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    Landmark Building in Tourist District Title is generated by Realmo AI

    38 East Main Street, Walla Walla, WA 99362

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    Historic 29,030 SF building in Walla Walla's tourist center.

    Type:RETAIL
    Property size:
    29,030 SF
    Price / SF:
    $111/SF
    Added:
    May 27, 2026
    Days on Market:
    2
    Last Refresh:
    May 27 at 7:43 am

    Property Features for 38 East Main Street

    General Information

    Standard status
    Active
    Size
    29,030 SF
    Property subtype
    RETAIL

    We can help!

    Listing Contact
    Maggie Verger
    Maggie Verger

    Listing agent Maggie Verger License #WA 116408

    Listing office Kidder Mathews

    Listing date May 27, 2026

    Source Moodyscre

    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

    HighLights

    • Prime Main Street location at the intersection of Main & 1st Ave in Walla Walla's downtown core, offering high visibility and pedestrian traffic.
    • Located in a nationally recognized wine region, attracting over 500,000 tourists annually and supporting sustained economic growth.
    • Hospitality Conversion Upside: Architect‑designed hotel conversion concept (Heliotrope Architects) ready for a buyer seeking boutique hotel opportunity.
    • Historical significance as the 'Die Brucke Building,' playing an important role in Walla Walla's preservation and revitalization efforts.
    • Committed long‑term tenant, Books & Game Co. (est. 1989), anchoring 20% of the building since 1999.
    • Minimal submarket vacancy (less than 4% in 2025) in Downtown Walla Walla, supporting durable rental rates.

    Overview

    Located in the heart of Walla Walla's primary tourist district, the Die Brucke Building presents a rare opportunity. Constructed in 1903, this 29,030 square foot landmark is recognized for its historical significance and its important role in the City of Walla Walla's long-term preservation and revitalization initiatives. The building is positioned at the prominent intersection of Main St and 1st Ave in the downtown core, surrounded by wine tasting rooms, restaurants, hotels, and boutique retail. Walla Walla has emerged as a nationally recognized wine destination, home to more than 185 wineries. The area benefits from strong and repeat visitation, with a high percentage of visitors planning to return. The building is located at the corner of Main & 1st Ave with high pedestrian traffic. One tenant, Books & Game Co. has occupied 20% of the building since 1999. An architect-designed hotel conversion concept is available for a buyer seeking a boutique hotel opportunity. The Walla Walla Valley AVA is one of North America's premier wine destinations, supporting sustained visitation and economic growth drawing over 500,000 tourists year round. Downtown Walla Walla reported less than 4% vacancy in 2025.
    Location Intelligence

    Current Use by Public Records

    Michael and Molly Butler ... Real Estate Agency Kamalot's Kastle Clothing Store Mark VanDonge Portraits Photography Service Peter Swant, Keller ... Real Estate Agency Desiree Schulz, The Provost ... Real Estate Agency

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Dental Office Spa & Massage Center Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Walla Walla
    County
    Walla Walla
    State
    Washington
    Longitude
    -118.3378162
    Latitude
    46.0672001

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    FAQs

    What type of property is this?
    Storefront property - Historic 29,030 SF building in Walla Walla's tourist center.
    Where is this storefront property located?
    The property is located at 38 East Main Street Walla Walla, WA.
    What is the asking price?
    The asking price for this property is $3,250,000.
    What are key features of this property?
    This property features: Prime Main Street location at the intersection of Main & 1st Ave in Walla Walla's downtown core, offering high visibility and pedestrian traffic.; Located in a nationally recognized wine region, attracting over 500,000 tourists annually and supporting sustained economic growth.; Hospitality Conversion Upside: Architect‑designed hotel conversion concept (Heliotrope Architects) ready for a buyer seeking boutique hotel opportunity.
    (425) 454-7040 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Maggie Verger
    Maggie Verger
    Real Estate License ID: WA 116408
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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