Flex Space Facility with
For Sale
Contact for pricing
2541 Logan St, Richland, WA 99354
Recently built industrial flex facility with office, warehouse, and adaptable multi-unit configuration.
Property Size11,412 SF
Price / SF$184.02
Days on Market134
Property Features for 2541 Logan St
General Information
Standard status
Active
Size
11,412 SF
Class
A
Property subtype
Industrial, Mixed Use, Office
Zoning
Medium Industrial
Occupancy
100%
Warehouse & Industrial
Warehouse Space
11,412 SF
Three-Phase Power
Yes
Sprinkler System
Yes
Building Details
Year Built
2023
Buildings
1
Stories
2
Listing Agency:
Kennewick-Keller Williams
(509) 539-5535
Listed By:
Scott Matson · License #WA 127455
Source:
Crexi
Added: Apr 19
Changed: Aug 29
Last Checked: Aug 29 at 7:33PM
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 Kennewick-Keller Williams
Investment Insights
Based on property information with market context.
Built in 2023, this Medium Industrial flex facility combines 11,412 SF of warehouse, office, conference, and flexible-use areas. The building includes three restrooms with plumbing for additional fixtures, HVAC heat pumps for heating and cooling, wet fire suppression, three-phase power, and high-speed fiber. Five overhead doors measure 14 feet in height, while the warehouse offers a 22-foot eave height.
The property is fully leased under an NNN structure and is located within Horn Rapids Industrial / Business Park in Richland, Washington. Its layout can be configured into three flex units, providing an adaptable physical arrangement for industrial and office functions. The business is not included in the sale.
The property is fully leased under an NNN structure and is located within Horn Rapids Industrial / Business Park in Richland, Washington. Its layout can be configured into three flex units, providing an adaptable physical arrangement for industrial and office functions. The business is not included in the sale.
Key Highlights
- 11,412 SF warehouse, office, conference room, and flex space facility
- Built in 2023 within Horn Rapids Industrial / Business Park
- 22' eave height with 5 overhead 14' tall 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
$175,175
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
8.34%
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%
$3,503,500
$3.5M
Cap Rate 7%
$2,502,500
$2.5M
Cap Rate 9%
$1,946,389
$1.9M
Market Conditions
NOI Build-Up for 11,412 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
$250.6K $21.96/SF
− Vacancy
−$17.0K −$1.49/SF
EGI
$233.6K $20.47/SF
− OpEx
−$58.4K −$5.12/SF
NOI
$175.2K $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%
$3,503,500
Cap Rate 7%
$2,502,500
Cap Rate 9%
$1,946,389
Alternative Uses
Best Use
Office B
$2.50M
$2.19M – $2.92M
NOI $175,175 @ 7.0% cap · market cap 8.34%
Second Best
Flex RnD
$1.29M
$1.13M – $1.51M
NOI $90,473 @ 7.0% cap · market cap 4.31%
Theoretical Best
Office A
$3.17M
$2.77M – $3.69M
NOI $221,569 @ 7.0% cap · market cap 10.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Sprinkler system
Location Intelligence
Trade Area within ½ mile
1
Businesses Nearby
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - Recently built industrial flex facility with office, warehouse, and adaptable multi-unit configuration.
Where is this flex space located?
The property is located at 2541 Logan St Richland, WA.
What is the asking price?
The asking price for this property is $2,100,000.
What are key features of this property?
This property features: 11,412 SF warehouse, office, conference room, and flex space facility; Built in 2023 within Horn Rapids Industrial / Business Park; 22' eave height with 5 overhead 14' tall doors
