Kennewick, Washington offers a diverse range of commercial real estate opportunities for investors. With a strong economy driven by major employers like Lamb Weston and Tyson Foods, as well as a growing retail sector anchored by the Columbia Center Mall, commercial properties in Kennewick can provide a stable source of income. Commercial real estate in Kennewick can take many forms, including office buildings, retail spaces, and industrial properties, each offering unique investment opportunities. The city's infrastructure, including Ben Franklin Transit and Benton Public Utility District, supports the growth of businesses in the area. Additionally, Kennewick's location along the Columbia River and its proximity to major transportation routes make it an attractive location for companies looking to establish a presence in the region. With a population of around 80,000 people, Kennewick is a significant economic hub in southeastern Washington, attracting visitors and businesses alike with its scenic views, outdoor recreational opportunities, and cultural events like the Tri-Cities Water Follies.
Currently, there are 38 commercial real estate listings available in Kennewick, offering a range of options for investors. The average price per square foot for commercial properties in Kennewick is $240 USD, with an average size of 9,429 square feet. The largest commercial property available in Kennewick is 29,478 square feet. In addition to commercial real estate, Kennewick also offers industrial properties, with companies like Lamb Weston and Tyson Foods taking advantage of the city's strategic location and transportation infrastructure. Apartment buildings are also available in Kennewick, providing opportunities for investors looking to capitalize on the city's growing population. Office properties, including those in the historic downtown area, offer a range of options for businesses looking to establish a presence in the city. Hotels, such as those located near the Columbia Center Mall, cater to the city's growing tourism industry, driven by events like the Tri-Cities Water Follies and the region's wine country.
What financing options are available for purchasing commercial real estate?
When it comes to financing options for purchasing commercial real estate in Kennewick, Washington, there are several alternatives to consider, including:
- SBA loans, which offer favorable terms and lower down payments for small business owners;
- Conventional loans, which provide competitive interest rates and flexible repayment terms;
- Private money loans, which offer quick access to capital for investors and developers.
How do cap rates factor into commercial real estate purchases?
When considering commercial real estate purchases in Kennewick, Washington, cap rates play a crucial role in determining the potential return on investment. With an average cap rate of 6.97%, investors can gauge the property's income-generating potential, making it essential to understand what is a cap rate and how it affects their investment decisions.
What is considered a commercial property?
In Kennewick, Washington, a commercial property is typically defined as a building or land used for business or commercial activities, such as office spaces, retail stores, restaurants, warehouses, and industrial facilities. These properties can range in size from 9,429 square feet to 29,478 square feet, with an average price per square foot of $240 USD and an average cap rate of 6.97%, offering a variety of opportunities for businesses and investors in the area, with 38 available listings to choose from.
