Two-Building Warehouse
New
For Sale
$1,650,000
1893 Airport Way & 1941 Terminal Drive, Richland, WA 99352
Two fully leased warehouse buildings provide heated and cooled space with secured yard, overhead doors, and varied electrical capacity.
Property Size10,000 SF
Price / SF$165
Days on Market5
Property Features for 1893 Airport Way & 1941 Terminal Drive
General Information
Standard status
Active
Size
10,000 SF
Property subtype
Industrial - Warehouse/Distribution
Occupancy
100%
Warehouse & Industrial
Office Build-Out
436 SF
Three-Phase Power
Yes
Conditioned Warehouse
Yes
Additional Details
Fenced Yard
Yes
Building Details
Building Size
10,000 SF
Year Built
2010
Buildings
2
Listing Agency:
SVN | Retter & Company
(509) 430-2378
Listed By:
Rob Ellsworth · License #17790
Source:
Commercialcafe
Added: Aug 25
Changed: Aug 29
Last Checked: Aug 29 at 2:30PM
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 warehouse offering includes two buildings totaling 10,000 square feet at separate Richland addresses. The 6,000-square-foot facility at 1893 Airport Way contains 436 square feet of finished space, a fenced yard, high-bay doors, full heating and cooling, and 3-phase power. The 4,000-square-foot building at 1941 Terminal Drive is configured as open space with two overhead doors, full heating and cooling, and a glass storefront-style entrance. Both buildings are fully leased and subject to a long-term ground lease with the Port of Benton.
The properties are located within the Port of Benton's Richland Airport Business Park, adjacent to the Richland Airport and accessible from the Bypass Highway. The surrounding area includes industrial development, the Research and Development Park, and the Hanford DOE Site. Regional transportation connections include Interstates 82, 84, and 90, along with BNSF and Union Pacific rail service and the Tri-Cities Airport.
The properties are located within the Port of Benton's Richland Airport Business Park, adjacent to the Richland Airport and accessible from the Bypass Highway. The surrounding area includes industrial development, the Research and Development Park, and the Hanford DOE Site. Regional transportation connections include Interstates 82, 84, and 90, along with BNSF and Union Pacific rail service and the Tri-Cities Airport.
Key Highlights
- Two warehouse buildings total 10,000 square feet
- 1893 Airport Way: 6,000 sf warehouse with 436 sf of finished space
- 1941 Terminal Drive: 4,000 sf open‑space building with 2 overhead doors
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
$62,531
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
3.79%
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%
$1,250,620
$1.3M
Cap Rate 7%
$893,300
$893.3K
Cap Rate 9%
$694,789
$694.8K
Market Conditions
NOI Build-Up for 10,000 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
$80.4K $8.04/SF
− Vacancy
−$6.8K −$0.68/SF
EGI
$73.6K $7.36/SF
− OpEx
−$11.0K −$1.10/SF
NOI
$62.5K $6.25/SF
Area
Benton County, WA
Vacancy
8.50%
Lease Rate
$8.04 /SF/Yr
Expense Ratio
15.00%
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%
$1,250,620
Cap Rate 7%
$893,300
Cap Rate 9%
$694,789
Alternative Uses
Best Use
Warehouse
$893.3K
$781.6K – $1.04M
NOI $62,531 @ 7.0% cap · market cap 3.79%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.77M
$2.43M – $3.24M
NOI $194,154 @ 7.0% cap · market cap 11.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
100%
Occupancy
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
237
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Warehouse - Two fully leased warehouse buildings provide heated and cooled space with secured yard, overhead doors, and varied electrical capacity.
Where is this warehouse located?
The property is located at 1893 Airport Way & 1941 Terminal Drive Richland, WA.
What is the asking price?
The asking price for this property is $1,650,000.
What are key features of this property?
This property features: Two warehouse buildings total 10,000 square feet; 1893 Airport Way: 6,000 sf warehouse with 436 sf of finished space; 1941 Terminal Drive: 4,000 sf open‑space building with 2 overhead doors
