This study investigates steady-state conductive heat transfer and water-vapor diffusion through the external wall of a refrigerated warehouse with a specified load-bearing wall assembly. The formal analogy between heat conduction and mass diffusion is stated and used to establish a practical calculation framework for estimating heat and moisture ingress through multilayer cold-store walls. Calculation routines are presented to determine the temperature field and the corresponding water-vapor saturation and partial-pressure distributions across (and within) the insulation layer, enabling the identification of regions prone to interstitial condensation. The analysis highlights the roles of (i) the vapor diffusion resistance of the vapor barrier layer, (ii) the thermal resistance of the insulation, and (iii) key outdoor boundary conditions in governing condensation risk. Increasing insulation thermal resistance reduces external heat gains; however, it may also increase the likelihood of condensation in layers close to the cold side by lowering local temperatures and saturation pressures. Among external parameters, outdoor relative humidity exerts the strongest influence on interstitial condensation risk. For the investigated wall assembly, increasing outdoor relative humidity by 50% shifts the condensation onset location within the insulation toward mid-thickness. The effects of vapor barrier diffusion resistance, insulation thermal resistance, and changes in outdoor conditions (relative humidity, temperature, and wind speed) are reported in tabulated form and illustrated through pressure–position and temperature–position profiles.