Kennewick Office Building For
For Sale
$1,291,864
4256 West 24th Avenue, Kennewick, WA 99338
6,000 SF office building with excellent tenant mix.
Property Size6,000 SF
Price / SF$215.31
Days on Market269
Property Features for 4256 West 24th Avenue
General Information
Standard status
Active
Size
6,000 SF
Property subtype
Office
Building Details
Year Built
2008
Listing Agency:
SVN Retter & Company
(509) 430-2378
Listed By:
Rob Ellsworth, CCIM · License #WA #17790
Source:
Svn
Added: Nov 21, 2025
Changed: Jul 6
Last Checked: Aug 16 at 5:22AM
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 6,000 square foot office building presents an investment opportunity with a strong rental history and a diverse tenant mix. Located in a highly sought-after area, the property benefits from excellent accessibility from all directions. The current leases, with the exception of one, are gross and slightly below market rates, offering a new buyer the potential to increase returns as leases turn over. The property is 100% occupied. Situated within the Landon Center, the building is part of a well-developed professional setting that includes professional users, state agencies, and some retail. Its location provides easy access and quick connection to Highway 395. The Tri-Cities area, encompassing Kennewick, Pasco, Richland, and West Richland, is centrally located and connected to major Pacific Northwest population centers via Interstates 82, 84, and 90. The Tri-Cities Airport offers daily direct flights to several major cities.
Key Highlights
- 100% Occupied with a strong rental history, providing immediate income.
- Located in a highly sought‑after area with excellent access and quick access to Highway 395.
- Excellent tenant mix with a variety of suite sizes.
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
$92,100
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
7.13%
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%
$1,842,000
$1.8M
Cap Rate 7%
$1,315,714
$1.3M
Cap Rate 9%
$1,023,333
$1.0M
Market Conditions
NOI Build-Up for 6,000 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
$131.8K $21.96/SF
− Vacancy
−$9.0K −$1.49/SF
EGI
$122.8K $20.47/SF
− OpEx
−$30.7K −$5.12/SF
NOI
$92.1K $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%
$1,842,000
Cap Rate 7%
$1,315,714
Cap Rate 9%
$1,023,333
Alternative Uses
Best Use
Office B
$1.32M
$1.15M – $1.54M
NOI $92,100 @ 7.0% cap · market cap 7.13%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.66M
$1.46M – $1.94M
NOI $116,493 @ 7.0% cap · market cap 9.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
410
Businesses Nearby
Explore this area
Business Placement
Demographics for 99338, WA
19,117
Population
6,909
Households
2.8
Avg Household Size
37
Median Age
42%
College-Educated
94%
High-School Grad
35.5 sq mi
ZIP Area
539
Density / Sq Mi
$116,002
Median Household Income
$55,295
Median Earnings
$1,474
Median Rent
$526,700
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 - 6,000 SF office building with excellent tenant mix.
Where is this office building located?
The property is located at 4256 West 24th Avenue Kennewick, WA.
What is the asking price?
The asking price for this property is $1,291,864.
What are key features of this property?
This property features: 100% Occupied with a strong rental history, providing immediate income.; Located in a highly sought‑after area with excellent access and quick access to Highway 395.; Excellent tenant mix with a variety of suite sizes.
