Single-Tenant Office
For Sale
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206 & 208 W Poplar St, Walla Walla, WA 99362
Standalone office facility under a modified gross lease with the State of Washington in Central Commercial zoning.
Property Size13,720 SF
Lot Size0.85 Acres
Price / SF$169.10
Days on Market109
Property Features for 206 & 208 W Poplar St
General Information
Standard status
Active
Size
13,720 SF
Lot size
0.85 Acres
Property subtype
Office
Zoning
Central Commercial (CC)
Occupancy
100%
Lease Type
Modified Gross
Investment Type
Net Lease
Net Operating Income
$183,715
Building Details
Year Built
1970
Year Renovated
2024
Buildings
1
Tenancy
Single
Owner Occupied
No
Listing Agency:
Marcus & Millichap - Seattle
(509) 850-2805
Listed By:
Jesse Fox · License #WA23158
Source:
Crexi
Added: May 16
Changed: Aug 30
Last Checked: Aug 30 at 10:55AM
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 Marcus & Millichap - Seattle
Investment Insights
Based on property information with market context.
This standalone office property contains 13,720 square feet on five adjoining parcels totaling 0.85 acres. Originally completed as a build-to-suit facility for the State of Washington, the building has remained occupied by the same state agency since construction. DCYF operates from the property under a modified gross lease with the State of Washington.
The asset is positioned in downtown Walla Walla at 206 & 208 W Poplar St, directly across from Providence St. Mary Medical Center. The Marcus Whitman Hotel & Conference Center is located a half mile north, while Whitman College is less than one mile northeast. Central Commercial (CC) zoning applies to the property.
Building improvements and renovations were completed as part of the 2024 lease renewal. The parking lot was resealed and restriped in April 2026. The property was built in 1970 and comprises five separate adjoining parcels.
The asset is positioned in downtown Walla Walla at 206 & 208 W Poplar St, directly across from Providence St. Mary Medical Center. The Marcus Whitman Hotel & Conference Center is located a half mile north, while Whitman College is less than one mile northeast. Central Commercial (CC) zoning applies to the property.
Building improvements and renovations were completed as part of the 2024 lease renewal. The parking lot was resealed and restriped in April 2026. The property was built in 1970 and comprises five separate adjoining parcels.
Key Highlights
- 13,720‑square‑foot standalone office building
- Five adjoining parcels totaling 0.85 acres
- Single‑tenant occupancy by Washington State DCYF
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
$153,362
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
6.61%
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%
$3,067,240
$3.1M
Cap Rate 7%
$2,190,886
$2.2M
Cap Rate 9%
$1,704,022
$1.7M
Market Conditions
NOI Build-Up for 13,720 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
$247.0K $18.00/SF
− Vacancy
−$42.5K −$3.10/SF
EGI
$204.5K $14.90/SF
− OpEx
−$51.1K −$3.73/SF
NOI
$153.4K $11.18/SF
Area
Walla Walla County, WA
Vacancy
17.20%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
25.00%
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%
$3,067,240
Cap Rate 7%
$2,190,886
Cap Rate 9%
$1,704,022
Alternative Uses
Best Use
Office B
$2.19M
$1.92M – $2.56M
NOI $153,362 @ 7.0% cap · market cap 6.61%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.23M
$2.83M – $3.77M
NOI $226,018 @ 7.0% cap · market cap 9.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,914
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 Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Standalone office facility under a modified gross lease with the State of Washington in Central Commercial zoning.
Where is this office building located?
The property is located at 206 & 208 W Poplar St Walla Walla, WA.
What is the asking price?
The asking price for this property is $2,320,000.
What are key features of this property?
This property features: 13,720‑square‑foot standalone office building; Five adjoining parcels totaling 0.85 acres; Single‑tenant occupancy by Washington State DCYF
