Single-Tenant Office
For Sale
Contact for pricing
27 N Morain St, Kennewick, WA 99336
Leased office property with four offices, a conference room, reception area, and open kitchen space.
Property Size2,506 SF
Price / SF$179.57
Days on Market19
Property Features for 27 N Morain St
General Information
Standard status
Active
Size
2,506 SF
Property subtype
OFFICE
Additional Details
Cap Rate
6.67%
Amenities
washer/dryer hook ups
fully digital monument signage
Building Details
Buildings
1
Tenancy
Single
Listing Agency:
SVN Retter & Company
(509) 737-9429
Listed By:
Ashley Moala · License ##138102
(541) 379-1338
Source:
Moodyscre
Added: Aug 20
Changed: Sep 1
Last Checked: Sep 7 at 6:54AM
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 2,506-square-foot office building at 27 N Morain St includes four private offices, storage areas, a conference room, reception space, washer/dryer hookups, and a large open area with a kitchen. The sale also includes fully digital monument signage.
The property is leased to a single tenant under a 5-year term beginning November 2024, with 3% annual increases. The stated 6.67% cap rate provides an additional lease and income metric for evaluating the offering.
The property is leased to a single tenant under a 5-year term beginning November 2024, with 3% annual increases. The stated 6.67% cap rate provides an additional lease and income metric for evaluating the offering.
Key Highlights
- 2,506‑square‑foot office building at 27 N Morain St, Kennewick, WA 99336
- Single‑tenant lease with a 5‑year term beginning November 2024
- Lease includes 3% annual increases
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
$38,467
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
8.55%
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%
$769,340
$769.3K
Cap Rate 7%
$549,529
$549.5K
Cap Rate 9%
$427,411
$427.4K
Market Conditions
NOI Build-Up for 2,506 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
$55.0K $21.96/SF
− Vacancy
−$3.7K −$1.49/SF
EGI
$51.3K $20.47/SF
− OpEx
−$12.8K −$5.12/SF
NOI
$38.5K $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%
$769,340
Cap Rate 7%
$549,529
Cap Rate 9%
$427,411
Alternative Uses
Best Use
Office B
$549.5K
$480.8K – $641.1K
NOI $38,467 @ 7.0% cap · market cap 8.55%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$695.1K
$608.2K – $810.9K
NOI $48,655 @ 7.0% cap · market cap 10.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
967
Businesses Nearby
Explore this area
Business Placement
Demographics for 99336, WA
51,127
Population
20,915
Households
2.4
Avg Household Size
33
Median Age
21%
College-Educated
85%
High-School Grad
13.4 sq mi
ZIP Area
3,815
Density / Sq Mi
$63,308
Median Household Income
$38,211
Median Earnings
$1,155
Median Rent
$292,300
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?
Office building - Leased office property with four offices, a conference room, reception area, and open kitchen space.
Where is this office building located?
The property is located at 27 N Morain St Kennewick, WA.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: 2,506‑square‑foot office building at 27 N Morain St, Kennewick, WA 99336; Single‑tenant lease with a 5‑year term beginning November 2024; Lease includes 3% annual increases
