$5,016,000
585 Gage BlvdRichland, WA 99352
Office building (from the listing description) · MLS 12049764 · Listed 5 days ago (Oct 30, 2026)
Active: Listed and available according to the MyStateMLS feed.
Other listings at this address
Separate MyStateMLS listings with exactly the same street address. Each is its own offer with its own listing representative; spaces are not assumed to be contiguous or combinable.
| Listing | Offer | Size | Price or rate | Listed by |
|---|---|---|---|---|
| This listing (viewing) | For sale | 1.41 acres | $5,016,000 | Pearl Realty, LLC |
| MLS 12049772 | For sale | 2.68 acres | $10,016,000 | Pearl Realty, LLC |
About this property
Rare opportunity to acquire a Tier 5 Walgreens store demonstrating exceptional sales performance, with the last reported annual front-of-store revenue reaching $5.05 million, excluding pharmacy sales. Strategically positioned at the prominent intersection of Gage Boulevard and Leslie Road in the heart of South Richland's established commercial corridor, this high-performing location benefits from outstanding visibility, convenient accessibility, and a prime position directly across the street from a medical center, creating valuable synergy between healthcare services and pharmacy retail. Surrounded by established shopping centers, restaurants, professional offices, and growing residential neighborhoods, the property is ideally situated to serve both local residents and the broader Tri-Cities metropolitan area. Generating $326,040 in annual rental income at a compelling 6.5% cap rate, the property offers approximately 8.10 years of firm lease term remaining, twelve additional five-year renewal periods, and scheduled 5% rental increases, with the next escalation occurring in 2027. The landlord-friendly NNN lease places responsibility for property taxes, insurance, utilities, and substantially all maintenance and repairs, including the roof, structure, and parking lot, on Walgreens, subject to limited contractual exceptions. This favorable lease structure provides predictable rental income with minimal day-to-day management requirements. Located within the thriving Tri-Cities market, encompassing Richland, Kennewick, Pasco, and West Richland, the property serves a regional population exceeding 320,000 residents. The area's diversified economy is supported by major employment centers, including Pacific Northwest National Laboratory, Hanford Site operations, regional healthcare institutions, and expanding technology and manufacturing industries. Further enhancing its appeal, the property is located in Washington, a state with no general personal income tax, and benefits from strong regional connectivity via major highways, rail infrastructure, and Tri-Cities Airport. With exceptional reported store sales, proximity to complementary medical services, established national tenancy, contractual rental growth, and an extensive renewal structure, this offering represents a compelling investment opportunity combining durable income, strategic positioning, and long-term value.
Description provided by the listing brokerage.
Key facts
- Asking price
- $5,016,000
- Status
- For sale
- Property type
- OfficeFrom the listing description
- Land area
- 1.41 acresSource field LotSizeAcres
- Year built
- 2005
- MLS number
- 12049764
Facts are reported by the listing brokerage. Items not listed were not provided; that does not mean the property lacks them or that they are zero.
Price
- Asking price
- $5,016,000
Building and site
- County
- Benton County
Investment figures reported in the description
- Cap rate
- 6.5% (actual or pro forma not stated)"…rental income at a compelling 6.5% cap rate, the property offers app…"
These figures are as written by the listing agent, without a stated period or supporting statements. Commercial Only does not calculate or verify them. Ask for rent rolls, operating statements and leases before relying on any figure.
Reported features
- Parking reported (from the description)“…ding the roof, structure, and parking lot, on walgreens, subject to lim…”
A mention is not a specification. Confirm power, clear height, doors, parking and code compliance for your use with the listing representative and your own advisers.
Location
The pin is the listing's reported coordinates and may be approximate. It is not a parcel boundary or survey and says nothing about access rights, easements or flood zones. See more listings in Richland or office building in Richland.
Why this listing is on Commercial Only
- Property type as the listing describes it. (description: "…ablished shopping centers, restaurants, professional offices, and growing residential neighborhoods,…")
- MLS property class detail. (PropertyTypeDetail: comm-building)
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Price and status history
Changes observed by Commercial Only in MyStateMLS data since Nov 3, 2026. This is not a public-record sales or lease history.
Guides
Listing courtesy of Pearl Realty, LLC. Listing agent: Joel Pearl. Listings provided by MyStateMLS.
Listing last modified at the source Oct 30, 2026, 5:06 PM UTC. Commercial Only last confirmed MyStateMLS data Nov 4, 2026, 11:30 AM UTC. Information is deemed reliable but not guaranteed; verify all details with the listing representative.