Office Building with Built-In Lease
For Sale
Contact for pricing
2920 George Washington Way, Richland, WA 99354
For-sale office building in Richland zoned B-RP, offering leases with increases built throughout the term.
Property Size35,000 SF
Price / SF$170
Days on Market181
Property Features for 2920 George Washington Way
General Information
Standard status
Active
Size
35,000 SF
Property subtype
OFFICE
Zoning
B-RP
Additional Details
Highway Access
Yes
Listing Agency:
Windermere Group One Tri-Cities
(509) 539-6773
Listed By:
April Connors · License #21037746
(509) 539-6773
Source:
Moodyscre
Added: Feb 9
Changed: Jul 27
Last Checked: Aug 9 at 9:00AM
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 Windermere Group One Tri-Cities
Investment Insights
Based on property information with market context.
This for-sale office building offers a total of 35,000 square feet and is positioned for investor-focused ownership. The property’s leases include increases built in throughout the term, supporting a structured income profile for the duration of the agreements. The building is zoned B-RP (Business Research Park).
Located in Richland’s core business district at 2920 George Washington Way, the property is surrounded by research facilities and office users. It also benefits from proximity to Washington State University Tri-Cities and is described as having convenient access to I-82 and I-182, with nearby dining and services.
The combination of the B-RP zoning designation and the presence of multiple office and research-oriented users in the area is intended to support long-term occupancy stability.
Located in Richland’s core business district at 2920 George Washington Way, the property is surrounded by research facilities and office users. It also benefits from proximity to Washington State University Tri-Cities and is described as having convenient access to I-82 and I-182, with nearby dining and services.
The combination of the B-RP zoning designation and the presence of multiple office and research-oriented users in the area is intended to support long-term occupancy stability.
Key Highlights
- For‑sale office building at 2920 George Washington Way in Richland
- Zoned B‑RP (Business Research Park)
- Leases have increases built in throughout the term
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
$537,251
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
9.03%
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%
$10,745,020
$10.7M
Cap Rate 7%
$7,675,014
$7.7M
Cap Rate 9%
$5,969,456
$6.0M
Market Conditions
NOI Build-Up for 35,000 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
$768.6K $21.96/SF
− Vacancy
−$52.3K −$1.49/SF
EGI
$716.3K $20.47/SF
− OpEx
−$179.1K −$5.12/SF
NOI
$537.3K $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%
$10,745,020
Cap Rate 7%
$7,675,014
Cap Rate 9%
$5,969,456
Alternative Uses
Best Use
Office B
$7.68M
$6.72M – $8.95M
NOI $537,251 @ 7.0% cap · market cap 9.03%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$9.71M
$8.49M – $11.33M
NOI $679,540 @ 7.0% cap · market cap 11.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
107
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?
Office building - For-sale office building in Richland zoned B-RP, offering leases with increases built throughout the term.
Where is this office building located?
The property is located at 2920 George Washington Way Richland, WA.
What is the asking price?
The asking price for this property is $5,950,000.
What are key features of this property?
This property features: For‑sale office building at 2920 George Washington Way in Richland; Zoned B‑RP (Business Research Park); Leases have increases built in throughout the term
