Kennewick Self-Storage Facility For
For Sale
Contact for pricing
Pending
517 North Johnson Street, Kennewick, WA 99336
Self-storage facility in Kennewick, Washington with upside potential.
Property Size11,150 SF
Days on Market86
Property Features for 517 North Johnson Street
General Information
Standard status
Pending
Size
11,150 SF
Property subtype
Self Storage
Building Details
Year Built
1994
Buildings
2
Listing Agency:
Cushman & Wakefield - Portland, Oregon
(503) 279-1743
Listed By:
Jim Lewis · License #OR 200412086
Source:
Crexi
Added: May 18
Changed: Aug 8
Last Checked: Aug 8 at 6:49AM
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 Cushman & Wakefield - Portland, Oregon
Investment Insights
Based on property information with market context.
AAA Affordable Mini Storage, constructed in 1994, is a self-storage facility featuring 93 drive-up units, totaling approximately 11,150 net rentable square feet, along with 29 open parking spaces. The property is currently approximately 94% occupied, indicating strong in-place fundamentals. The current rent averages approximately $1.03 per square foot, which is 28% below the weighted market average of $1.32 per square foot, offering immediate upside potential through rental increases and increasing street rates. The asset features paved drive aisles, efficient site circulation, keypad entry, and a simple operating profile, with minimal ongoing capital requirements. The property is centrally located within Kennewick, the largest and most established city in the Tri-Cities region of southeastern Washington, benefiting from proximity to residential neighborhoods, retail corridors, and regional employment.
Key Highlights
- High occupancy rate (~94%) indicates strong demand and stable income.
- Significant rental upside potential (28% below market average).
- Prime location in Kennewick, the largest city in the Tri‑Cities region.
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
$93,566
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
7.20%
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%
$1,871,320
$1.9M
Cap Rate 7%
$1,336,657
$1.3M
Cap Rate 9%
$1,039,622
$1.0M
Market Conditions
NOI Build-Up for 11,150 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
$144.5K $12.96/SF
− Vacancy
−$10.8K −$0.97/SF
EGI
$133.7K $11.99/SF
− OpEx
−$40.1K −$3.60/SF
NOI
$93.6K $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%
$1,871,320
Cap Rate 7%
$1,336,657
Cap Rate 9%
$1,039,622
Alternative Uses
Best Use
Self Storage
$1.34M
$1.17M – $1.56M
NOI $93,566 @ 7.0% cap · market cap 7.20%
Second Best
Industrial
$935.3K
$818.4K – $1.09M
NOI $65,468 @ 7.0% cap · market cap 5.04%
Theoretical Best
Office A
$3.09M
$2.71M – $3.61M
NOI $216,482 @ 7.0% cap · market cap 16.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,096
Businesses Nearby
Explore this area
Business Placement
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 Industrial in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Self storage facility - Self-storage facility in Kennewick, Washington with upside potential.
Where is this self storage facility located?
The property is located at 517 North Johnson Street Kennewick, WA.
What is the asking price?
The asking price for this property is $1,300,000.
What are key features of this property?
This property features: High occupancy rate (~94%) indicates strong demand and stable income.; Significant rental upside potential (28% below market average).; Prime location in Kennewick, the largest city in the Tri‑Cities region.
