Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    3121 Leslie Rd Kennewick, WA 99352

    • Warehouses
    • 57,736 SF
    • 2.00 lot acres
    For Lease
    View listing
    $15 SF/Yr
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Warehouses

    Property Details for 3121 Leslie Rd

    Year built
    2024
    Lot size
    2.00 lot acres
    Property size
    57,736 SF
    Property type
    Warehouses
    Property subtype
    Office Properties & Spaces

    Description

    This exceptional new flex space business center, located at 3121 Leslie Rd, Richland, offers 18 immediately available units ranging from 1,904 to 4,424 square feet. Situated at the prime corner of Leslie Rd and Reata Rd, this facility boasts high visibility and convenient access to Highway I-82. The single, 57,736 square foot building, constructed in 2024, sits on 2 acres of land and features a total of 21 suites. Currently, 55,832 square feet are vacant. Each unit is fully climate-controlled, finished to modern standards, and requires no tenant improvements. Key features include 14-foot tall insulated overhead doors, ample on-site parking, and on-site security cameras. Fire sprinklers are installed throughout the building for enhanced safety. A minimum one-year lease term is required. Cabinet signage is available for each unit at the tenant's cost. The property is zoned B, S-1 and its APN is 111881012147001. Construction is anticipated to be complete by early January 2025. This is an ideal location for businesses seeking modern, move-in ready flex space in a high-traffic area.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Kennewick
    County
    Benton
    State
    Washington
    Longitude
    -119.266
    Latitude
    46.1992

    Comparable in this City

    • Value Estimation
      $550,000
      14,555 SF

      Richland, WA 99352

      FOOD PACKING, PACKING PLANT • 14,555 SF
      Richland, WA 99352
      View Details
    • Value Estimation by Request
      15,898 SF

      878 Tulip Ln

      FOOD PACKING, PACKING PLANT • 15,898 SF
      878 Tulip Ln, Richland, WA 99352-8588
      View Details
    • Value Estimation by Request

      894 Tulip Ln

      FOOD PACKING, PACKING PLANT
      894 Tulip Ln, Richland, WA 99352-8588
      View Details
    • Value Estimation by Request

      878 Tulip Ln

      FOOD PACKING, PACKING PLANT
      878 Tulip Ln, Richland, WA 99352-8588
      View Details
    • Value Estimation by Request
      6,813 SF

      894 Tulip Ln

      FOOD PACKING, PACKING PLANT • 6,813 SF
      894 Tulip Ln, Richland, WA 99352-8588
      View Details
    • Value Estimation by Request
      3.46 Acres

      1695 Malibu Pr

      FOOD PACKING, PACKING PLANT • 3.46 Acres
      1695 Malibu Pr, Richland, WA 99352-8673
      View Details

    Similar Nearby for Sale

    • $1,000,000
      6,453 SF

      Richland Office Building Investment

      6,453 SF Office, 7.25% Cap Rate
      1177 Jadwin Ave, Richland, WA 99352
      View Details
    • Contact for pricing
      3.26 Acres

      Office Space in Richland, WA

      Commercial office property for sale in Richland, Washington.
      303 Bradley Blvd, Richland, WA 99352
      View Details
    • Contact for pricing
      1.58 Acres

      Richland Office Space For Sale

      Commercial office property available in Richland, Washington.
      3180 George Washington Way, Richland, WA 99352
      View Details
    • $1,000,000
      0.49 Acres

      Richland Office Building: Prime Investment

      High-yield office building, excellent location, strong cash flow.
      1177 Jadwin Ave, Richland, WA 99352
      View Details
    • $18,926,250
      4.18 Acres

      1200 Jadwin Ave, Richland, WA 99352

      Office Properties & Spaces • 4.18 Acres
      1200 Jadwin Ave, Richland, WA 99352
      View Details
    • Contact for pricing
      1.00 Acre

      Richland Office For Sale

      Office property available for sale in Richland, Washington.
      400 Columbia Point Dr, Richland, WA 99352
      View Details

    Similar Nearby for Lease

    • $15 SF/Yr
      57,736 SF

      Leslie Rd Flex Space Business Center

      New Richland Flex Space; 18 Units Available
      3121 Leslie Rd, Kennewick, WA 99352
      View Details
    • Contact for pricing
      2,800 SF

      Climate-Controlled Warehouse with Drive-Through

      2,800 SF climate-controlled warehouse space with drive-through access.
      1333-1339 Tapteal Dr, Richland, WA 99352
      View Details
    • $4,400 /Mo
      3,750 SF

      Industrial Space with Fenced Laydown

      3,750 SF industrial space with 10,000 SF fenced laydown.
      191 East Reata Rd, Richland, WA 99352
      View Details
    • $4,100 /Mo
      10,000 SF

      Richland Airport Business Park Flex

      Two move-in ready, heated and cooled buildings in Richland.
      1893 Terminal Dr, Richland, WA 99352
      View Details
    • Contact for pricing
      3,808 SF

      New Flex Space Business Center

      New flex space in Richland with high visibility.
      3121 Leslie Rd, Richland, WA 99352
      View Details
    • $24 SF/Yr
      6,152 SF

      Richland Office Building - Suite B

      Class A Office Space, Prime Location
      291 Bradley Blvd, Richland, WA 99352
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    3121 Leslie Rd
    Kennewick, WA 99352
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.