Rare Investment Property For Sale

18 Individual T-hangars in two buildings

Columbia Gorge Regional Airport (KDLS)

Dallesport, WA

Small red and white airplane parked on tarmac near a large hangar at sunset.

High Demand, Low Supply Asset

Offered with pre-stabilization discount at $2,200,000

See listing on crexi here.‍ ‍

This rare offering consists of two newly constructed, on-airport T-hangar buildings totaling 18 units and approximately 21,000 square feet at Columbia Gorge Regional Airport (KDLS). Eleven standard hangar bays measure 42’ W x 25’ D, and seven corner units include approximately 300 additional square feet. The hangars feature sliding doors and offer direct apron and taxiway access.

The asset benefits from a low-cost maintenance and operating structure, with some tenants responsible for utilities, insurance, CAM, leasehold taxes, and administrative costs— resulting in low ownership overhead. Demand is both local and structural. Nationally, industry surveys indicate 71% of general aviation airports report shortages of individual hangars, while 55% report having land but lacking the resources to deliver new supply—creating a persistent imbalance between demand and inventory. This supply constraint is reinforced by public-airport governance and FAA policy frameworks that prioritize aeronautical infrastructure improvements over hangar construction.

Locally, KDLS and surrounding airports maintain formal waiting list processes, and aviation publications report approximately 50 pilots waiting for hangar space alongside significant interest in the 18-unit development—supporting rapid stabilization. T-hangars on publicly owned airports rarely come to market due to limited new construction, and increasing rental rates combined with long-term, low-cost ground leases position the asset for steady revenue growth over time.

LEASE

  • 2 buildings, comprising 21,000 sqft

  • 18 individual T-hangar units between 1,000 to 1,300 sqft

  • 2026 Construction, steel building on brand-new apron

  • Unusually low 20-year ground lease with additional 20-year option

  • Year 1-5 average pro forma NOI: $125,000

  • Built-in 3% annual rent increases

  • Total Projected NOI over 40 years: $9.7 million

  • Some tenants pay CAMs (taxes, insurance, ground lease, utilities)

Small airplane parked on the tarmac between two large white hangars under a colorful sunset sky.
A small airplane parked outside a series of hangars at an airport during sunset with a scenic mountain backdrop and colorful sky.

Download Offering Memorandum

 

LOCATION

  • Columbia Gorge Regional Airport

  • Fast-growing airport (tower FAA-authorized) with active community

  • Co-owned by County of Klickitat, WA, and City of The Dalles, OR

  • 40-year ground lease on public land at extremely low rates (20/20)

  • 300+ VFR flying days in backcountry paradise

  • Medical flight base (Medflight)

  • Aerial firefighting staging base

  • Business park development on airport land

  • Popular tourist and leisure destination area (Hood River, Mt Hood)

  • 1-hr from Portland by car

The image shows an investor profile poster with four sections. Each section features an icon and a paragraph describing aspects of investor properties: 1) A clock icon with text about long-hold investments; 2) A person icon with text about low management intensity; 3) A property with a magnifying glass icon and text about durable, supply-constrained asset class; 4) A bar chart with an upward arrow icon and text about attractive opportunities in qualified opportunity zones.
Small red and black airplane parked on tarmac in front of large white hangar at sunset.
Small airplane on tarmac between hangars at sunset sky
A large, white metal building in a rural area with golden grassy fields and a clear sky with clouds at sunset.
A large white metal warehouse building situated in an open field with dry grass. The sky above shows a sunset with clouds, displaying shades of orange, pink, and blue.
Airplane hangar with a small airplane parked outside, under a colorful sunset sky with scattered clouds and distant mountains.
An outdoor parking lot with a large metal building against a cloudy sky.
A large, white industrial building with a curved metal roof under a cloudy sky, situated on a dirt area with some sparse grass.
A large, plain, metal industrial building with a closed door, situated on a paved area with dirt in the foreground, under a cloudy sky.
An aerial view of a large commercial airplane parked outside an airplane hangar at sunset with clouds in the sky.

See aerial, construction and more completion images in our gallery.