%
$918,056
$918.1K
Market Conditions
NOI Build-Up for 10,422 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
$137.6K $13.20/SF
− Vacancy
−$10.5K −$1.00/SF
EGI
$127.1K $12.20/SF
− OpEx
−$44.5K −$4.27/SF
NOI
$82.6K $7.93/SF
Area
Benton County, WA
Vacancy
7.60%
Lease Rate
$13.20 /SF/Yr
Expense Ratio
35.00%
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%
$1,652,500
Cap Rate 7%
$1,180,357
Cap Rate 9%
$918,056
Alternative Uses
Best Use
Flex RnD
$1.18M
$1.03M – $1.38M
NOI $82,625 @ 7.0% cap · market cap 7.41%
Second Best
Industrial
$874.2K
$764.9K – $1.02M
NOI $61,194 @ 7.0% cap · market cap 5.49%
Theoretical Best
Office A
$2.89M
$2.53M – $3.37M
NOI $202,348 @ 7.0% cap · market cap 18.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
89
Businesses Nearby
Well-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 Industrial in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Two-wing commercial building with laboratory improvements, specialized building systems, and enhanced security features.
Where is this flex space located?
The property is located at 2765 Salk Ave Richland, WA.
What is the asking price?
The asking price for this property is $1,115,000.
What are key features of this property?
This property features: 10,422 square feet across two building wings; 0.56 leased acres in Richland, WA; Upgraded 3‑phase 480 amp electrical service
