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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1022 Lee Blvd Richland, WA 99352-4227

    • Office buildings
    • 4,131 SF
    • 0.33 lot acres
    OFF-MARKET
    Last Sale
    Jan 08, 2021
    $350,000
    Value Estimations
    $500,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US90-1009433
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Amanda Bobbett / Water Filter Supplier

    Property Details for 1022 Lee Blvd

    Year built
    1968
    Construction
    CONCRETE
    Lot size
    0.33 lot acres
    Property size
    4,131 SF
    Property type
    Office buildings
    APN
    111983040000005
    APU
    111983040000005

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $460,000
      ML approach
      $430,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $627,000
      Market price range: $628k - $1.29M

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $755,000

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Richland
    County
    Benton
    State
    Washington
    Longitude
    -119.277
    Latitude
    46.2752
    CBSA code
    28420
    CBSA name
    KENNEWICK-RICHLAND-PASCO, WA METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    0
    $0.00
    $117,570
    $156,580
    $274,150
    -
    $117,570
    $156,580
    $274,150

    Comparable in this City

    • Value Estimation
      $400,000
      5.13 Acres

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      PROFESSIONAL BUILDING • 5.13 Acres
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    • Value Estimation
      $255,000
      1,259 SF

      304 Wellhouse Loop

      PROFESSIONAL BUILDING • 1,259 SF
      304 Wellhouse Loop, Richland, WA 99352-4152
      View Details
    • Value Estimation
      $240,000
      1,094 SF

      302 Wellhouse Loop

      PROFESSIONAL BUILDING • 1,094 SF
      302 Wellhouse Loop, Richland, WA 99352-4152
      View Details
    • Value Estimation
      $335,000
      10,850 SF

      343 Wellsian Way

      PROFESSIONAL BUILDING • 10,850 SF
      343 Wellsian Way, Richland, WA 99352-4116
      View Details
    • Value Estimation
      $320,000
      6,105 SF

      725 Swift Blvd

      PROFESSIONAL BUILDING • 6,105 SF
      725 Swift Blvd, Richland, WA 99352-3541
      View Details
    • Value Estimation
      $495,000
      12,597 SF

      1096 Goethals Dr

      PROFESSIONAL BUILDING • 12,597 SF
      1096 Goethals Dr, Richland, WA 99352-3303
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      0.80 Acres

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      Move-in Ready Suites with River Views

      Premier property with suites, furnishings, ample parking, and river views.
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      Richland Office Building For Sale

      Office building available for purchase in Richland, Washington.
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    • $2,611,000
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      Medical District Investment Opportunity

      Multi-tenant medical office buildings near Kadlec Regional Medical Center.
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    • $1,000,000
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      Richland Commercial Property Investment

      Fully occupied commercial property in Richland with high visibility.
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      Richland Office Building For Sale

      Office building for sale in Richland, Washington.
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    Similar Nearby for Lease

    • $24 SF/Yr
      6,152 SF

      Richland Office Building - Suite B

      Class A Office Space, Prime Location
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      View Details
    • $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
    • $5,000 /Mo
      6,205 SF

      Retail/Office Space in Central Richland

      Retail/office space on high-traffic street with ample parking.
      1177 Lee Blvd, Richland, WA 99352
      View Details
    • $19 SF/Yr
      2,608 SF

      Office/Retail Space Near Hanford Site

      2,608 SF office/retail space with ample parking available for lease.
      800-808 Dalton St, Richland, WA 99352
      View Details
    • $15 SF/Yr
      9,376 SF

      Medical Office Space Available

      Medical office space for lease in Richland's medical district.
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      View Details
    • $19 SF/Yr
      1,632 SF

      Professional Office Space Available

      Second floor office suite in professional building for rent.
      295 Bradley Blvd, Richland, WA 99352
      View Details
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    1022 Lee Blvd
    Richland, WA 99352-4227
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    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
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