on the market

Listings/Hoxie House

Hoxie House

On the Market

Price: $1,300,000

Offer Review Date: To be Announced

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Executive Summary

Located in the Tri-Cities’ top lifestyle corridor, this property offers investors a compelling value-add opportunity with day-one upside, including rents currently averaging 11% below market. Residents enjoy convenient access to top schools, leading healthcare, and a wide range of everyday amenities, while the asset’s location and operational potential provide multiple avenues for immediate rental and NOI growth.

Site Details

ADDRESS
1915-1917 Hoxie Ave, Richland, WA 99354
TOTAL UNITS
10
NO. OF BUILDINGS
2
YEAR BUILT
1964
LAUNDRY
Shared
PARCEL NO.
135084020822020

Unit Mix

1x1
10 (Avg. 687 SF)

Location

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Hoxie House

1915-1917 Hoxie Ave
Richland, WA 99354
Units: 10
Price: $1,300,000

About the Area

The Tri-Cities is one of Washington’s largest MSAs, with a population of 324,000 and year over year growth, largely due to its thriving economy. The area is centrally located, making it the business, industrial, healthcare, agricultural and transportation hub of the Inland Northwest.

In addition, the Tri-Cities is home to the highest ratio of scientists and engineers per capita in the nation. The Tri-Cities has become a key hub for energy production, largely due to the significant role of Hanford in the region’s energy landscape, which has attracted scientists and engineers from across the country. Additionally, the area benefits from a diverse mix of renewable energy sources, including wind and solar power, thanks to its high desert climate and flat terrain, which are ideal for these energy generation methods. The Tri-Cities is also home to several hydroelectric plants, supported by the nearby Columbia River, further strengthening the region’s energy portfolio.

With its strong scientific and technical expertise, along with a well-established infrastructure in existing energy sectors, the Tri-Cities is an attractive location for companies and research institutions focused on sustainable energy development. This positions the region to continue playing a leading role in the Pacific Northwest’s energy future.

As one of the region’s largest employers and home to the nation’s only large-scale nuclear facility, Hanford offers thousands of high-paying jobs, especially in areas like environmental remediation, engineering, nuclear science, and project management. These positions not only support those directly employed by Hanford but also generate a ripple effect throughout the Tri-Cities economy, benefiting businesses across the region.

3rd

Largest MSA in Washington State

1st

Largest Economy in Central Washington

$21B

Economic Activity in 2023

$94K

Average Household Income

3%

Rent Growth Over the Past Year

4%

Forecasted Rent Growth Over the Coming Year

$1,460

Average Market Rent

$462K

Average Single Family Home Sale Price

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