Court Street Mall

This property sits at the intersection of Court Street and 14th Avenue, kitty corner from Pasco High School. This is prime intersection and the site has access from both Court and 14th. Situated at the confluence of the Columbia, Snake, and Yakima Rivers in Southeastern Washington, the Tri-Cities represent the Kennewick-Pasco-Richland Metropolitan Statistical Area in Benton and Franklin counties. The Tri-Cities is centrally located and linked to the major population centers of the Pacific Northwest by Interstate Highways 82, 84, and 90. Seattle and Portland are 3 ½ hours by car. The BNSF and Union Pacific Railroads have a major presence in the Tri-Cities and the Columbia River connects the region with the Port of Portland. The Tri-Cities Airport (PSC) offers direct daily flights to Seattle, Portland, Los Angeles, San Francisco, Denver, Salt Lake City, and Minneapolis. Since 2000, no other community in the state of Washington has grown faster than the Tri-Cities. Current population estimates for Benton and Franklin counties is now 273,100. Located three and a half hours from Seattle, WA and Portland, OR, businesses’ products and services move quickly.This is a prime retail investment opportunity. The property is 100% occupied with a strong rental history and tenant mix. This mall hasn't had a vacancy in over 15 years and there is a good synergy between the tenants as they attract a similar customer base. The sale includes the Court Street Laundry, which is a long standing operation at this site and has had significant upgrades and new equipment put in over the past 4 years. The seller has this side of the operation running smoothly as a manager and employees are in place for a new owner to take over. There is a total of 5 employees that work onsite and are all hoping to stay on. Over the past 3 years, the owners have invested in 28 new dryers and 3 new washers. In recent years the owners have reroofed the property as well as replaced HVAC units as needed and in spring of 2023 the will have the parking lot re-sealed and re-striped. All the leases are charging a gross lease rate of approx. $12/sf annually. The current rate is roughly $3/sf under market.