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

    2261 Stevens Dr Richland, WA 99352

    • Office buildings
    • 50,784 SF
    For Sale
    View listing
    $19
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US90-0770732
    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

    • Office buildings

    Property Details for 2261 Stevens Dr

    Year built
    1988
    Construction
    WOOD
    Property size
    50,784 SF
    Property type
    Office buildings
    APN
    13408100000100A
    APU
    13408100000100A

    Description

    This exceptional 3-acre office building at 2261 Stevens Drive in Richland, WA, presents a unique opportunity. Currently configured to accommodate a single large tenant, this adaptable space within the Evergreen Office Complex can be easily divided to suit up to four tenants. The building features a central staircase and elevators conveniently located near the main entrance, complemented by additional stairwells at each end for efficient egress. The interior boasts a turnkey design, including existing office furniture, creating immediate occupancy potential. The layout incorporates exterior offices with ample natural light from windows, balanced by open cube workspaces in the central area. Generous breakrooms and common restrooms are strategically placed for employee convenience. High-speed connectivity is ensured through a T1 data connection and access to a high-speed local area network (HLAN). This property is ideally suited for a large-scale Hanford contractor or can be subdivided to accommodate up to two tenants per floor. A significant advantage is the availability of 232 parking spaces, eliminating parking concerns. Tenant improvement (TI) allowances are available to customize the space to specific needs. Floor plans are available upon request. The building is move-in ready, offering immediate occupancy.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $1,035,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $1,695,000
      Market price range: $1.21M - $4.34M

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

    Location Insight

    • Map
    • Local Demand
    City
    Richland
    County
    Benton
    State
    Washington
    Longitude
    -119.286
    Latitude
    46.314
    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
    $0.00
    $3,973,550
    $3,973,550
    -
    $0.00
    $3,973,550
    $3,973,550

    Comparable in this City

    • Value Estimation
      $800,000
      22,570 SF

      3100 Prt Of Benton Blvd

      PROFESSIONAL BUILDING • 22,570 SF
      3100 Prt Of Benton Blvd, Richland, WA 99354-1670
      View Details
    • Value Estimation
      $1,280,000
      47,543 SF

      3350 Q St

      PROFESSIONAL BUILDING • 47,543 SF
      3350 Q St, Richland, WA 99354-5006
      View Details
    • Value Estimation by Request
      11,500 SF

      2008 Butler Loop

      PROFESSIONAL BUILDING • 11,500 SF
      2008 Butler Loop, Richland, WA 99354-4970
      View Details
    • Value Estimation
      $1,025,000
      94,715 SF

      2420 Evens Ctr

      PROFESSIONAL BUILDING • 94,715 SF
      2420 Evens Ctr, Richland, WA 99354
      View Details
    • Value Estimation by Request

      1301 Jadwin Ave

      PROFESSIONAL BUILDING
      1301 Jadwin Ave, Richland, WA 99354-3411
      View Details
    • Value Estimation by Request

      1890 Jadwin Ave

      PROFESSIONAL BUILDING
      1890 Jadwin Ave, Richland, WA 99354-2555
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      1.90 Acres

      Richland Office Property for Sale

      Office property available in Richland, Washington.
      1933/1955 Jadwin Ave, Richland, WA 99354
      View Details
    • $725,000
      Pending

      Richland Office Building For Sale

      Office building for sale in Richland, Washington.
      1623 Terminal Dr, Richland, WA 99354
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    • $2,135,000
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      Richland Office Building For Sale

      Commercial office building on Jadwin Ave in Richland, WA.
      1516 Jadwin Ave, Richland, WA 99354
      View Details
    • $13,050,000
      62,375 SF

      Fully Occupied Richland Office Building

      Class B office building with AAA tenant in Richland, WA.
      450 Hills St, Richland, WA 99354
      View Details
    • $1,115,000
      0.56 Acres

      Richland Office For Sale

      Office property available for sale in Richland, Washington.
      2765 Salk Ave, Richland, WA 99354
      View Details
    • Contact for pricing
      1.82 Acres

      Prime Richland Office Building

      Newly remodeled, 20,530 sq ft office space.
      3170 George Washington Way, Richland, WA 99354
      View Details

    Similar Nearby for Lease

    • $14 SF/Yr
      22,342 SF

      Jadwin Ave Office Space for Lease

      Richland, WA professional office building with ample parking.
      1933 Jadwin Ave, Richland, WA 99354
      View Details
    • $17 SF/Yr
      300 SF

      Professional Office Space Available

      First floor office suite with easy access and abundant parking.
      1933-1955 Jadwin Ave, Richland, WA 99354
      View Details
    • $12 SF/Yr
      53,760 SF

      Richland Flex Space: Prime Location

      New 53,760 SF Flex Space Available
      2509 Logan St, Richland, WA 99354
      View Details
    • $1,700 /Mo
      816 SF

      Small Office Space in Richland

      816 SF office space with lab build-out available for rent.
      217 Torbett St, Richland, WA 99354
      View Details
    • $12 SF/Yr
      8,191 SF

      Fenced Yard with Office/Warehouse

      Office and warehouse space with a large fenced yard.
      2746 Kingsgate Way, Richland, WA 99354
      View Details
    • Contact for pricing
      1,540 SF

      Functional Office Space in Richland

      Built-out office space with private offices, reception, and kitchenette.
      454 Stevens Dr, Richland, WA 99354
      View Details
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    2261 Stevens Dr
    Richland, WA 99352
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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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