Newer Storage Facility For
For Sale
$6,100,000
4621 Southridge Blvd, Kennewick, WA 99338
Newer storage facility in Kennewick, WA, with expansion potential.
Property Size50,800 SF
Days on Market168
Property Features for 4621 Southridge Blvd
General Information
Standard status
Active
Size
50,800 SF
Property subtype
Industrial
Building Details
Building Size
50,800 SF
Year Built
2024
Listing Agency:
SVN Retter & Company
(509) 430-2378
Listed By:
Rob Ellsworth, CCIM · License #WA #17790
Source:
Svn
Added: Mar 5
Changed: Aug 8
Last Checked: Aug 8 at 6:18AM
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 newer storage facility offers an opportunity for investment portfolio expansion. Phase 1 is complete and operating at over 60% occupancy. The listed price includes the seller's completion of Phase 2 construction, delivering a fully developed project. Located on the southern edge of Kennewick in the Southridge area, the property is situated just off the Highway 395 exit. The surrounding area includes established and expanding residential neighborhoods, along with nearby industrial and retail developments. Built in 2024, the facility is fully automated, fully fenced, and monitored, with key code access gate.
Key Highlights
- Phase 2 Build Out Included: Purchase price includes completion of Phase 2 construction, delivering a fully developed project.
- High‑Growth Location: Situated in the Southridge area of Kennewick, benefiting from established and expanding residential neighborhoods, industrial, and retail developments.
- Newer Facility (2024 Built): Modern construction, minimizing potential maintenance costs.
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
$426,293
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
6.99%
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%
$8,525,860
$8.5M
Cap Rate 7%
$6,089,900
$6.1M
Cap Rate 9%
$4,736,589
$4.7M
Market Conditions
NOI Build-Up for 50,800 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
$658.4K $12.96/SF
− Vacancy
−$49.4K −$0.97/SF
EGI
$609.0K $11.99/SF
− OpEx
−$182.7K −$3.60/SF
NOI
$426.3K $8.39/SF
Area
Benton County, WA
Vacancy
7.50%
Lease Rate
$12.96 /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%
$8,525,860
Cap Rate 7%
$6,089,900
Cap Rate 9%
$4,736,589
Alternative Uses
Best Use
Self Storage
$6.09M
$5.33M – $7.10M
NOI $426,293 @ 7.0% cap · market cap 6.99%
Second Best
Industrial
$4.26M
$3.73M – $4.97M
NOI $298,277 @ 7.0% cap · market cap 4.89%
Theoretical Best
Office A
$14.09M
$12.33M – $16.44M
NOI $986,304 @ 7.0% cap · market cap 16.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
63
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 Industrial in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Self storage facility - Newer storage facility in Kennewick, WA, with expansion potential.
Where is this self storage facility located?
The property is located at 4621 Southridge Blvd Kennewick, WA.
What is the asking price?
The asking price for this property is $6,100,000.
What are key features of this property?
This property features: Phase 2 Build Out Included: Purchase price includes completion of Phase 2 construction, delivering a fully developed project.; High‑Growth Location: Situated in the Southridge area of Kennewick, benefiting from established and expanding residential neighborhoods, industrial, and retail developments.; Newer Facility (2024 Built): Modern construction, minimizing potential maintenance costs.
