Historic Mixed-Use Building with Short-Term
For Sale
Contact for pricing
214-226 E Main St, Walla Walla, WA 99362
Masonry mixed-use building with elevator access to six upper units currently operated as short-term lodging above Main Street retail.
Property Size16,950 SF
Price / SF$141.59
Days on Market164
Property Features for 214-226 E Main St
General Information
Standard status
Active
Size
16,950 SF
Total Parking Spaces
38
Property subtype
RETAIL
Site & Location
Anchor Co-Tenants
Shiki Hibachi Sushi
Road Access
Yes
Amenities
elevator service
Building Details
Year Built
1930
Buildings
1
Stories
2
Construction
masonry
Tenancy
Multi
Listing Agency:
Tarragon Advisors LLC
(206) 233-9600
Listed By:
Drew Davis · License #26201
(206) 233-9600
Source:
Moodyscre
Added: Mar 13
Changed: Aug 23
Last Checked: Aug 22 at 7:04AM
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.
Hungate Building is a historic masonry mixed-use property constructed in 1930, offering elevator-served access to six upper-floor residential units currently operated as short-term lodging. The building’s configuration combines commercial space on the first floor with residential or hotel use on the second floor, giving flexibility to continue short-term operations or convert to long-term apartment rentals. In-place commercial tenancy is present with Shiki Hibachi Sushi.
The property is located on Main Street in downtown Walla Walla, identified as the city’s primary commercial corridor. It is surrounded by restaurants, tasting rooms, and retail.
Operational support includes 38 off-street parking stalls, helping enhance day-to-day convenience for residents, guests, and retail customers.
The property is located on Main Street in downtown Walla Walla, identified as the city’s primary commercial corridor. It is surrounded by restaurants, tasting rooms, and retail.
Operational support includes 38 off-street parking stalls, helping enhance day-to-day convenience for residents, guests, and retail customers.
Key Highlights
- Built in 1930, masonry historic mixed‑use building
- Commercial space on the first floor with residential or hotel use on the second floor
- Elevator‑served access to six upper‑floor units operated as short‑term lodging
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
$120,820
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
5.03%
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%
$2,416,400
$2.4M
Cap Rate 7%
$1,726,000
$1.7M
Cap Rate 9%
$1,342,444
$1.3M
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
$228.8K $13.50/SF
− Vacancy
−$9.2K −$0.54/SF
EGI
$219.7K $12.96/SF
− OpEx
−$98.9K −$5.83/SF
NOI
$120.8K $7.13/SF
Area
Walla Walla County, WA
Vacancy
4.00%
Lease Rate
$13.50 /SF/Yr
Expense Ratio
45.00%
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%
$2,416,400
Cap Rate 7%
$1,726,000
Cap Rate 9%
$1,342,444
Alternative Uses
Best Use
Retail
$3.57M
$3.12M – $4.16M
NOI $249,621 @ 7.0% cap · market cap 10.40%
Second Best
Apartment 5plus
$1.73M
$1.51M – $2.01M
NOI $120,820 @ 7.0% cap · market cap 5.03%
Theoretical Best
Office A
$3.99M
$3.49M – $4.65M
NOI $279,228 @ 7.0% cap · market cap 11.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Paved road access
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
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Short term rental property - Masonry mixed-use building with elevator access to six upper units currently operated as short-term lodging above Main Street retail.
Where is this short term rental 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 $2,400,000.
What are key features of this property?
This property features: Built in 1930, masonry historic mixed‑use building; Commercial space on the first floor with residential or hotel use on the second floor; Elevator‑served access to six upper‑floor units operated as short‑term lodging
