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    615 College Ave College Place, WA 99324-1516
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    Property profile & analytics

    615 College Ave College Place, WA 99324-1516

    View on Map
    • Retail properties & Spaces
    • 3,964 SF
    • 0.24 lot acres
    Off-Market
    Property ID
    US90-1859611
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Walla Walla Valley Real Estate / Real Estate Agency
    • The Fresh Lime / Specialty Food Shop / (Bike/Boat/Book/etc) Store
    • Vigorganic / Home Appliance Store / Building Supply

    Property Details for 615 College Ave

    Year built
    1953
    Lot size
    0.24 lot acres
    Property size
    3,964 SF
    Property type
    Retail properties & Spaces
    APN
    350736600507
    APU
    350736600507

    Description

    This exceptional 2,811-square-foot commercial property, located at 615 S College Ave in College Place, WA 99324, presents a unique opportunity for a variety of businesses. Built in 1953 and extensively renovated in 2019, this single-tenant building sits on a 10,416-square-foot lot and is classified as Class B. Its versatile design is suitable for coworking spaces, medical offices, or creative office environments, as well as retail or restaurant uses. The property boasts a spacious interior adaptable to various layouts, offering flexibility for diverse business needs. Modern amenities include a new HVAC system, high-speed internet access, ample electrical outlets, and ADA-compliant facilities. Five on-site parking spaces ensure convenient access for clients and employees. The property's prime location on S College Ave provides high visibility and accessibility, benefiting from proximity to Walla Walla University and residential areas. The zoning is commercial, and the property is situated within the College Place submarket of the Walla Walla Valley. Immediate occupancy is available. This property offers a compelling combination of location, size, and modern amenities, making it an ideal investment for businesses seeking a thriving environment in the heart of College Place.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    College Place
    County
    Walla Walla
    State
    Washington
    Longitude
    -118.388
    Latitude
    46.0434
    CBSA code
    47460
    CBSA name
    WALLA WALLA, WA MICROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2021
    $3,011
    $72,700
    $154,800
    $227,500
    -
    $72,700
    $154,800
    $227,500

    Comparable in this City

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    • Value Estimation by Request
      3,680 SF

      928 College Ave

      SERVICE SHOP (TV, ELECTRIC, PLUMBING) • 3,680 SF
      928 College Ave, College Place, WA 99324-1523
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    • Value Estimation by Request
      2,020 SF

      508 College Ave

      SERVICE SHOP (TV, ELECTRIC, PLUMBING) • 2,020 SF
      508 College Ave, College Place, WA 99324-1226
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    • Value Estimation by Request
      5,338 SF

      536 C St

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      6,236 SF

      96 Frontage Rd

      DEPARTMENT STORE • 6,236 SF
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      4,703 SF

      110 Rose St

      SERVICE SHOP (TV, ELECTRIC, PLUMBING) • 4,703 SF
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    Similar Nearby for Sale

    • Contact for pricing

      Commercial Development Opportunity in College Place

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      View Details
    • $6,000,000

      Development Land on S College

      32+ acres of land suitable for various commercial uses.
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      Multi-Family Investment Opportunity in College

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      College Place Multifamily Investment Opportunity

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      Prime Commercial Land Opportunity

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      College Place Multi-Family Investment Opportunity

      Multi-family property with open floor plans and modern kitchens.
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    Similar Nearby for Lease

    • Contact for pricing
      1,280 SF

      Retail Suite Near Walmart Entrance

      1,280 SF retail suite near Walmart Supercenter entrance.
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      View Details
    • Contact for pricing

      Retail Pads and Land Sites

      Land sites available for ground lease or build to suit.
      1288 SE Commercial Dr, College Place, WA 99324
      View Details
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    College Place, WA 99324-1516
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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.

    More about this property
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