Flexible Industrial Property with Two
For Sale
$1,115,000
2676 Van Giesen St, Richland, WA 99354
Two industrial buildings on five parcels include fenced yard access with multiple security gates.
Property Size13,044 SF
Price / SF$85.48
Days on Market101
Property Features for 2676 Van Giesen St
General Information
Standard status
Active
Size
13,044 SF
Zoning
C3
Site & Location
Traffic Count
18,000 vehicles/day
Fenced Yard
Yes
Additional Details
Service Bays
5
Taxes and HOA fees
Annual Taxes
$8,088
Listing Agency:
Berkshire Hathaway Hm Serv Central WA Real Estate
(509) 563-5117
Listed By:
Shannon Jones · License #25020870
(509) 254-3447
Source:
Exprealty
Added: May 30
Changed: Sep 4
Last Checked: Sep 7 at 12:56PM
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 Berkshire Hathaway Hm Serv Central WA Real Estate
Investment Insights
Based on property information with market context.
This for-sale industrial property includes two buildings separated by parcels and set on five parcels. The site is zoned C3 general business use and is currently in Zone B, with no flood prevention measures required per the provided remarks. Over three-quarters of the property is fenced and secured with three large security gates. The property is being sold in as-is condition.
Building 1, closest to Van Giesen St, totals 8,360 SF and is constructed primarily with CMU walls and a metal screw-down roof on a concrete slab. The layout includes a full glass-front service desk area, an office, a five-bay service area, and an additional 2,400 SF of open floor space at the rear, along with a separate employee break room and mechanical room. There are two bathrooms (no shower), plus two separate second-floor areas consisting of a 400 SF loft and a 270 SF mezzanine. Building 2 totals 4,684 SF and is similar in construction, with small office, bathroom, and mechanical/storage rooms that remain unfinished, plus a 272 SF upstairs mezzanine.
Site utilities include a private well, septic system, and drain field. The north perimeter is adjacent to an 18-hole golf course (Buckskin Golf Course), and the property is located less than one-quarter mile west of Bypass Highway 240 and less than two miles east of the City of West Richland, based on the remarks provided.
Building 1, closest to Van Giesen St, totals 8,360 SF and is constructed primarily with CMU walls and a metal screw-down roof on a concrete slab. The layout includes a full glass-front service desk area, an office, a five-bay service area, and an additional 2,400 SF of open floor space at the rear, along with a separate employee break room and mechanical room. There are two bathrooms (no shower), plus two separate second-floor areas consisting of a 400 SF loft and a 270 SF mezzanine. Building 2 totals 4,684 SF and is similar in construction, with small office, bathroom, and mechanical/storage rooms that remain unfinished, plus a 272 SF upstairs mezzanine.
Site utilities include a private well, septic system, and drain field. The north perimeter is adjacent to an 18-hole golf course (Buckskin Golf Course), and the property is located less than one-quarter mile west of Bypass Highway 240 and less than two miles east of the City of West Richland, based on the remarks provided.
Key Highlights
- Commercial property on five parcels zoned C3 (general business use), currently in Zone B, with flexible development potential
- Two buildings totaling 13,044 SF: 8,360 SF and 4,684 SF, sold in as‑is condition
- Fenced site with 3 large security gates and yard access across the property
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
$81,566
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
7.32%
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%
$1,631,320
$1.6M
Cap Rate 7%
$1,165,229
$1.2M
Cap Rate 9%
$906,289
$906.3K
Market Conditions
NOI Build-Up for 13,044 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
$104.9K $8.04/SF
− Vacancy
−$8.9K −$0.68/SF
EGI
$96.0K $7.36/SF
− OpEx
−$14.4K −$1.10/SF
NOI
$81.6K $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%
$1,631,320
Cap Rate 7%
$1,165,229
Cap Rate 9%
$906,289
Alternative Uses
Best Use
Flex RnD
$1.48M
$1.29M – $1.72M
NOI $103,412 @ 7.0% cap · market cap 9.27%
Second Best
Warehouse
$1.17M
$1.02M – $1.36M
NOI $81,566 @ 7.0% cap · market cap 7.32%
Theoretical Best
Office A
$3.62M
$3.17M – $4.22M
NOI $253,255 @ 7.0% cap · market cap 22.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Service bays
18,000 VPD
Traffic count
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
153
Businesses Nearby
Balanced
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 Industrial in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Two industrial buildings on five parcels include fenced yard access with multiple security gates.
Where is this flex space located?
The property is located at 2676 Van Giesen St Richland, WA.
What is the asking price?
The asking price for this property is $1,115,000.
What are key features of this property?
This property features: Commercial property on five parcels zoned C3 (general business use), currently in Zone B, with flexible development potential; Two buildings totaling 13,044 SF: 8,360 SF and 4,684 SF, sold in as‑is condition; Fenced site with 3 large security gates and yard access across the property
