Retail Space in Richland,
For Sale
Contact for pricing
1329 Lee Blvd, Richland, WA
Available retail space in Richland, Washington, totaling 17494 square feet.
Property Size17,494 SF
Lot Size1.54 Acres
Price / SF$257.23
Days on Market295
Property Features for 1329 Lee Blvd
General Information
Standard status
Active
Size
17,494 SF
Lot size
1.54 Acres
Property subtype
RETAIL
Lease Type
NNN
Properties For Sale
at 1329 Lee Blvd Contact us- Size
- 17,494 SF
- Type
- RETAIL
- Lease Type
- NNN
- Availability
- AVAILABLE
Former Rite Aid
Listing Agency:
Kidder Mathews
(425) 454-7040
Listed By:
Robert Coron
(425) 785-5641
Source:
Moodyscre
Added: Nov 19, 2025
Changed: Sep 2
Last Checked: Sep 10 at 6:06AM
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 Kidder Mathews
Investment Insights
Based on property information with market context.
This retail space is available for rent in Richland, Washington. The property offers a total area of 17494 square feet.
Key Highlights
- Retail space available.
- Located in Richland, Washington.
- Totaling 17494 square feet.
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
$205,876
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
4.58%
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%
$4,117,520
$4.1M
Cap Rate 7%
$2,941,086
$2.9M
Cap Rate 9%
$2,287,511
$2.3M
Market Conditions
NOI Build-Up for 17,494 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
$314.9K $18.00/SF
− Vacancy
−$20.8K −$1.19/SF
EGI
$294.1K $16.81/SF
− OpEx
−$88.2K −$5.04/SF
NOI
$205.9K $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%
$4,117,520
Cap Rate 7%
$2,941,086
Cap Rate 9%
$2,287,511
Alternative Uses
Best Use
Retail
$2.94M
$2.57M – $3.43M
NOI $205,876 @ 7.0% cap · market cap 4.58%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.85M
$4.25M – $5.66M
NOI $339,653 @ 7.0% cap · market cap 7.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
1,816
Businesses Nearby
60k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 50%
Dining 49%
Hotels & Casinos 1%
Dutch Bros. Coffee
Dining
24,352 visits/mo
0.3 miles
Conoco
Shops & Services
7,987 visits/mo
0.1 miles
Les Schwab Tire Center
Shops & Services
3,982 visits/mo
0.2 miles
Chase Bank
Shops & Services
3,902 visits/mo
0.3 miles
Bank of America
Shops & Services
3,837 visits/mo
0.3 miles
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Available retail space in Richland, Washington, totaling 17494 square feet.
Where is this retail space located?
The property is located at 1329 Lee Blvd Richland, WA.
What is the asking price?
The asking price for this property is $4,500,000.
What are key features of this property?
This property features: Retail space available.; Located in Richland, Washington.; Totaling 17494 square feet.
