Warehouse and Office Flex
For Sale
$1,500,000
2011 Hagen Road, Richland, WA 99354
COMMERCIAL - Richland, WA
Property Size5,700 SF
Lot Size0.79 Acres
Price / SF$263.16
Days on Market47
Property Features for 2011 Hagen Road
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
INDUST /LIGHT
Parking
41
Directions
Highway 240 & Hagen Road
Standard status
Active
APN
134081012690001
Lot size
0.79 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
6217
Amenities
conference room
IT storage room
kitchenette
washer/dryer utility room
fiber
Building Details
Year built
2010
Listing Agency:
SVN Retter & Company
(509) 737-9429
Listed By:
Scott Howell · License #131443
(509) 379-3111
Added: Jul 14
Changed: Aug 4
Last Checked: Aug 29 at 11:06AM
MLS# 294676
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 flex warehouse and office facility offers a mix of functional space for owner-users. The property includes approximately 3,200 square feet of office buildout with a lobby, large conference room, multiple offices, an IT storage room, and ADA restrooms. The warehouse portion includes a large open area with a mezzanine, floor drains running the length of the warehouse space, and heated and cooled conditions. Warehouse access is provided by 12' wide by 14' high garage doors.
Outside, the site features a fully fenced, graveled lay down yard with two large entrances, including one with an automated gate.
The building is equipped with fiber connectivity and 3-phase power. The current tenant’s lease expires 12/31/2026; please do not disturb and contact the listing agent for showing instructions.
Outside, the site features a fully fenced, graveled lay down yard with two large entrances, including one with an automated gate.
The building is equipped with fiber connectivity and 3-phase power. The current tenant’s lease expires 12/31/2026; please do not disturb and contact the listing agent for showing instructions.
Key Highlights
- 2010‑built warehouse/office with 3,200 SF office and 2,500 SF warehouse
- Fully fenced, graveled laydown yard with two large entrances, including an automated gate
- Warehouse has 12' wide x 14' high garage doors and is heated and cooled
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
$87,495
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
5.83%
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%
$1,749,900
$1.7M
Cap Rate 7%
$1,249,929
$1.2M
Cap Rate 9%
$972,167
$972.2K
Market Conditions
NOI Build-Up for 5,700 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
$125.2K $21.96/SF
− Vacancy
−$8.5K −$1.49/SF
EGI
$116.7K $20.47/SF
− OpEx
−$29.2K −$5.12/SF
NOI
$87.5K $15.35/SF
Area
Benton County, WA
Vacancy
6.80%
Lease Rate
$21.96 /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%
$1,749,900
Cap Rate 7%
$1,249,929
Cap Rate 9%
$972,167
Alternative Uses
Best Use
Office B
$1.25M
$1.09M – $1.46M
NOI $87,495 @ 7.0% cap · market cap 5.83%
Second Best
Flex RnD
$645.6K
$564.9K – $753.2K
NOI $45,189 @ 7.0% cap · market cap 3.01%
Theoretical Best
Office A
$1.58M
$1.38M – $1.84M
NOI $110,668 @ 7.0% cap · market cap 7.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Single-tenant
Tenancy
Yes
Fenced yard
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
172
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 99354, WA
24,839
Population
10,807
Households
2.3
Avg Household Size
37
Median Age
42%
College-Educated
97%
High-School Grad
23.9 sq mi
ZIP Area
1,039
Density / Sq Mi
$88,601
Median Household Income
$50,192
Median Earnings
$1,299
Median Rent
$355,400
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Heated and cooled warehouse with mezzanine, powered for fiber connectivity and features a fenced, graveled lay down yard.
Where is this flex space located?
The property is located at 2011 Hagen Road Richland, WA.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: 2010‑built warehouse/office with 3,200 SF office and 2,500 SF warehouse; Fully fenced, graveled laydown yard with two large entrances, including an automated gate; Warehouse has 12' wide x 14' high garage doors and is heated and cooled
