Heavy-Industrial Manufacturing
For Sale
$15,250,000
1164 Dell Ave, Walla Walla, WA 99362
COMMERCIAL - Walla Walla, WA
Property Size230,000 SF
Lot Size34.00 Acres
Price / SF$66.30
Days on Market118
Property Features for 1164 Dell Ave
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
INDUST /HEAVY
Parking
75
Directions
From Dell Avenue, turn east into the gated industrial campus at N 15th Ave. Property sits on the corner of Dell Ave and N 15th Ave.
Standard status
Active
APN
***
Size
230,000 SF
Lot size
34.00 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
53000
Building Details
Year built
1970
Listing Agency:
StrickerCRE
50959199
Listed By:
Derrick Stricker · License #7AA1290
(509) 430-8533
Added: Apr 14
Changed: Aug 4
Last Checked: Aug 9 at 6:06PM
MLS# 292426
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 230,000-square-foot manufacturing campus occupies 34 acres at 1164 Dell Ave in Walla Walla, Washington. The multi-building improvements include approximately 120,000 square feet of dry storage, 25,000 square feet of cold storage, 25,000 square feet of general warehouse space, and 60,000 square feet dedicated to production. The property was built in 1970 and is zoned INDUST /HEAVY.
Infrastructure includes a 2000 kVA transformer, 4000A electrical service, multiple 3-phase power connections, ESFR sprinkler coverage, and an on-site wastewater treatment system with a 3 bed worm tank. Rail service extends into the loading area. An additional 100k SF of leased warehouse space next door may be available through private campus access, potentially expanding the industrial footprint from 230k to 330k SF.
Infrastructure includes a 2000 kVA transformer, 4000A electrical service, multiple 3-phase power connections, ESFR sprinkler coverage, and an on-site wastewater treatment system with a 3 bed worm tank. Rail service extends into the loading area. An additional 100k SF of leased warehouse space next door may be available through private campus access, potentially expanding the industrial footprint from 230k to 330k SF.
Key Highlights
- 230,000 SF industrial processing campus on a 34‑acre site
- Approximately 120,000 SF dry storage, 25,000 SF cold storage, and 25,000 SF general warehouse space
- 60,000 SF production area configured for industrial processing
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
$1,350,468
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
8.86%
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%
$27,009,360
$27.0M
Cap Rate 7%
$19,292,400
$19.3M
Cap Rate 9%
$15,005,200
$15.0M
Market Conditions
NOI Build-Up for 230,000 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
$2.07M $9.00/SF
− Vacancy
−$140.8K −$0.61/SF
EGI
$1.93M $8.39/SF
− OpEx
−$578.8K −$2.52/SF
NOI
$1.35M $5.87/SF
Area
Walla Walla County, WA
Vacancy
6.80%
Lease Rate
$9.00 /SF/Yr
Expense Ratio
30.00%
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%
$27,009,360
Cap Rate 7%
$19,292,400
Cap Rate 9%
$15,005,200
Alternative Uses
Best Use
Warehouse
$23.43M
$20.50M – $27.33M
NOI $1,639,854 @ 7.0% cap · market cap 10.75%
Second Best
Industrial
$19.29M
$16.88M – $22.51M
NOI $1,350,468 @ 7.0% cap · market cap 8.86%
Theoretical Best
Office A
$54.13M
$47.36M – $63.15M
NOI $3,788,928 @ 7.0% cap · market cap 24.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Heavy power
Yes
Sprinkler system
Yes
Fenced yard
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
129
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
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Frequently Asked Questions
What type of property is this?
Manufacturing property - Multi-building industrial site supports production, packaging, storage, and distribution operations.
Where is this manufacturing property located?
The property is located at 1164 Dell Ave Walla Walla, WA.
What is the asking price?
The asking price for this property is $15,250,000.
What are key features of this property?
This property features: 230,000 SF industrial processing campus on a 34‑acre site; Approximately 120,000 SF dry storage, 25,000 SF cold storage, and 25,000 SF general warehouse space; 60,000 SF production area configured for industrial processing
