Industrial Campus with Rail
For Sale
$15,250,000
1164 Dell Ave, Walla Walla, WA 99362
Former beverage production campus with fenced yard, multiple docks, and an active rail spur into the loading area.
Property Size230,000 SF
Lot Size30.00 Acres
Price / SF$66.30
Days on Market88
Property Features for 1164 Dell Ave
General Information
Standard status
Active
Size
230,000 SF
Lot size
30.00 Acres
Property subtype
Industrial - Manufacturing
Warehouse & Industrial
Dock-High Doors
9
Drive-In Doors
7
Heavy Power
Yes
Additional Details
Fenced Yard
Yes
Building Details
Year Built
1970
Listing Agency:
StrickerCRE
(509) 430-8533
Listed By:
Derrick Stricker CCIM SIOR
Source:
Commercialcafe
Added: May 14
Changed: Jul 21
Last Checked: Aug 9 at 8:46AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of StrickerCRE
Investment Insights
Based on property information with market context.
Corner industrial campus at 1164 Dell Avenue featuring a fully fenced site with heavy industrial infrastructure and rail access. The property includes approximately 230,000 SF across a multi-building layout on roughly 30 acres, with space supporting production, storage, distribution, and industrial operations.
The campus includes over 120,000 SF of dry storage and distribution areas, production and processing space, cold storage, general warehouse space, and QC lab areas, plus industrial support infrastructure. Loading features include 9 dock-high doors with levelers and 7 grade-level doors, along with strong truck circulation for efficient movement within the yard.
Utilities and site services include a dedicated on-site wastewater treatment facility and heavy power availability throughout the property, including a 2000 kVA transformer and 4000A service with multiple 3-phase power connections. An active rail spur extends into the loading dock area, supporting rail-served operations at the facility.
The campus includes over 120,000 SF of dry storage and distribution areas, production and processing space, cold storage, general warehouse space, and QC lab areas, plus industrial support infrastructure. Loading features include 9 dock-high doors with levelers and 7 grade-level doors, along with strong truck circulation for efficient movement within the yard.
Utilities and site services include a dedicated on-site wastewater treatment facility and heavy power availability throughout the property, including a 2000 kVA transformer and 4000A service with multiple 3-phase power connections. An active rail spur extends into the loading dock area, supporting rail-served operations at the facility.
Key Highlights
- Former Refresco/Cliffstar beverage production campus at 1164 Dell Avenue in Walla Walla
- Approx. 230,000 SF industrial facility across multi‑building layout on roughly 30 acres (fully fenced 34‑acre site)
- Heavy industrial utilities: 2000 kVA transformer, 4000A service, and multiple 3‑phase power connections
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
Current Use
Lease Details
9
Dock-high doors
7
Drive-in doors
Yes
Heavy power
Yes
Fenced yard
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 - Former beverage production campus with fenced yard, multiple docks, and an active rail spur into the loading area.
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: Former Refresco/Cliffstar beverage production campus at 1164 Dell Avenue in Walla Walla; Approx. 230,000 SF industrial facility across multi‑building layout on roughly 30 acres (fully fenced 34‑acre site); Heavy industrial utilities: 2000 kVA transformer, 4000A service, and multiple 3‑phase power connections
