Two-Tenant Drive-Through
For Sale
Contact for pricing
1410 Plaza Way, Walla Walla, WA 99362
Two-tenant retail space with drive-through access and Highway Commercial zoning.
Property Size2,964 SF
Price / SF$337.38
Days on Market187
Property Features for 1410 Plaza Way
General Information
Standard status
Active
Size
2,964 SF
Class
B
Total Parking Spaces
23
Property subtype
Retail
Zoning
Highway Commercial
Occupancy
100%
Investment Type
Stabilized
Site & Location
Drive-Thru
Yes
Highway Access
Yes
Building Details
Year Built
2004
Buildings
1
Stories
1
Tenancy
Multi
Parking Ratio
8 per 1,000 SF
Listing Agency:
Northmarq
Listed By:
Sean Mack · License #OR 990100161
Source:
Crexi
Added: Feb 25
Changed: Aug 31
Last Checked: Aug 30 at 9:29PM
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 Northmarq
Investment Insights
Based on property information with market context.
This 2,964-square-foot retail property is configured for two occupants and includes a drive-through component. Constructed in 2004, the building is occupied by Starbucks and Solutions In-Home Care, providing a combination of food-service and professional service uses within one asset.
The property sits at a roundabout connecting Highway 125, Plaza Way, and S 9th Avenue in Walla Walla. Its setting provides access to the city’s primary retail corridor, with 23 on-site parking stalls supporting customer and employee needs. The property is zoned Highway Commercial.
The property sits at a roundabout connecting Highway 125, Plaza Way, and S 9th Avenue in Walla Walla. Its setting provides access to the city’s primary retail corridor, with 23 on-site parking stalls supporting customer and employee needs. The property is zoned Highway Commercial.
Key Highlights
- 2,964‑square‑foot two‑tenant retail property
- Drive‑through component serving the Starbucks tenancy
- 23 on‑site parking stalls, or nearly 8 spaces per 1,000 SF
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
$43,650
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
4.37%
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%
$873,000
$873.0K
Cap Rate 7%
$623,571
$623.6K
Cap Rate 9%
$485,000
$485.0K
Market Conditions
NOI Build-Up for 2,964 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
$64.0K $21.60/SF
− Vacancy
−$1.7K −$0.56/SF
EGI
$62.4K $21.04/SF
− OpEx
−$18.7K −$6.31/SF
NOI
$43.7K $14.73/SF
Area
Walla Walla County, WA
Vacancy
2.60%
Lease Rate
$21.60 /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%
$873,000
Cap Rate 7%
$623,571
Cap Rate 9%
$485,000
Alternative Uses
Best Use
Retail
$623.6K
$545.6K – $727.5K
NOI $43,650 @ 7.0% cap · market cap 4.37%
Second Best
Specialty Retail
$547.6K
$479.2K – $638.9K
NOI $38,333 @ 7.0% cap · market cap 3.83%
Theoretical Best
Office A
$697.5K
$610.4K – $813.8K
NOI $48,828 @ 7.0% cap · market cap 4.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
408
Businesses Nearby
213k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 36%
Groceries 34%
Shops & Services 27%
Electronics 2%
Safeway
Groceries
35,865 visits/mo
0.2 miles
McDonald's
Dining
26,546 visits/mo
0.3 miles
Super 1 Foods
Groceries
22,653 visits/mo
0.4 miles
Dutch Bros. Coffee
Dining
20,493 visits/mo
0.4 miles
Dollar Tree
Shops & Services
18,295 visits/mo
0.2 miles
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 Retail 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?
Retail space - Two-tenant retail space with drive-through access and Highway Commercial zoning.
Where is this retail space located?
The property is located at 1410 Plaza Way Walla Walla, WA.
What is the asking price?
The asking price for this property is $1,000,000.
What are key features of this property?
This property features: 2,964‑square‑foot two‑tenant retail property; Drive‑through component serving the Starbucks tenancy; 23 on‑site parking stalls, or nearly 8 spaces per 1,000 SF
