Retail Investment Property For
For Sale
$1,795,000
8318 W Gage Blvd, Kennewick, WA 99336
Multi-tenant retail property with long-term restaurant tenant.
Property Size9,000 SF
Price / SF$199.44
Days on Market289
Property Features for 8318 W Gage Blvd
General Information
Standard status
Active
Size
9,000 SF
Property subtype
General Commercial
Taxes and HOA fees
Annual Taxes
$6,317
Amenities
3
1-25 Spaces.
25264.80078125
Building Details
Year Built
1977
Listing Agency:
Kiemle& Hagood Company
(509) 579-2247
Listed By:
Michael Petrillo
(509) 579-2247
Source:
Xome
Added: Nov 7, 2025
Changed: Aug 23
Last Checked: Aug 22 at 1:42PM
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 Kiemle& Hagood Company
Investment Insights
Based on property information with market context.
This multi-tenant retail investment property features a successful, long-term restaurant tenant as an anchor. Situated in a central Kennewick retail area, the property is located near the Columbia Center Mall, Costco, Olive Garden, and an AMC movie theatre. The property has one suite currently available for lease, presenting a potential opportunity for owner-occupancy with upside. The property size is 9000 square feet.
Key Highlights
- Anchored by a very successful, long‑term restaurant tenant.
- Located in a prime retail location in Kennewick.
- Situated next to Columbia Center Mall, Costco, Olive Garden, and AMC movie theatre.
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
$138,656
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
7.72%
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%
$2,773,120
$2.8M
Cap Rate 7%
$1,980,800
$2.0M
Cap Rate 9%
$1,540,622
$1.5M
Market Conditions
NOI Build-Up for 9,000 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
$194.4K $21.60/SF
− Vacancy
−$9.5K −$1.06/SF
EGI
$184.9K $20.54/SF
− OpEx
−$46.2K −$5.14/SF
NOI
$138.7K $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%
$2,773,120
Cap Rate 7%
$1,980,800
Cap Rate 9%
$1,540,622
Alternative Uses
Best Use
Specialty Retail
$1.98M
$1.73M – $2.31M
NOI $138,656 @ 7.0% cap · market cap 7.72%
Second Best
Retail
$1.51M
$1.32M – $1.77M
NOI $105,916 @ 7.0% cap · market cap 5.90%
Theoretical Best
Office A
$2.50M
$2.18M – $2.91M
NOI $174,739 @ 7.0% cap · market cap 9.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,588
Businesses Nearby
645k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Superstores 32%
Apparel 32%
Shops & Services 23%
Dining 10%
Costco Wholesale
Superstores
209,154 visits/mo
0.2 miles
Macy's
Apparel
88,256 visits/mo
0.4 miles
JCPenney
Apparel
74,147 visits/mo
0.3 miles
Costco Gasoline
Shops & Services
46,606 visits/mo
0.3 miles
Jo-Ann Fabric and Craft
Shops & Services
39,755 visits/mo
0.3 miles
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 Retail in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Columbia Square — 1232 N Columbia Center Blvd, Kennewick, WA 99336
- Yellowstone North Retail Center — 8524 W Gage Blvd, Kennewick, WA 99336
- Sunglass Hut at Macy's — 1321 N Columbia Center Blvd, Kennewick, WA 99336
- Coinstar Kiosk - Bitcoin ATM — 140 W Gage Blvd Safeway, Richland, WA 99352
- Columbia Center — 1321 N Columbia Center Blvd, Kennewick, WA 99336
Frequently Asked Questions
What type of property is this?
Shopping center - Multi-tenant retail property with long-term restaurant tenant.
Where is this shopping center located?
The property is located at 8318 W Gage Blvd Kennewick, WA.
What is the asking price?
The asking price for this property is $1,795,000.
What are key features of this property?
This property features: Anchored by a very successful, long‑term restaurant tenant.; Located in a prime retail location in Kennewick.; Situated next to Columbia Center Mall, Costco, Olive Garden, and AMC movie theatre.
