NNN Retail Property with
For Sale
$4,610,000
2800 W Clearwater Ave, Kennewick, WA 99336
Freestanding pharmacy building with dedicated drive-through service and on-site parking.
Property Size14,820 SF
Lot Size3.30 Acres
Price / SF$311.07
Days on Market106
Property Features for 2800 W Clearwater Ave
General Information
Standard status
Active
Size
14,820 SF
Lot size
3.30 Acres
Property subtype
Retail
Financials
Asking Price
$4,610,000
Cap Rate
9%
Gross Income
$414,999
Additional Details
Drive-Thru
Yes
Building Details
Year Built
2006
Buildings
1
Tenancy
Single
Parking Ratio
4.18 per 1,000 SF
Listing Agency:
Bellevue
(425) 468-0704
Listed By:
Ryan Olson · License #WA 19573
(425) 468-0704
Source:
Colliers
Added: May 18
Changed: Aug 29
Last Checked: Aug 30 at 1:03PM
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 Bellevue
Investment Insights
Based on property information with market context.
This 14,820-square-foot freestanding retail building was constructed for Walgreens in 2006 and includes a pharmacy drive-through. The property sits on a 3.3-acre lot and is leased on an NNN structure, with the landlord retaining responsibility for structural repairs and maintenance. The parking ratio is 4.18 spaces per 1,000 square feet.
Located at 2800 W Clearwater Ave in Kennewick, the property is occupied by Walgreens. The tenant controls the space through 2081, subject to a first termination option in 2031 and additional options at five-year intervals. The lease also includes a percentage-rent provision based on gross sales, food, and prescriptions.
Located at 2800 W Clearwater Ave in Kennewick, the property is occupied by Walgreens. The tenant controls the space through 2081, subject to a first termination option in 2031 and additional options at five-year intervals. The lease also includes a percentage-rent provision based on gross sales, food, and prescriptions.
Key Highlights
- 14,820 SF freestanding building on a 3.3‑acre lot
- Built for Walgreens in 2006
- Pharmacy drive‑through included
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
$228,320
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
4.95%
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%
$4,566,400
$4.6M
Cap Rate 7%
$3,261,714
$3.3M
Cap Rate 9%
$2,536,889
$2.5M
Market Conditions
NOI Build-Up for 14,820 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
$320.1K $21.60/SF
− Vacancy
−$15.7K −$1.06/SF
EGI
$304.4K $20.54/SF
− OpEx
−$76.1K −$5.14/SF
NOI
$228.3K $15.41/SF
Area
Benton County, WA
Vacancy
4.90%
Lease Rate
$21.60 /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%
$4,566,400
Cap Rate 7%
$3,261,714
Cap Rate 9%
$2,536,889
Alternative Uses
Best Use
Specialty Retail
$3.26M
$2.85M – $3.81M
NOI $228,320 @ 7.0% cap · market cap 4.95%
Second Best
Retail
$2.49M
$2.18M – $2.91M
NOI $174,408 @ 7.0% cap · market cap 3.78%
Theoretical Best
Office A
$4.11M
$3.60M – $4.80M
NOI $287,737 @ 7.0% cap · market cap 6.24%
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
1,014
Businesses Nearby
302k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 60%
Shops & Services 22%
Superstores 5%
Home Improvements & Furnishings 4%
McDonald's
Dining
44,972 visits/mo
0.2 miles
Dollar Tree
Shops & Services
32,563 visits/mo
0.3 miles
Panda Express
Dining
25,177 visits/mo
0.1 miles
Taco Bell
Dining
22,901 visits/mo
0.2 miles
Starbucks
Dining
17,845 visits/mo
0.1 miles
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 Retail in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
NNN property - Freestanding pharmacy building with dedicated drive-through service and on-site parking.
Where is this nnn property located?
The property is located at 2800 W Clearwater Ave Kennewick, WA.
What is the asking price?
The asking price for this property is $4,610,000.
What are key features of this property?
This property features: 14,820 SF freestanding building on a 3.3‑acre lot; Built for Walgreens in 2006; Pharmacy drive‑through included
