D I G I TA L M A G A Z I N E TRI-CITIESA
Q4 | 2018
KENMORE quarterly
KEN M O RE
T E A M ,
LLC
RESIDE N T IA L | C O M M E RC IA L | P R O P E R T Y M A NA G E M E NT | CO NS T R U CT I O N S E R VI CE S
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/ 2018 WELCOME
PHONE: 509.735.1025 EMAIL: sold@kenmoreteam.com WEB: www.kenmoreteam.com ADDRESS: 8927 W. Tucannon Ave., Ste 201 Kennewick, WA 99336
KENMORE QUARTERLY Welcome to the final issue of the Kenmore Quarterly for 2018! As we close out another exceptional year and launch into a brand new one, we are both thankful and continually humbled by the amazing community that we get to be a part of here in the Tri-Cities. 2018 Highlights for the Kenmore Team included growth in all divisions, the addition of Construction Services, a few fantastic events with our clients, and breaking ground for our future Kenmore Team office.
Cheers to this New Year, may it bring opportunity and joy! The Kenmore Team Residential Division Commercial Division Property Management Construction Services
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WELCOME HAPPY TO HAVE YOU HERE!
2018 QUARTER 4 1 WELCOME 2 CONTENTS & LETTERS FROM LANCE 4 FEATURE: HEY VALENTINE 8 FEATURE: AT HOME WITH 12 RESIDENTIAL DIVISION 14 QUARTER 4 STATISTICS 16 RESIDENTIAL FEATURED LISTINGS 24 FOR THE BUYER: RESOLUTIONS 26 LISTING YOUR HOME: PRICING IN A CHALLENGING MARKETPLACE 28 FEATURE: SMILE-A-MILE 32 FEATURE: CENTER VILLAGE DEVELOPMENT 34 FEATURE: KENMORE TEAM EVENTS 36 COMMERCIAL DIVISION 38 COMMERCIAL NOTABLE TRANSACTIONS 40 COMMERCIAL FEATURED LISTINGS 48 FEATURE: EXPRESS EMPLOYMENT PROFESSIONALS 50 PROPERTY MANAGEMENT DIVISION 52 FEATURE: TAX ADVANTAGES OF INVESTMENT PROPERTIES 54 ACTIVE LISTINGS 58 DIRECTORY @kenmoreteam
MAGAZINE CONTRIBUTIONS KAREN KENMORE: Operations Director JORDAN DE GROOT: Kenmore Quarterly Designer and Photographer - Marketing and Photo Specialist CARRIE HAY: Copy Editor & Business articles CAROL KENMORE: Food Feature JEREMY ASMUS: Buyer Article & Featured family
LETTERS T0 LANCE Lance – We want to be present at our house during showings. We have a lot of valuables and really no one other than us knows the house better. Our current agent recommended that this is not a great idea, how do you feel about this? Dear Seller, LISTEN TO YOUR CURRENT AGENT. Over the years I have shown thousands of homes to buyers and have had the advantage of seeing how they react in different situations. Here are some of my observations. When a buyer is looking at homes with their agent, they are working with a trusted advisor. They develop a relationship that allows them to speak freely with their agent and talk about the good and the bad about a property. I would say that 95% of the sellers we deal with love their current home – when they hear a buyer speak negatively about aspects of their home, they become easily offended and then the sales process starts to break down. As an agent we have heard hundreds of buyers say negative things about a house, and then that is the one they end up buying. Sellers also have a tendency to “over sell”. They point out things about their own home that they like, and many times this has no relevance to the top three things that the buyer is evaluating. It causes confusion and annoys the buyers. Professional agents are trained to show your property and protect your assets. I could not agree with your current agent more – leave the house for showings and let the buyer feel comfortable – you will end up with a faster sale and more money for you as a seller.
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/ 2018 FEATURE: FOOD
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FEATURE FOOD // HEY THERE VALENTINE! Ready for Valentines day? We got a very special treat with this food feature. Lance’s mom Carol Kenmore created a beautiful dessert bar complete with the perfect decorations to celebrate this February!
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FEATURE // VALENTINE CHERRY CHIP CAKE // SHOPPING LIST
1 Cherry chip cake mix 1 Container (8 oz) sour cream 1/2 cup Vegetable oil 1/2 cup water 2 Eggs 1 cup cherry pie filling
// PREPARATIONS 1. Heat oven to 350 Degrees (325 for dark or nonstick pan) Grease and flour a bundt pan 2. In a large bowl mix cake mix, sour cream, oil, water, and eggs. 3. Pour half of the mix in the bundt pan, spoon cherry filling around the top of the mix. Add the remaining cake mix on top of the cherry filling. 4. Bake for 35-40 minutes. Invert cake on a fancy plate 5. Frosting: Mix vanilla cream frosting with two tablespoons of maraschino cherry juice. While cake is still warm drip frosting over the bundt cake. Use pretty sprinkles to decorate.
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/ 2018 FEATURE: FAMILY
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AT HOME WITH THE TAYLORS Buyer’s Agent Jeremy Asmus worked with the Taylors for their home purchase in Horn Rapids. We snuck in just before Christmas and loved getting to see their Christmas decorations and chat with Michael and Ann about their home! We love getting to peak inside our clients homes and watch them bring a space to life. Our ‘at home with’ section is meant to bring you in and provide a glimpse of a local home and the fun pieces our clients surround themselves with.
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KQ
/ 2018 RESIDENTIAL: DIVISION
RESIDENTIAL DIVISION 5704 Sidon Lane, Pasco More on page 22
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/ 2018 RESIDENTIAL: STATISTICS
Q4 Q4 Q4 OCT
DEC
NOV
Q4 AVERAGES
ACTIVE LISTINGS
779
758
666
734
LISTINGS SOLD
366
299
231
298
AVERAGE SOLD PRICE
$293,963
$246,716
$293,823
$278,167
LISTINGS UNDER CONTRACT
308
240
212
253
AVERAGE DAYS ON MARKET
32
40
35
35 SOLD Q4
$00,000 - $99,999
4% (14 sold)
3% (8 sold)
2% (5 sold)
27
$100,000 - $149,999
2% (9 sold)
1% (3 sold)
3% (6 sold)
18
$150,000 - $199,999
9% (32 sold)
9% (27 sold)
11% (26 sold)
85
$200,000 - $249,999
23% (85 sold)
23% (68 sold)
23% (54 sold)
207
$250,000 - $299,999
22% (79 sold)
21% (62 sold)
21% (49 sold)
190
$300,000 - $349,999
17% (61 sold)
15% (44 sold)
14% (33 sold)
138
$350,000 - $399,999
10% (38 sold)
13% (39 sold)
10% (22 sold)
99
$400,000 - $449,999
4% (15 sold)
7% (21 sold)
6% (13 sold)
49
$450,000 - $499,999
2% (9 sold)
2% (6 sold)
5% (12 sold)
27
$500,000 +
7% (24 sold)
7% (21 sold)
4% (11 sold)
56
Total homes sold in Q4 2018 - 896
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2018 BY QUARTER
Q1
Q2
AVERAGES BY YEAR
Q3
2018
2017
512
616
764
581
656
276
342
353
339
317
$284,212
$295,705
$308,603
$266,556
$291,671
337
379
352
353
330
42
32
29
33
34
SOLD IN 2017
SOLD IN 2018
SOLD Q1
SOLD Q2
SOLD Q3
26
36
28
157
123
44
30
35
277
135
129
119
106
787
457
216
264
270
961
997
169
244
252
798
888
147
165
193
524
670
73
112
135
360
435
56
73
82
232
272
36
46
54
115
167
44
76
79
160
259
Q1 2018 - 940
Q2 2018 - 1,174
Q3 2018 - 1,060
2017 - 4,374
2018 - 4,403
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ALEX BURDEN
/ 2018 RESIDENTIAL: DIVISION
LISTING SPECIALIST MANAGING BROKER REALTOR® Cell: 509.438.7414 alex@kenmoreteam.com
5793 W 37th Place, Kennewick $382,000 | 3 bED | 2.5 baTH | 2,600 sqft | MLS # 234580 Fantastic 3 BR 3 BA + a bonus room stucco rambler in Kennewick’s Ridgeline Estates! Custom finishes throughout, tray ceilings in great room, open concept, wine/bar nook, split-bedroom design, and gorgeous gas fireplace with built-in entertainment wall! Spacious gourmet kitchen provides quartz counters, full tile back splash, large island, breakfast bar, gas range/oven, stainless steel appliances, and corner pantry! Private master suite complete with slider to patio, dual vanities, soaking tub, walk-in shower, and walk-in closet with custom built-ins! Huge bonus/family room! Fully block-wall fenced yard, covered and open patios, relaxing hot tub, and professionally landscaped yard!
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/ 2018 RESIDENTIAL: DIVISION
KELLEN ADCOCK LISTING SPECIALIST | REALTORÂŽ Cell: 509.554.0460 kellen@kenmoreteam.com
462 Melissa St, Richland $389,900 | 5 bED | 2.75 baTH | 3,541 sqft | MLS # 234205 Incredible value with this custom 5 BR 3 BA + a bonus room home in perfect South Richland location! Sunken formal living room with gas fireplace, formal dining room, and gorgeous hardwood and tile floors! Gourmet kitchen provides granite counters, island, gas range, double built-in ovens, pantry, and breakfast nook. Cozy sunken family room off kitchen with second gas fireplace. Great office(or fifth bedroom/guest room option) on main-level with raised wood panel. Laundry room and 3/4 bath on main-level. Upper-level features large master suite and oversize private bath with tile floors/counters, dual vanities, jetted tub, and separate shower. three secondary bedrooms PLUS bonus room with wet bar on upper-level. New carpet, new paint, crown molding, and TONS of extra storage! Fully-fenced backyard, large patio, and RV parking. Desirable location in a quiet neighborhood close to Orchard Elementary and all amenities. R E S I D E N T I A L | pro pe r t y ma n a g e me nt | co mme rc i a l | fe atu re
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/ 2018 RESIDENTIAL: DIVISION
KELLEN ADCOCK LISTING SPECIALIST | REALTORÂŽ Cell: 509.554.0460 kellen@kenmoreteam.com
311 Paradise Drive, Burbank $445,000 | 4 bED | 3 baTH | 2,607 sqft | MLS # 233987 Incredible UNOBSTRUCTED views of beautiful Snake River from this gorgeous custom-built 4 BR 3 BA home on over half an acre in a peaceful setting! Wide, tiled entry welcomes you into this thoughtfully designed home with den/office off entry (or fourth bedroom option), English pattern engineered hardwood floors, 13-foot ceilings, surround sound, huge picture windows showcasing views, and comfortable great room layout with cozy fireplace for relaxing. Dream kitchen provides tile floors, slab granite counters, full granite back splash, upgraded stainless steel appliances (double ovens, five-burner gas range), big pantry, under cabinet lighting, and dining area with a view! Relax and take in the views or entertain friends/family on the large deck off dining area. Private master suite also showcases river views and offers sitting area as well as private bath with granite counters, soaking tub, separate shower, and spacious walk-in closet! Perfect guest suite/ secondary master suite on main floor with attached bath. Lower-level provides large family/rec room, fourth bedroom, full bath, and endless storage with 12x8 storage room PLUS 33x16 storage area! Full-length patio off lower-level, huge fully-fenced backyard, immaculate landscaping, lawn mower/gardening garage, water softener, and reverse osmosis system! RV parking with 30-amp hookup, water hookup, dump tied into septic system. Professionally landscaped and immaculate yard. Peaceful river location yet just minutes to amenities. K E N M O R E Q U A R T E R LY
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/ 2018 RESIDENTIAL: DIVISION
KELLEN ADCOCK LISTING SPECIALIST | REALTORÂŽ Cell: 509.554.0460 kellen@kenmoreteam.com
5704 Sidon Lane, Pasco $299,900 | 4 bED | 2.5 baTH | 2,320 sqft | MLS # 234567 Don’t miss this beautiful, move-in ready 4 BR 3 BA + an office home on large West Pasco corner lot with easy distance to parks and elementary school! Main-level features gorgeous wood floors, office off entry, living/formal dining/flex space, large family room, and gorgeous kitchen with slab granite counters, island, breakfast bar, pantry, gas range/oven, and dining area. Perfect layout for entertaining groups large or small. Upper-level, oversize master suite with walkin closet and large private bath featuring dual sink vanity, soaking tub, and separate shower. Roomy secondary bedrooms! Easy maintenance vinyl siding, covered patio, and quiet neighborhood--a must see! R E S I D E N T I A L | pro pe r t y ma n a g e me nt | co mme rc i a l | fe atu re
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KQ
/ 2018 RESIDENTIAL: HOME BUYERS ARTICLE
SID & NANCY’S NEW YEAR’S RESOLUTION TO PURCHASE A HOME Sid and Nancy were having a light dinner in their cozy apartment two days after Christmas. Sid was checking football bowl game schedules. He wasn’t going to miss the Cougars in the Rose Bowl for the world. Nancy looked over and said, “It’s been a good year.”
“I was thinking about New Year’s resolutions,” she replied.
A Kenmore Team buyer agent calls Sid and Nancy and sets up a meeting at a local coffee shop. After introductions, everyone sits down and the buyer agent breaks the ice.
“Well that trip to Mexico was awesome. Can we go back?” Sid asked.
“You’re thinking about purchasing your first home… that’s exciting!” exclaimed the agent.
“I would really like to go to Europe, but I don’t know if we can afford to travel and buy a home like we talked about,” Nancy replied.
“Yes, and we don’t know where to start,” Sid said.
“It has,” said Sid. “What’s on your mind?”
“It’ll be fine.” said Sid. “I don’t know,” said Nancy. “I’m not worried about my credit score. Yours on the other hand…”
“That’s great, let’s go over the process,” advised the agent. “The first and only step besides talking to me now would be to talk to an experienced local lender, we have a few great suggestions!” “And?” Nancy asked.
“I know, I know, but it’s getting better,” he said.
“That’s it,” the agent replied.
Nancy started to think out loud, “I’m not sure about how much we will need for a down payment, and how much are interest rates. What about the market? Is this a good time to buy? Will we be able to find what we want without sacrificing? What if we take a new job somewhere else? Who should we talk to first?”
“Seriously?” questioned Sid.
“Whoa, one at a time!” Sid exclaimed theatrically. “What about Lance and the Kenmore Team? Sarah & Josh bought a home with them a few months ago and had a really good experience. I’ll get his number from Josh.”
“I’m joking of course! I just wanted to impress upon you the importance of talking to a lender and getting preapproval before beginning your search. The information you learn from an experienced local lender early on can save you a bunch of hassle with unknown items on your credit report or making sure you have all the information you need. You might not even be ready to purchase for longer if you’re going to pay off some debt like student loans or if you’re self-employed, waiting until you have two years of tax returns if you’re using that income to purchase. Now that we’ve established the importance of the first
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step, when are you thinking would be a good time for you to move?” Nancy replied, “We were thinking late spring maybe. I’ve heard that’s the best time to buy.” “It can be a good time to buy, but the truth is, the best time to buy is when the home you like in the neighborhood you want is for sale and priced realistically. There is more activity in the spring and summer, but inventory is typically lower and there is more competition during these times. These last three years we’ve experienced very low inventory, to the point that it got below 30% of what we would call a balanced market. In the fall we’ve gotten above 60%. There are positives and negatives to purchasing any time of the year. During the winter, if we get enough snow, that makes it difficult to inspect the roof and see the condition of the yard. If you want a pool, then that won’t be open either. More important than the time of the year is where you want to be and what you’re looking for. If you’re looking for a very specific area and type of home, then the odds of that home being available at any given time are less than it would be if you were looking in a broader time frame.
inventory market means there aren’t as many homes on the market as there would be if it were more balanced. In other words, there are more buyers than sellers. When we find an attractive home in a good area that has been appropriately priced, then you should expect competition, and we also need to be able to see it and offer right away.” “Okay, we’ll be available,” said Sid. “Awesome! Let’s touch base after you talk to your lender and we can talk more about what you’re looking for, as well as go over the closing process more in depth. I’ll send you our Buyer’s Guide now and we can go over it when we set up your search,” said the agent. “Thanks for meeting with us!” said Nancy. “No problem! I’m always happy to help! See you soon!” “That was helpful,” Nancy said to Sid. “Let’s call the lender. I’m getting excited!”
“Aside from market timing I want to make sure you’re aware of the typical closing period. The time that we go under contract to the time we sign documents and you take actual possession of the home. That is typically 30-45 days depending on your loan type and how quickly inspectors and appraisers can get out to your home. Plan on six weeks and you shouldn’t have any trouble. Then it’s all about finding the home. This low
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/ 2018 RESIDENTIAL: LISTING ARTICLE
LISTING YOUR HOME As with any industry, real estate has its ebbs and flows. We have been in such a red-hot seller’s market here locally in Washington state and the greater Tri Cities area, that it hasn’t been abnormal for sellers to receive “record-breaking” prices on their properties. In the spring of 2017 when residential inventory was very low at approximately 400 homes, our area had two real estate agent’s for every active residential listing. In a balanced real estate market in our area we see around 1,300 residential units on the active market, which equates to a six-month supply. Overall home inventory has been moving upward since spring 2018, and it’s safe to say we now have a trend in place. We broke 775 active units in October, and whereas we have seen properties average 21-22 days on market during the red-hot stretch of the past three years, we
are now tracking at 35 to 40 days on market. This is a substantial trend shift.
a competitive price. The potential issue with this choice is you could limit your pool of buyers because These trends bring us back to the often buyers aren’t open-minded importance of pricing your home enough to look past some of the correctly in a changing marketplace. issues they see. Also, buyers could Make no mistake about it, we are be using an FHA or VA loan that has technically still in a “seller’s market” more restrictions on what issues here in the Tri Cities. However, the must be corrected to be financed by scales are shifting away from the a lender. days of multiple offers on most Second, you can walk through properties, which often received the property with your agent and over asking price, to a healthier prioritize the improvements that market. So how exactly do we price can be done (often called “low cost/ property? high return” items), and then decide There are really two frames of what you want to do yourself versus thinking on pricing a property what you want to hire professionals dependent upon the seller’s to work on. There can be substantial motivation, circumstances and benefit for a seller to take this latter timeframe. First, you can list as-is route, especially if the agent has their with no updates or improvements own readily available construction and put the power of your agent’s division. It is imperative that you marketing team, experience and can get work done with quality, negotiation skills behind you with efficiency and competitive prices.
PRICING YOUR PROPERTY CORRECTLY IN A CHANGING MARKETPLACE R E S I D E N T I A L | pro pe r t y ma n a g e me nt | co mme rc i a l | fe atu re
Thankfully the Kenmore Team has a large, trusted base of service providers for just about everything one would need to get their home sold. In this option, we have been able to get creative and have sellers pay for work at closing in some scenarios with contractor approval. One of the biggest challenges of pricing a home includes using the correct comparable past home sales. In this changing market, more weight must be applied to the more recent sold and current pending sales. It’s important to ensure your agent is pulling properties that align as closely as possible in categories such as style of home, square footage, and location. Even more important is having the experience to adjust for value on amenities that your property does or does not have compared to the selected comparable sales. This is
not a perfect science because of the many subjective areas of real estate. For example, if Seller B has laminate countertops and Seller A has granite counters, it doesn’t automatically mean that Seller A has a more valuable kitchen. Seller A could have an undesirable color scheme, bad cuts in granite install, awkward or closed off kitchen shape, etc. The reality is most sellers don’t effectively separate the emotional attachment they have to their property (tendency to overvalue) when it comes to pricing. This is the same reason that we don’t price our personal properties if/when selling here at the Kenmore Team! Zillow just published their 2018 Consumer Market Trends Report. The report had some interesting information specifically related to sellers and pricing their homes:
- 61% of sellers drop their original list price once - 31% of those sellers drop their price again - 29% make three or more changes before their home sells Bottom line is this; make sure you have an agent that can guide you through the complicated process of pricing the home effectively based on condition, amenities and current marketplace. It’s even more helpful to hire an agent that is willing to do a lot of this legwork for you and that has a trusted network of professionals that will be able to get the job done quickly and efficiently for market value.
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FEATURE BUSINESS SMILE-A-MILE PAINTING
JAMES WADE COMMERCIAL BROKER REALTOR® Cell: 509.521.3724 james@kenmoreteam.com resid ent ia l | p ro p e r t y ma n a g e me nt | CO M M E R C I A L | fe atu re
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/ 2018 FEATURE: BUSINESS
SMILE-A-MILE PAINTING The man in the van with a plan. That was Jason Zook in 2007 in central Oregon. He had been hard at work in the residential construction industry since he was a teen working alongside his dad. Now he had one van, one brush, one paint sprayer, one laptop, one customer, and one job. Smile-A-Mile Painting was born! As his customers and jobs increased, Jason added more brushes. Then he went to two vans and rented a 600 square foot office and parked a shipping container and his vans alongside. In 2011, Jason got married and moved to Tri-Cities to expand his business. Before building the attractive new building on Victoria Avenue off Steptoe Street in Kennewick, the business moved a couple times as they grew. Smile-A-Mile now has around 30 employees in Tri-
Cities and specializes in interior and exterior painting on both residential and commercial jobs of all types and sizes. They moved into their new location at the end of 2018. The expanded custom space has allowed them to add a design room and additional space for the employees to gather as a team and build comradery. Building relationships and keeping a positive vibe is a very important part of Smile-A-Mile’s business. Early in the business, Jason was painting at a job in Oregon when a customer drove up and said, “Wow! I could see this house a mile away and it made me smile.” That’s how the name was born. It is also the company’s mantra to go the extra mile. Do more than is expected. Jason says, “Culture building is not always easy, but we can control how we look at things. We can always smile.”
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The new commercial building that is home to Smile-AMile is a great reflection of its owner. The building is bold and inviting, and proudly displays a big bright Smile-AMile logo that is visible from all around. Jason chose the land years ago with the vision of creating a home for his business while contributing to the area. It was the last piece of undeveloped property on the street and kind of an eyesore. But it had potential. The excellent location allows access to almost anywhere in the Tri-Cities within 15 minutes. The flex space building itself was designed by Jason in hopes to give local businesses an attractive home for their business or organization with the option for warehouse space behind a storefront or office. With Smile-A-Mile occupying the large 2-story suite at the east end of the building and a new brewery moving
in to the two center suites soon, activity is ramping up around the building. The 2-story suite at the west end, as well as a couple smaller spaces are still available for customization. And Jason would love to see other local businesses housed in his new building. He has great enthusiasm for our community and loves to be involved and give back. Just this past year, his business ran a social media campaign to identify some residents in need of painting services. Jason and his staff were able to repair siding, paint awnings and house exteriors, as well as remove some trees for some very deserving folks nominated by the community. His words and actions are evidence that Jason has appropriately branded his business. “Just keep smiling on good days or bad days!�
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/ 2018
CE NTER Villag e 1
2
AVAILABLE
3
HOM E S FR O M $237,500
SOLD
CONTACT SARAH MACHIELA FOR MORE INFORMATION 509.591.2026
4
W Umatilla Ave
Conveniently located near everything, this new central Kennewick development by Ambience homes offers homes ranging from 1,137 to 1,723 square feet. The development offers single and two story floorplan options and an excellent range of quality inclusions!
5**
NOT AVAILABLE
6**
** INDICATES $2,000 LOT PREMIUM
7**
14
13
12
11
10
9
THE BIRCH
N Grant St
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PIE EVENT One of our favorite days of the year, PIE DAY! The Tuesday before Thanksgiving we gather with our wonderful clients in our parking lot and pass out pie and treats, and give another round of THANK YOUS!
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COMMISSION GIVE AWAY EVENT We have a great real estate community in the Tri-Cities, we love gathering the agents that we have had transactions with for a great end of the year celebration!
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/ 2018 COMMERCIAL: DIVISION
COMMERCIAL DIVISION FOR SALE: 9312 W 10th Ave, Kennewick More on page 40
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Land for Sale
15 PARCELS Available Industrial Spaces
12
Available office Spaces
25 Properties for Sale
28
Properties for Lease
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/ 2018 COMMERCIAL: DIVISION
COMMERCIAL NOTABLE TRANSACTIONS QUARTER 4 NOTABLE TRANSACTIONS Purchases and leases represented by the Kenmore Team Commercial Division in the last quarter of 2018. It was a pleasure working with each of these local businesses and we wish them success within the community!
1. HALA LLC
Leased – 1177 Jadwin, Ste 105, Richland MacHunter Properties Owner – 1177 Jadwin Ave, Ste 105, Richland
2. FRESH OUT OF THE BOX
Leased – 5215 W Clearwater Ave, Ste 102, Kennewick Mass Mutual Leased – 201 N Edison St, Ste 239, Kennewick
Benton City Powerhouse Investment Group Sold - Dale Ave Lot 3, Benton City
EVANS CHIROPRACTIC Purchased – 7514 W Yellowstone Ave, Kennewick
4. UPPER LIMITS VAPE LOUNGE Leased - 6311 Burden Blvd, Ste A, Pasco BDP Properties Sold – 6311 Burden Blvd, Ste A, Pasco
NATIONAL FIRE SUPPLY Leased - 6416 W Hood Ave, Ste A-140, Kennewick
5. WORLD EXPLORER Leased - 8524 W Gage Blvd, Kennewick
Tri-City Therapy Group Leased – 201 N Edison St, Ste 233, Kennewick
ANNE SCHUR
Clearwater Professional Suites, LLC
Buyer 7105 Hood Ave, Ste B-201, Kennewick
Owner – Marineland Plaza, Kennewick
7. K1 SPA OIL MASSAGE
Leased – 4012 W Clearwater Ave, Ste A, Kennewick Ritchie Properties, LLC Owner – 4012 W Clearwater Ave, Ste A, Kennewick
8. EXPRESS EMPLOYMENT PROFESSIONALS Purchased – 7014 W Okanogan Ave, Kennewick
WET PALETTE Leased - 1001 Wright Ave, Ste A, Richland
MICHAEL DENSLOW Purchased – 2444 Robertson Dr, Richland
6. COMMUNITY THRIFT
3. ADROIT CONCRETE Purchased – Dale Ave Lot 3,
Owner - 303 Wellsian Way, Richland
Leased – 303 Wellsian Way, Richland E13G Properties, LLC
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JAMES WADE COMMERCIAL BROKER REALTORÂŽ Cell: 509.521.3724 james@kenmoreteam.com
FOR SALE: 9312 W 10th Ave, Kennewick Located at corner of 10th Avenue and growing Bob Olson Parkway. Hard to find light industrial property in Kennewick. Large lot with 3 separate buildings. Warehouse, office and retail space. Multiple controlled temperature spaces with high ceilings and roll up doors. Other warehouse spaces. Lay down yard and more. 3 phase power. Seller to do a one year lease back. MLS # 234322 | $1,595,000 | 18,700 SQFT
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JAMES WADE COMMERCIAL BROKER REALTOR® Cell: 509.521.3724 james@kenmoreteam.com
FOR LEASE: 7325 W Deschutes - Ste A Professional office space in excellent Vista Field area on Deschutes. Reception lobby area at entrance. Large open area for cubicles or office build out. Conference room, two private offices, storage room, large break room with refrigerator, dishwasher, microwave and cabinets. Two restrooms. Lots of parking and easy access. Zoned Business Park. MLS # 232378 | $17 | 2,105 SQFT
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JAMES WADE COMMERCIAL BROKER REALTOR® Cell: 509.521.3724 james@kenmoreteam.com
FOR Lease: 3200 Duportail, Richland Don’t miss your opportunity for a brand new space for lease in the Queensgate/Duportail area of South Richland! Street frontage suites for excellent visibility. Each suite has separate entrance and restroom. Can be combined with adjacent space(s) for up to 3,900 sq ft. Vanilla shell ready to build out for your needs. Ample parking and quick access to Keene Road. MLS # 233837 | $26 sq ft | 1,385 SQFT MLS # 233838 | $26 sq ft | 2,517 SQFT MLS # 233839 | $26 sq ft | 3,902 SQFT
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SCOTT HOWELL COMMERCIAL BROKER REALTOR® Cell: 509.379.3111 scott@kenmoreteam.com
FOR sale: 602 N Colorado Street, Kennewick Great opportunity to own your own office suite! Excellent location in growing Vista Field area just off Columbia Center Boulevard. Owner is a general contractor and can modify the space to fit your needs. Basic build out included in the sale price. Call LA today to see how we can configure the space to fit your small business needs. MLS # 232803 MLS # 232804 MLS # 232805 MLS # 232806
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$650,750 $228,950 $253,650 $418,950
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Suite A Suite B Suite C Suite D
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/ 2018 FEATURE: BUSINESS
EXPRESS EMPLOYMENT PROFESSIONALS Jason Jones owns and operates the local branch of Express Employment Professionals, a staffing provider, providing opportunities for people seeking employment, as well as providing short-term and long-term employees for businesses, in Benton and Franklin counties. The industries they serve are diverse including industrial, agricultural, construction, professional, bookkeeping, and office. Jason and his staff work with over 60 clients and place about 130 people on work assignments every week. The office is always bustling! After spending several years working as a marketing manager, Jason went to work for Express Employment Professionals in 2011 as the Business Development Manager for the previous franchise owner. He is a Richland native and wanted to stay in the Tri-Cities area. The local franchise became available for sale - a lot sooner than Jason expected – but he jumped at the chance to own the business. That was 2015. In the past three years, his staff and business have doubled. The smaller office where Express had been located for almost 30 years was cramped. It had been remodeled a few times,
but space was still limited. After a long search, and help from Broker Scott Howell, Jason identified a new building for purchase that would meeting his needs in the growing Vista Field area of Kennewick. The new space allows Express to continue their growth and service to the local area. They are dedicated to helping good people find work and good companies find people. The parent company is worldwide, with over 800 franchise locations in three countries. Being a part of this larger organization allows the office to utilize valuable brand recognition, marketing and communication. But the franchise is owned and operated locally helping allowing Jason and his staff to establish long term local relationships. Their biggest source of business is referrals for both clients and associates so they pride themselves on providing exactly the job or workers needed. One common misunderstanding regarding staffing providers is that they only provide short term services. Express does provide temporary staffing, but also works with clients and associates for long term and permanent positions.
For employers, Express focuses on exactly what qualifications and qualities they are looking for and hires for the perfect fit. Their employees are also experts at the interviewing and screening processes, allowing the client business to focus on their own industry while Express handles the leg work involved in the hiring. All job seekers are initially employed directly by Express, eliminating the additional duties of payroll for the client company. The “try before you buy” option is an important advantage of utilizing Express Employment Professionals services, alleviating the risk of businesses spending resources and time in the hiring process for an employee that doesn’t end up being a good fit for the employer. On the associate sides, it also allows the employee to build a relationship with the Express staff to help them find the perfect job or career. As a Richland native, Jason is excited to be a part of his community and to continue supporting the people and businesses.
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FEATURE BUSINESS EXPRESS EMPLOYMENT PROFESSIONALS
SCOTT HOWELL COMMERCIAL BROKER REALTOR® Cell: 509.379.3111 scott@kenmoreteam.com
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/ 2018 PROPERTY MANAGEMENT DIVISION
PROPERTY MANAGEMENT DIVISION 2797 Chelan Loop, Richland More on page 54
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Kenmore Team Property Management Rental units
209 DOORS
Average applicants per property
3.2
Average turn over
2.5 YEARS Average days vacant
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/ 2018 PROPERTY MANAGEMENT: GUEST ARTICLE BY CHRISTOPHER PORTER, CPA
TAX ADVANTAGES OF INVESTMENT PROPERTIES Many Tri-City residents have diversified their investment portfolio by investing in real estate. The possibility of earning a relatively-predictable monthly income and owning a tangible investment may be attractive; however, as with any investment decision, several factors included tax implications should be considered. Investment properties provide returns for their owners in two ways: (1) through possible appreciation of the property over time and (2) through the rent paid by tenants. The first of these two is what accountants call, “tax deferred�, meaning there is no tax on the annual appreciation of real estate until that property is sold. For example, if a couple purchased a rental property for $200,000 and one year later the property is worth $210,000, there is no tax on the $10,000 gain until that gain is realized through a sale.
property taxes, mortgage interest, utilities, repairs, maintenance, management fees, travel, accountant fees, and insurance just to name a few. The tax rate that applies to any net rental income would simply be the marginal tax rate of the taxpayer. In other words, a taxpayer with a $350,000 annual income would pay more taxes on net rental income than a taxpayer with a $50,000 income. Depreciation expense is a key tax advantage of investment properties but tends to be commonlymissed, especially on self-prepared tax returns. The IRS allows taxpayers to write off the total cost of a residential rental property (not including the land) over 27.5 years and the cost of a commercial rental property over 39 years.
For example, suppose Mary purchases a residential rental property for $275,000, not including the The rent received by tenants is taxed after expenses value of the land. Mary would be entitled to take a have been deducted. Rental property owners depreciation deduction of $10,000 per year ($275,000 should keep track of all deductible expenses such as divided by 27.5 years) for the first 27.5 years the
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property is rented. Let’s further suppose that Mary receives $24,000 per year of rent and has $12,000 of annual expenses (insurance, mortgage interest, taxes and repairs). Every year, Mary receives net cash of $12,000 from her rental ($24,000 of rent minus $12,000 of expenses) but would only pay tax on $2,000. Why? Because the first $10,000 of net rental income is tax free in her case due to the depreciation deduction.
10 years from now for $100,000 more than the original purchase price, she not only has to pay taxes on the $100,000 gain but also needs to pay taxes on all the annual depreciation she wrote off on her tax return, essentially reversing the benefit described above. There are alternatives to avoid this, such as a 1031 exchange, that go beyond the scope of this article, but rental property owners should consult with their tax advisor before selling their properties.
The depreciation deduction provides a key tax advantage of investment properties. For example, suppose Mary generated $12,000 of interest through a CD or money market account. The entire $12,000 would be taxed on her return whereas in the example above only $2,000 of the $12,000 of net rental income would be taxed due to the depreciation deduction.
Of course, this article does not constitute legal, accounting or other professional advice. If you are considering purchasing a rental property be sure to get advice from a qualified tax professional along with a mortgage lender, insurance professional, attorney and property manager. Under the right set of circumstances, an investment property can provide steady income and tax advantages which are not available to many other investments.
Tax-free rental income may sound too good to be true and may lead some to believe that there may be a catch. Well, there is. If Mary sells her rental property
CHRISTOPHER J. PORTER, CPA Partner, PorterKinney, PC 509.713.7300 chris@porterkinney.com K E N M O R E Q U A R T E R LY
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R.J. LANGE PROPERTY MANAGER REALTORÂŽ Cell: 509.420.3137 rj@kenmoreteam.com
2797 Chelan Loop, Richland $1,800 | 3 bED | 2 baTH | 1574 sqft The 1574 sqft. house features 3 bedrooms, 2 bath and an attractive open concept living space. Bright & spacious main living area with a gas fireplace and upgraded brand new stainless steel kitchen appliances including a gas range. Lots of storage in the kitchen! The master bedroom is located away from the others and has a walk-in closet and large glass enclosed standing shower. Fully fenced back yard and 3 car garage. Brand new washer & dryer provided. Dog friendly For more information and to schedule a showing visit www.kenmoreteampropertymanagement.com
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344 Wishkah Way, Richland $2,100 | 3 bED | 2.5 baTH | 2026 sqft The 2026 sqft. house features 3 bedrooms, 2.5 bath and beautifully laid-out main floor. Bright & spacious open concept main living area with a gas fireplace and brand new kitchen appliances including a gas range and eat-at island. Formal dining room off the kitchen could also be used as an office. All bedrooms are on the second floor and the master bedroom features a walk-in closet and upgraded bathroom with a tub and separate standing shower. Also on second floor is a large bonus room living space. Laundry room is conveniently located on the second floor and includes a brand new washer & dryer with pedistal. Fully fenced back yard and 3 car garage. Dog friendly For more information and to schedule a showing visit www.kenmoreteampropertymanagement.com
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6111 Cavendish, Pasco $1,595 | 4 bED | 2 baTH | 1712 sqft Move in ready, this 1712 sqft. West Pasco rental features 4 bedrooms, 2 baths and lots of room. There is a formal living room at the entry plus an open-concept space with kitchen, dining room and family room complete with a gas fireplace. Large master bedroom and bath and good sized closets in the guest bedrooms. Fully fenced back yard with storage shed and a 3-car garage. Washer & Dryer included. No Pets. For more information and to schedule a showing visit www.kenmoreteampropertymanagement.com
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1118 Nevada, Kennewick $1,7950 | 3 bED | 2.5 baTH | 1888 sqft Located right off Gage, this 1888 sqft rental features 3 bedrooms plus an office with 2 bathrooms. Large open concept kitchen features granite counter tops, stainless steel appliances and a gas stove. Big eat at bar and beautiful light fixtures. Gas fireplace in the living room and lots of natural light. Large office off the kitchen could be used a 4th bedroom. Master bedroom has en suite bath with a soaking tub and standing shower plus walk-in closet. Large fully fenced back yard. No Pets For more information and to schedule a showing visit www.kenmoreteampropertymanagement.com
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KENMORE TEAM / 509.735.1025
8927 W Tucannon Ave, Ste. 201, Kennewick 99336
RESIDENTIAL DIVISION LORI THOMPSON EXECUTIVE ASSISTANT Cell: 509.539.6715 lori@kenmoreteam.com
RYAN ROSE INSIDE SALES AGENT REALTOR® Cell: 509.987.4544 ryan@kenmoreteam.com
JORDAN DE GROOT MARKETING & PHOTO SPECIALIST Office: 509.735.1025 jordan@kenmoreteam.com
CLOSING C O O R D I N AT O R S HOLLY DAVIS
LANCE KENMORE
closing coordinator
DESIGNATED BROKER REALTOR® Cell: 509.727.8977 lance@kenmoreteam.com
KIM BRECKON
REALTOR® Cell: 509.627.8393 holly@kenmoreteam.com
closing coordinator
KAREN KENMORE OPERATIONS DIRECTOR REALTOR® Cell: 509.727.8979 karen@kenmoreteam.com
REALTOR® Cell: 509.627.9266 kim@kenmoreteam.com
TESSA GOMEZ closing coordinator
Cell: 509.551.5040 tessa@kenmoreteam.com
BUYER SPECIALISTS CINDY PATRICK BUYER SPECIALIST REALTOR® Cell: 509.430.2121 cindy@kenmoreteam.com
LISTING SPECIALISTS ALEX BURDEN LISTING SPECIALIST MANAGING BROKER REALTOR® Cell: 509.438.7414 alex@kenmoreteam.com
JEREMY ASMUS BUYER SPECIALIST REALTOR® Cell: 509.551.7940 jeremy@kenmoreteam.com
KELLEN ADCOCK LISTING SPECIALIST REALTOR® Cell: 509.554.0460 kellen@kenmoreteam.com
P R O P E RT Y MANAGEMENT R.J. LANGE PROPERTY MANAGER REALTOR® Cell: 509.420.3137 rj@kenmoreteam.com
JULIE COLLINS OFFICE MANAGER Cell: 509.987.4409 julie@kenmoreteam.com
COMMERCIAL DIVISION
JESSICA HOLLANDSWORTH
TERRA DYE
JAMES WADE
BUYER SPECIALIST REALTOR® Cell: 509.460.8077 jessica@kenmoreteam.com
LISTING COORDINATOR REALTOR® Cell: 509.378.6668 terra@kenmoreteam.com
COMMERCIAL BROKER REALTOR® Cell: 509.521.3724 james@kenmoreteam.com
SARAH MACHIELA
HEATHER BANNING
BUYER SPECIALIST REALTOR® Cell: 509.591.2026 sarah@kenmoreteam.com
LISTING COORDINATOR Cell: 509.627.9095 heather@kenmoreteam.com
SHOWING PA R T N E R
CONSTRUCTION SERVICES
BRETT PATRICK
JOSE CAMPOS
SHOWING PARTNER REALTOR® Cell: 509.947.0242 brett@kenmoreteam.com
SCOTT HOWELL COMMERCIAL BROKER REALTOR® Cell: 509.379.3111 scott@kenmoreteam.com
DAVID FRITCH
PROJECT MANAGER LICENSED CONTRACTOR Cell: 509.551.2505 jose@kenmoreteam.com
COMMERCIAL BROKER REALTOR® Cell: 509.438.6260 david@kenmoreteam.com
CARRIE PERRY COMMERCIAL ASSISTANT REALTOR® Cell: 509.581.9899 carrie@kenmoreteam.com
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Smile-a-Mile Painting 509.987.4774
www.smileamilepainting.com
Express Employment Professionals 509.735.7072
www.expresspros.com/kennewickwa
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QUARTER: FOUR