Fully Leased Retail
For Sale
Contact for pricing
2909 S Quillan St, Kennewick, WA 99337
Established retail center with multiple local operators and adjacency to nationally recognized commercial anchors.
Property Size25,850 SF
Price / SF$314.66
Days on Market140
Property Features for 2909 S Quillan St
General Information
Standard status
Active
Size
25,850 SF
Class
A
Property subtype
Retail
Occupancy
100%
Lease Type
NNN
Investment Type
Stabilized
Net Operating Income
$488,045
Building Details
Year Built
2013
Buildings
1
Tenancy
Multi
Listing Agency:
Hawkins Edwards
(206) 475-5578
Listed By:
Christopher Edwards · License #WA 129418
Source:
Crexi
Added: Apr 13
Changed: Aug 30
Last Checked: Aug 30 at 7:49AM
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 Hawkins Edwards
Investment Insights
Based on property information with market context.
The Plaza at Canyon Lakes is a 25,850-square-foot retail shopping center at 2909 S Quillan St in Kennewick, Washington. Constructed in 2013, the property is fully leased and accommodates a range of service, food, fitness, wireless, and salon-oriented businesses, including Anytime Fitness, GoWireless, M&C Nails Spa, Papa Johns, Salon 509, and Tip’s Thai House.
The center is positioned in South Kennewick near Walmart, McDonald’s, Burger King, Starbucks, and Home Depot. Its retail setting places the property alongside established national and local commercial operators, with the surrounding tenant mix contributing to a broad customer-oriented environment.
The center is positioned in South Kennewick near Walmart, McDonald’s, Burger King, Starbucks, and Home Depot. Its retail setting places the property alongside established national and local commercial operators, with the surrounding tenant mix contributing to a broad customer-oriented environment.
Key Highlights
- 25,850 SF retail shopping center
- Built in 2013
- Fully leased with six identified local tenants
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
$304,213
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
3.74%
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%
$6,084,260
$6.1M
Cap Rate 7%
$4,345,900
$4.3M
Cap Rate 9%
$3,380,144
$3.4M
Market Conditions
NOI Build-Up for 25,850 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
$465.3K $18.00/SF
− Vacancy
−$30.7K −$1.19/SF
EGI
$434.6K $16.81/SF
− OpEx
−$130.4K −$5.04/SF
NOI
$304.2K $11.77/SF
Area
Benton County, WA
Vacancy
6.60%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
30.00%
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%
$6,084,260
Cap Rate 7%
$4,345,900
Cap Rate 9%
$3,380,144
Alternative Uses
Best Use
Retail
$4.35M
$3.80M – $5.07M
NOI $304,213 @ 7.0% cap · market cap 3.74%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$7.17M
$6.27M – $8.36M
NOI $501,889 @ 7.0% cap · market cap 6.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
429
Businesses Nearby
317k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Superstores 41%
Dining 34%
Home Improvements & Furnishings 11%
Shops & Services 8%
Walmart
Superstores
130,553 visits/mo
0.2 miles
McDonald's
Dining
38,030 visits/mo
0.1 miles
The Home Depot
Home Improvements & Furnishings
36,052 visits/mo
0.1 miles
Dutch Bros. Coffee
Dining
19,645 visits/mo
0.2 miles
Burger King
Dining
16,704 visits/mo
0.1 miles
Demographics for 99337, WA
33,458
Population
11,725
Households
2.9
Avg Household Size
37
Median Age
29%
College-Educated
87%
High-School Grad
165.9 sq mi
ZIP Area
202
Density / Sq Mi
$90,227
Median Household Income
$49,829
Median Earnings
$1,347
Median Rent
$356,700
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?
Shopping center - Established retail center with multiple local operators and adjacency to nationally recognized commercial anchors.
Where is this shopping center located?
The property is located at 2909 S Quillan St Kennewick, WA.
What is the asking price?
The asking price for this property is $8,134,000.
What are key features of this property?
This property features: 25,850 SF retail shopping center; Built in 2013; Fully leased with six identified local tenants
