101 Vista Way, Kennewick, WA 99336

Marcus & Millichap's Brown Retail Group has been selected to exclusively market for sale Kennewick Village, a value-add retail shopping center located in rapidly growing Kennewick, WA. The property is 99% occupied and is spread across 11 tax parcels. Over 47% of the GLA operates on month-to-month Modified Gross leases, with the majority of remaining tenants on short-term leases with no options. The average base rent at the property is $12.49/SF MG, with market rents achievable in the $13-$15/SF NNN range, providing an investor the opportunity to increase their cap rate to above an 11% cap rate through rent increases and converting lease types to NNN. Attractive seller financing is available at a 4.00% interest rate, 70% loan-to-value, and a 5-year term, providing a cash-on-cash return of 11.86% in Year 1. The separate tax parcels enable a parcelization strategy for enhanced returns, while a cost segregation study projects nearly $2.1 million in first-year bonus depreciation benefits. Over 56% of the GLA is leased by tenants that have been at the property for over 5 years.

The property is grocery anchored and is located across the street from Highlands Center (top 7% nationally, 1.5M annual visitors, per Placer.ai) and Kennewick Plaza (top 4% nationally, 2.0M annual visitors, per Placer.ai). The tenants are a mix of grocery, restaurant, service and daily needs retailers, providing diversification. The Property is located on Hwy 395 (35,700+ VPD) and near both W Clearwater Ave (22,000+ VPD) and SR 240 (44,000+ VPD), providing easy access to the property and excellent visibility. Within a 5-mile radius, the population has increased nearly 6% since 2020 and houses roughly 175,000 residents, with the population projected to grow another 4% in the next five years. Washington State offers the added benefit of being an income tax free state, enhancing investor returns and providing a tax efficient investment environment.