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Shopping Strip

Two-Tenant NNN Industrial Flex | 2017 Construction

3320 Kennedy Rd, West Richland, WA 99353

Listing Price: $2,530,000

Cap Rate
5.50%
Gross SF
8,983
Rentable SF
8,983
Price/Gross SF
$281.64
Lot Size
1.10 acres
Year Built
2017

Investment Overview

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Investment Highlights

  • New Construction Industrial Flex Building: Built-in 2017 and 100% occupied by Budget Blinds and Affordable RV.
  • Long-Term NNN Leases: Both tenants recently executed new 10-year NNN leases with minimal landlord responsibilities. Leases also provide for a management fee reimbursement of 4% of base rent.
  • Dominant Retail Trade Area: Adjacent to Vintner Square, a Home Depot, Target and Walmart-anchored power center with a Marshalls, Ross, Grocery Outlet, Starbucks, Mod Pizza, Panera, Chase, and Habit.
  • High Traffic Intersection: Situated near the signalized intersection of Keene Rd. and Kennedy Rd. with traffic counts of 23,338 VPD, and in close proximity to I-182, a major regional interstate within the Tri-Cities.
  • Annual Rent Increases: Both leases benefit from annual rental increases of 2.5% - 3.0% providing a hedge against inflation.
  • Covid-Resistant Tenant Mix: During the pandemic, both the RV industry and home improvement industry experienced significant increase in consumer demand.
  • Budget Blinds Relocation Store: This store represents a relocation and expansion of their former store in Kennewick.
  • Affluent & Rapidly Growing MSA: Average household income within 5 miles exceeds $116,000 and since the year 2020, the population of the Tri-Cities MSA has grown by nearly 60%.

Exclusively Listed By

Shopping Strip

Two-Tenant NNN Industrial Flex | 2017 Construction

Listing Price: $2,530,000

Cap Rate
5.50%
Gross SF
8,983
Rentable SF
8,983
Price/Gross SF
$281.64
Lot Size
1.10 acres
Year Built
2017

Investment Highlights

  • New Construction Industrial Flex Building: Built-in 2017 and 100% occupied by Budget Blinds and Affordable RV.
  • Long-Term NNN Leases: Both tenants recently executed new 10-year NNN leases with minimal landlord responsibilities. Leases also provide for a management fee reimbursement of 4% of base rent.
  • Dominant Retail Trade Area: Adjacent to Vintner Square, a Home Depot, Target and Walmart-anchored power center with a Marshalls, Ross, Grocery Outlet, Starbucks, Mod Pizza, Panera, Chase, and Habit.
  • High Traffic Intersection: Situated near the signalized intersection of Keene Rd. and Kennedy Rd. with traffic counts of 23,338 VPD, and in close proximity to I-182, a major regional interstate within the Tri-Cities.
  • Annual Rent Increases: Both leases benefit from annual rental increases of 2.5% - 3.0% providing a hedge against inflation.
  • Covid-Resistant Tenant Mix: During the pandemic, both the RV industry and home improvement industry experienced significant increase in consumer demand.
  • Budget Blinds Relocation Store: This store represents a relocation and expansion of their former store in Kennewick.
  • Affluent & Rapidly Growing MSA: Average household income within 5 miles exceeds $116,000 and since the year 2020, the population of the Tri-Cities MSA has grown by nearly 60%.

Investment Overview

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Exclusively Listed By

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