Refrigerated Cold Storage
For Sale
$650,000
Pending
635 N 13th Ave, Walla Walla, WA 99362
Commercial Sale, Walla Walla, WA
Property Size5,000 SF
Lot Size0.45 Acres
Days on Market53
Property Features for 635 N 13th Ave
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
INDUST /HEAVY
Lot features
Loc in City Limits
Directions
From downtown Walla Walla, go north on N Second Ave, turn left on W Pine Street. Follow to N 13th Ave, turning left. Property will be on your right just before crossing Mill Creek.
Standard status
Pending
APN
360719340018
Lot size
0.45 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
4996
Utilities
Utilities
Natural Gas Available
Heating system
Natural Gas, Forced Air
Cooling system
Electric
Water source
Public
Building Details
Year built
1994
Flooring type
Tile, Concrete
Building materials
Brick, Metal Siding
Roof type
Metal
Listing Agency:
Associated Appraisers of Wall
50952222
Listed By:
Jillice Beko · License #21035463
(509) 522-2272
Added: Jul 9
Changed: Aug 26
Last Checked: Aug 30 at 1:06PM
MLS# 294527
Copyright © 2026 PACMLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 1994 commercial building contains 5,000 square feet, including 3,500 square feet of cold storage and 1,500 square feet configured for office and retail use. The property is currently leased as a winery and features brick and metal siding, concrete and tile flooring, a metal roof, forced-air natural gas heating, and electric cooling.
Set on 0.4484 acres in Walla Walla, the property carries HI-Heavy Industrial zoning. Public water and natural gas availability are listed among the utility services. Secure fencing is present, supporting the property's existing commercial configuration.
Set on 0.4484 acres in Walla Walla, the property carries HI-Heavy Industrial zoning. Public water and natural gas availability are listed among the utility services. Secure fencing is present, supporting the property's existing commercial configuration.
Key Highlights
- 3,500 square feet of cold storage within a 5,000‑square‑foot building
- 1,500 square feet of office and retail area
- Currently leased as a winery
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$45,338
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.98%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$906,760
$906.8K
Cap Rate 7%
$647,686
$647.7K
Cap Rate 9%
$503,756
$503.8K
Market Conditions
NOI Build-Up for 5,000 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$75.0K $15.00/SF
− Vacancy
−$5.3K −$1.05/SF
EGI
$69.8K $13.95/SF
− OpEx
−$24.4K −$4.88/SF
NOI
$45.3K $9.07/SF
Area
Walla Walla County, WA
Vacancy
7.00%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
35.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$906,760
Cap Rate 7%
$647,686
Cap Rate 9%
$503,756
Alternative Uses
Best Use
Flex RnD
$647.7K
$566.7K – $755.6K
NOI $45,338 @ 7.0% cap · market cap 6.98%
Second Best
Warehouse
$509.3K
$445.6K – $594.2K
NOI $35,649 @ 7.0% cap · market cap 5.48%
Theoretical Best
Office A
$1.18M
$1.03M – $1.37M
NOI $82,368 @ 7.0% cap · market cap 12.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Single-tenant
Tenancy
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
485
Businesses Nearby
Explore this area
Business Placement
Demographics for 99362, WA
43,249
Population
18,022
Households
2.4
Avg Household Size
40
Median Age
31%
College-Educated
90%
High-School Grad
303.1 sq mi
ZIP Area
143
Density / Sq Mi
$70,660
Median Household Income
$37,236
Median Earnings
$1,148
Median Rent
$398,000
Median Home Value
Market
Vacancy Rate% for Industrial in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Refrigerated & cold storage - HI-Heavy Industrial property combining cold storage with office and retail space under an existing winery lease.
Where is this refrigerated & cold storage located?
The property is located at 635 N 13th Ave Walla Walla, WA.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: 3,500 square feet of cold storage within a 5,000‑square‑foot building; 1,500 square feet of office and retail area; Currently leased as a winery
