Historic Walla Walla Landmark
For Sale
Contact for pricing
Pending
38 E Main St, Walla Walla, WA 99362
Landmark building in Walla Walla's tourist district for sale.
Property Size29,030 SF
Days on Market93
Property Features for 38 E Main St
General Information
Standard status
Pending
Size
29,030 SF
Total Parking Spaces
10
Property subtype
Hospitality, Retail, Office
Occupancy
67%
Investment Type
Value Add
Building Details
Year Built
1903
Year Renovated
1994
Stories
2
Tenancy
Multi
Listing Agency:
Kidder Mathews Seattle
(360) 705-2800
Listed By:
Maggie Verger · License #WA 116408
Source:
Crexi
Added: May 20
Changed: Aug 8
Last Checked: Aug 8 at 7:33AM
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 Kidder Mathews Seattle
Investment Insights
Based on property information with market context.
The Die Brucke Building, constructed in 1903, offers a rare opportunity for acquisition. This 29,030 square foot landmark property is located in the center of Walla Walla's primary tourist district. Recognized for its historical significance, the building plays an important role in the City of Walla Walla's long-term preservation and revitalization initiatives. It is positioned at the intersection of Main St and 1st Ave within the downtown core, surrounded by wine tasting rooms, restaurants, hotels, and boutique retail. Walla Walla has emerged as a nationally recognized wine destination, now home to more than 185 wineries. According to the 2023 Visitor Experience Survey, 90% of visitors indicated plans to return within two years.
Key Highlights
- Landmark property in the heart of Walla Walla's tourist district.
- Located at the high‑traffic intersection of Main St and 1st Ave.
- Surrounded by popular wine tasting rooms, restaurants, hotels, and retail.
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
$235,633
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
8.48%
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%
$4,712,660
$4.7M
Cap Rate 7%
$3,366,186
$3.4M
Cap Rate 9%
$2,618,144
$2.6M
Market Conditions
NOI Build-Up for 29,030 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
$407.6K $14.04/SF
− Vacancy
−$30.6K −$1.05/SF
EGI
$377.0K $12.99/SF
− OpEx
−$141.4K −$4.87/SF
NOI
$235.6K $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%
$4,712,660
Cap Rate 7%
$3,366,186
Cap Rate 9%
$2,618,144
Alternative Uses
Best Use
Retail
$6.11M
$5.34M – $7.13M
NOI $427,521 @ 7.0% cap · market cap 15.38%
Second Best
Mixed Use
$3.37M
$2.95M – $3.93M
NOI $235,633 @ 7.0% cap · market cap 8.48%
Theoretical Best
Office A
$6.83M
$5.98M – $7.97M
NOI $478,229 @ 7.0% cap · market cap 17.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,894
Businesses Nearby
62k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 43%
Shops & Services 32%
Dining 14%
Hotels & Casinos 7%
Safeway
Groceries
26,877 visits/mo
0.2 miles
Circle K
Shops & Services
10,973 visits/mo
0.2 miles
Chase Bank
Shops & Services
4,514 visits/mo
0.2 miles
Pizza Hut
Dining
4,338 visits/mo
0.4 miles
Jimmy John's
Dining
4,327 visits/mo
0.5 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
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Landmark building in Walla Walla's tourist district for sale.
Where is this mixed-use property located?
The property is located at 38 E Main St Walla Walla, WA.
What is the asking price?
The asking price for this property is $2,780,000.
What are key features of this property?
This property features: Landmark property in the heart of Walla Walla's tourist district.; Located at the high‑traffic intersection of Main St and 1st Ave.; Surrounded by popular wine tasting rooms, restaurants, hotels, and retail.
