It is a loose item in a boxed state but can be unboxed and placed on your land. This is why a plot of land is recommended unless you're buying for someone else. If you don't have a plot of land, Corey, the store owner, will make sure if you want to buy it without a plot of land. The Refrigerator can also store small axe boxes or axes.
The item when placed is a tall white structure, also known to be the tallest structure in furniture. It is a white structure, with shades of grey and 2 grey handles on it. The doors to the Refrigerator can be opened and closed upon the player's will, but only one door can be opened, which is the left door. It is unknown if this is on purpose or a bug. The player can store items inside the refrigerator, which most likely are Dynamite or Axes. The refrigerator can be shift locked (see through walls), so it's not the best place to hide your items.
To buy the Refrigerator, the player must go to the other side of the Bridge from the Main Biome. To do so, the player must talk to Seranok and pay him $100 to lower the bridge, which grants access to the Safari Biome. The player then must cross the bridge, which stays lowered for 3 minutes. Then the player must keep going straight and take a right turn into the Safari Shopping District, consisting of two stores, Fancy Furnishings and Boxed Cars. The player must go to Fancy furnishings and then navigate to the first shelf to the right, which contains boxed refrigerators. The player shall drag a box to the counter and talk to the store owner, Corey, then press 'Yes' to buy. The box for the Refrigerator is white with the item decal on the two largest faces.