Historic Mixed-Use Building on
For Sale
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214-226 E Main St, Walla Walla, WA 99362
Trophy historic asset in downtown Walla Walla with mixed-use configuration.
Property Size16,950 SF
Price / SF$123.89
Days on Market159
Property Features for 214-226 E Main St
General Information
Standard status
Active
Size
16,950 SF
Property subtype
Hospitality, Mixed Use, Retail
Zoning
Central Commercial
Building Details
Year Built
1930
Buildings
1
Listing Agency:
Tarragon Advisors LLC
(206) 233-9600
Listed By:
Drew Davis · License #WA 26201
Source:
Crexi
Added: Mar 18
Changed: Aug 21
Last Checked: Aug 22 at 1:31PM
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 Tarragon Advisors LLC
Investment Insights
Based on property information with market context.
The Hungate Building, constructed in 1930, is a historic mixed-use property located on Main Street in downtown Walla Walla. The building features a classic masonry structure with elevator service. The property has a functional configuration with commercial space on the first floor and residential or hotel use on the second floor. The property currently has a strong commercial tenant, Shiki Hibachi Sushi. There are six upper-floor residential units with secure, elevator-served access, currently operated as short-term lodging. These units offer the flexibility to continue hotel operations or convert to long-term apartment rentals. The property includes 38 off-street parking stalls. The property is situated on the city's primary commercial corridor and is surrounded by restaurants, tasting rooms, and retail. The property size is 16950 square feet.
Key Highlights
- Trophy historic asset in the heart of downtown on Main Street, surrounded by restaurants, tasting rooms, and retail.
- Mixed‑use configuration with commercial space on the 1st floor and residential/hotel use on the 2nd floor.
- Strong in‑place commercial tenancy with Shiki Hibachi Sushi.
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
$137,581
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
6.55%
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%
$2,751,620
$2.8M
Cap Rate 7%
$1,965,443
$2.0M
Cap Rate 9%
$1,528,678
$1.5M
Market Conditions
NOI Build-Up for 16,950 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
$238.0K $14.04/SF
− Vacancy
−$17.8K −$1.05/SF
EGI
$220.1K $12.99/SF
− OpEx
−$82.5K −$4.87/SF
NOI
$137.6K $8.12/SF
Area
Walla Walla County, WA
Vacancy
7.50%
Lease Rate
$14.04 /SF/Yr
Expense Ratio
37.50%
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%
$2,751,620
Cap Rate 7%
$1,965,443
Cap Rate 9%
$1,528,678
Alternative Uses
Best Use
Mixed Use
$1.97M
$1.72M – $2.29M
NOI $137,581 @ 7.0% cap · market cap 6.55%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.99M
$3.49M – $4.65M
NOI $279,228 @ 7.0% cap · market cap 13.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,774
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Trophy historic asset in downtown Walla Walla with mixed-use configuration.
Where is this mixed-use property located?
The property is located at 214-226 E Main St Walla Walla, WA.
What is the asking price?
The asking price for this property is $2,100,000.
What are key features of this property?
This property features: Trophy historic asset in the heart of downtown on Main Street, surrounded by restaurants, tasting rooms, and retail.; Mixed‑use configuration with commercial space on the 1st floor and residential/hotel use on the 2nd floor.; Strong in‑place commercial tenancy with Shiki Hibachi Sushi.
