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Ulta Beauty Pad 1232 N Columbia Center Blvd 8,954 SF Retail Building Kennewick, WA 99336 $4,190,000 ($467.95/SF) 5.99% Cap Rate
Investment Highlights
- #1 ULTA location in Washington State and ranked within the top 3% of all ULTA stores nationwide by visits and $12.1 million in estimated annual sales
- Approximately six years of remaining lease term with four, five-year renewal options. Lease features 10% rent escalations throughout the option period
- Kennewick-Richland retail vacancy of approximately 3.3% with minimal new construction pipeline
- Freestanding ULTA Beauty renovated in 2022 as part of a new 10-year lease commitment
- Positioned along N Columbia Center Blvd with exposure to approximately 28,000 vehicles per day. Pad site to Columbia Square Mall.
- Passive NNN lease structure with minimal landlord responsibilities
Executive Summary
Northmarq is pleased to present the opportunity to acquire a freestanding Ulta Beauty located at 1232 N Columbia Center Blvd in Kennewick, Washington. The Property was renovated for Ulta Beauty in 2022 as part of a new 10-year lease and currently has approximately six years of remaining term and four, five-year renewal options. The lease includes continued 10% escalations throughout the option periods, providing investors with a passive and steadily growing income stream.
This location is the #1 Ulta in Washington State and ranks within the top 3% of all Ulta stores nationwide by visits according to Placer.ai. The store generates approximately $12.1 million in estimated annual sales, drawing more than 473,000 annual visits annually. Positioned along N Columbia Center Blvd (±28,000 VPD) as a pad site to Columbia Square Mall, the Property benefits from dominant regional retail traffic, strong surrounding demographics, and limited competing retail supply within the Tri-Cities market.
This location is the #1 Ulta in Washington State and ranks within the top 3% of all Ulta stores nationwide by visits according to Placer.ai. The store generates approximately $12.1 million in estimated annual sales, drawing more than 473,000 annual visits annually. Positioned along N Columbia Center Blvd (±28,000 VPD) as a pad site to Columbia Square Mall, the Property benefits from dominant regional retail traffic, strong surrounding demographics, and limited competing retail supply within the Tri-Cities market.
Property Facts
Sale Type
Investment
Sale Condition
Business Value Included
Property Type
Retail
Property Subtype
Freestanding
Building Size
8,954 SF
Building Class
B
Year Built
1995
Price
$4,190,000
Price Per SF
$467.95
Cap Rate
5.99%
NOI
$251,160
Tenancy
Single
Building Height
1 Story
Building FAR
0.38
Lot Size
0.54 AC
Opportunity Zone
Yes
Parking
76 Spaces (8.49 Spaces per 1,000 SF Leased)
Amenities
- Signage
- Air Conditioning
Moderately walkable
60/100
Exceptionally drivable
100/100
Limited public transit
30/100
Moderately bikeable
60/100
Nearby Major Retailers
Property Taxes
| Parcel Number | 132992000007002 | Improvements Assessment | $1,725,690 |
| Land Assessment | $771,090 | Total Assessment | $2,496,780 |
Property Taxes
Parcel Number
132992000007002
Land Assessment
$771,090
Improvements Assessment
$1,725,690
Total Assessment
$2,496,780
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Ulta Beauty Pad | 1232 N Columbia Center Blvd
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