3600 Clearwater Ave Ste A Kennewick, WA 99336-2682

Property Details for 3600 Clearwater Ave Ste A

Property type

Retail space

APN

30PM42600000000

APU

30PM42600000000

Description

Saunders Square, a 12,676 square foot shopping center in Kennewick, Washington, presents a compelling investment opportunity. This fully occupied, single-story building boasts five tenants, including a major anchor tenant, Rent-A-Center, which has occupied 39% of the space for over 25 years. Metro PCS and Smoke City, each with approximately 10 years of tenancy, occupy an additional 23%. The property features a Net Net Net (NNN) lease structure, minimizing landlord responsibilities. Located at a signalized intersection on W Clearwater Ave, a primary retail corridor with over 26,500 vehicles per day, the center benefits from high visibility and convenient access to major freeways (HWY 395 and HWY 240). The asking price is $2,530,000, or $200 per square foot, significantly below replacement cost (estimated at over $450 per square foot). The property's strong tenancy, favorable lease terms, and prime location contribute to a 6.50% capitalization rate and a Net Operating Income (NOI) of $164,402. 78% of the gross leasable area is currently leased below market rates, presenting significant potential for future rental income growth upon lease renewals. The 38,869 square foot lot provides ample parking (3.16 spaces per 1,000 square feet). Built in 1980, this stabilized investment offers long-term stability and substantial upside potential.

Location Insight

City

Kennewick

County

Benton

State

Washington

Longitude

-119.17

Latitude

46.2127

CBSA code

28420

CBSA name

KENNEWICK-RICHLAND-PASCO, WA METROPOLITAN STATISTICAL AREA