Two-Building Industrial
For Sale
$1,650,000
1893 Airport Way, Richland, WA 99352
COMMERCIAL - Richland, WA
Property Size10,000 SF
Lot Size0.70 Acres
Price / SF$165
Days on Market772
Property Features for 1893 Airport Way
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
INDUST /LIGHT
Parking
11
Subdivision
Richland North
Directions
Corner of Airport and Terminal
Standard status
Active
APN
834083000001029
Lot size
0.70 Acres
Taxes and HOA fees
Tax Year
2024
Building Details
Year built
2010
Listing Agency:
SVN Retter & Company
(509) 737-9429
Listed By:
Rob Ellsworth · License ##17790
(509) 430-2378
Added: Jul 10, 2024
Changed: Aug 17
Last Checked: Aug 20 at 6:06PM
MLS# 277380
Copyright © 2026 PACMLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This offering includes two industrial buildings at 1893 Airport Way and 1941 Terminal Drive. The Airport Way warehouse contains 6,000 square feet, including 436 square feet of finished space, along with a fenced yard, high-bay doors, full heating and cooling, and three-phase power. The Terminal Drive building measures 4,000 square feet and provides an entirely open interior, two overhead doors, full climate control, and a storefront-style glass entry.
The property encompasses 0.7 acres and is zoned INDUST /LIGHT. Both buildings were built in 2010 and are fully leased. The site is held under a long-term ground lease with the Port of Benton.
The property encompasses 0.7 acres and is zoned INDUST /LIGHT. Both buildings were built in 2010 and are fully leased. The site is held under a long-term ground lease with the Port of Benton.
Key Highlights
- Two‑building offering at 1893 Airport Way and 1941 Terminal Drive
- 6,000 SF warehouse at 1893 Airport Way with 436 SF of finished space
- 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
$79,279
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
4.80%
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%
$1,585,580
$1.6M
Cap Rate 7%
$1,132,557
$1.1M
Cap Rate 9%
$880,878
$880.9K
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
$132.0K $13.20/SF
− Vacancy
−$10.0K −$1.00/SF
EGI
$122.0K $12.20/SF
− OpEx
−$42.7K −$4.27/SF
NOI
$79.3K $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%
$1,585,580
Cap Rate 7%
$1,132,557
Cap Rate 9%
$880,878
Alternative Uses
Best Use
Flex RnD
$1.13M
$991.0K – $1.32M
NOI $79,279 @ 7.0% cap · market cap 4.80%
Second Best
Warehouse
$893.3K
$781.6K – $1.04M
NOI $62,531 @ 7.0% cap · market cap 3.79%
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
Property Profile
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.
Similar Off Market Nearby
- Richland Airport Mini-Storage — 2008 Butler Loop, Richland, WA 99354
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- Butler Loop Mini Storage — 1975 Butler Loop, Richland, WA 99354
- Lineage — 2025 Saint St, Richland, WA 99354
Frequently Asked Questions
What type of property is this?
Warehouse - Two heated and cooled buildings provide warehouse and open-space configurations with secured yard capacity and overhead access.
Where is this warehouse located?
The property is located at 1893 Airport Way 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‑building offering at 1893 Airport Way and 1941 Terminal Drive; 6,000 SF warehouse at 1893 Airport Way with 436 SF of finished space; 4,000 SF open‑space building with 2 overhead doors
