Grocery-Anchored Dollar Tree
For Sale
$6,825,000
81 Columbia Point Dr, Richland, WA 99352
25,000 SF NNN investment property with long-term tenant.
Property Size25,049 SF
Price / SF$272.47
Days on Market163
Property Features for 81 Columbia Point Dr
General Information
Standard status
Active
Size
25,049 SF
Property subtype
Shopping Strip
Amenities
Long-Term National Credit Tenant
Scheduled Rent Growth
7.11% Cap Rate in 2029
WinCo Foods Anchored Shopping Center
Dynamic Retail Trade Area
High-Growth Metro
Building Details
Building Size
25,049 SF
Year Built
2003
Listed By:
Maxwell McDonald · License #License(s): ID: SP46325, WA: 27702, MT: 93077
(509) 570-7447
Source:
Marcusmillichap
Added: Mar 31
Changed: Sep 8
Last Checked: Sep 8 at 3:39AM
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 Maxwell McDonald
Investment Insights
Based on property information with market context.
This 25,000 square foot property presents an investment opportunity with a 6.69% CAP rate and a net operating income of $426,016 annually. The property is anchored by Dollar Tree, a national credit tenant, occupying 19,966 square feet. Dollar Tree has extended its lease for 8 years, through January 2032, with two 5-year renewal options extending tenancy until 2042. There is a vacant 5,000 square foot suite adjacent to Dollar Tree, formerly a Mattress Suite, which is listed for lease at $22.50 per square foot. NNN estimates are $3.75. WinCo Grocery manages all of the Center's Common Area Maintenance.
Key Highlights
- Grocery‑anchored investment property with Dollar Tree as the anchor tenant.
- Attractive 6.69% CAP rate and $426,016 net operating income (NOI).
- Dollar Tree recently extended its lease through January 2032, with options to extend until 2042.
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
$385,910
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
5.65%
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%
$7,718,200
$7.7M
Cap Rate 7%
$5,513,000
$5.5M
Cap Rate 9%
$4,287,889
$4.3M
Market Conditions
NOI Build-Up for 25,049 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
$541.1K $21.60/SF
− Vacancy
−$26.5K −$1.06/SF
EGI
$514.5K $20.54/SF
− OpEx
−$128.6K −$5.14/SF
NOI
$385.9K $15.41/SF
Area
Benton County, WA
Vacancy
4.90%
Lease Rate
$21.60 /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%
$7,718,200
Cap Rate 7%
$5,513,000
Cap Rate 9%
$4,287,889
Alternative Uses
Best Use
Specialty Retail
$5.51M
$4.82M – $6.43M
NOI $385,910 @ 7.0% cap · market cap 5.65%
Second Best
Retail
$4.21M
$3.68M – $4.91M
NOI $294,787 @ 7.0% cap · market cap 4.32%
Theoretical Best
Office A
$6.95M
$6.08M – $8.11M
NOI $486,337 @ 7.0% cap · market cap 7.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
299
Businesses Nearby
158k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 52%
Dining 27%
Shops & Services 15%
Apparel 3%
WinCo Foods
Groceries
82,246 visits/mo
0.1 miles
Dollar Tree
Shops & Services
19,161 visits/mo
0.1 miles
Jack in the Box
Dining
17,277 visits/mo
0.1 miles
Starbucks
Dining
14,621 visits/mo
0.1 miles
Applebee's
Dining
10,821 visits/mo
0.1 miles
Demographics for 99352, WA
35,762
Population
15,522
Households
2.3
Avg Household Size
38
Median Age
48%
College-Educated
96%
High-School Grad
24.0 sq mi
ZIP Area
1,490
Density / Sq Mi
$96,875
Median Household Income
$65,348
Median Earnings
$1,457
Median Rent
$442,100
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?
NNN property - 25,000 SF NNN investment property with long-term tenant.
Where is this nnn property located?
The property is located at 81 Columbia Point Dr Richland, WA.
What is the asking price?
The asking price for this property is $6,825,000.
What are key features of this property?
This property features: Grocery‑anchored investment property with Dollar Tree as the anchor tenant.; Attractive 6.69% CAP rate and $426,016 net operating income (NOI).; Dollar Tree recently extended its lease through January 2032, with options to extend until 2042.
