Fully Leased Office
For Sale
$1,100,000
104 Tremont Street, Port Orchard, WA 98366
100% leased office building with shared ADA restrooms on each floor and a common area kitchen/breakroom.
Property Size5,592 SF
Days on Market78
Property Features for 104 Tremont Street
General Information
Standard status
Active
Size
5,592 SF
Property subtype
Retail
Occupancy
100%
Additional Details
Cap Rate
6.44%
Building Details
Building Size
5,592 SF
Listing Agency:
Lee & Associates Commercial Real Estate Services
Listed By:
Rachel Corp · License #WA 41623
(253) 238-2842
Source:
Lee-associates
Added: Jul 18
Changed: Sep 24
Last Checked: Oct 2 at 6:03PM
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 Lee & Associates Commercial Real Estate Services
Investment Insights
Based on property information with market context.
This fully leased office building offers shared access and well-maintained common amenities, including shared ADA bathrooms on each floor and a common area kitchen/breakroom. The property sits in a park-like setting with mature landscaping and plentiful parking. A small storage shed is included for maintenance tools, and retail-type monument signage is on site. Recent upgrades are noted, and the roof is approximately 6 years old.
Shared access is described with the Kitsap Fire Rescue station, with 24-hour occupancy. The building is located at 104 Tremont St in Port Orchard, Washington.
An indicated 6.44% cap rate is based on actual rents as of 10/1/26.
Shared access is described with the Kitsap Fire Rescue station, with 24-hour occupancy. The building is located at 104 Tremont St in Port Orchard, Washington.
An indicated 6.44% cap rate is based on actual rents as of 10/1/26.
Key Highlights
- 100% leased office building in Port Orchard
- 6.44% cap rate based on actual rents as of 10/1/26
- Shared ADA bathrooms on each floor plus a common area kitchen/breakroom
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
$79,720
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
7.25%
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%
$1,594,400
$1.6M
Cap Rate 7%
$1,138,857
$1.1M
Cap Rate 9%
$885,778
$885.8K
Market Conditions
NOI Build-Up for 5,592 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
$120.8K $21.60/SF
− Vacancy
−$14.5K −$2.59/SF
EGI
$106.3K $19.01/SF
− OpEx
−$26.6K −$4.75/SF
NOI
$79.7K $14.26/SF
Area
Kitsap County, WA
Vacancy
12.00%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
25.00%
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%
$1,594,400
Cap Rate 7%
$1,138,857
Cap Rate 9%
$885,778
Alternative Uses
Best Use
Office B
$1.14M
$996.5K – $1.33M
NOI $79,720 @ 7.0% cap · market cap 7.25%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.86M
$1.63M – $2.18M
NOI $130,526 @ 7.0% cap · market cap 11.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
538
Businesses Nearby
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Business Placement
Demographics for 98366, WA
36,969
Population
15,391
Households
2.4
Avg Household Size
39
Median Age
26%
College-Educated
94%
High-School Grad
23.4 sq mi
ZIP Area
1,580
Density / Sq Mi
$88,807
Median Household Income
$51,884
Median Earnings
$1,704
Median Rent
$449,700
Median Home Value
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Market
Vacancy Rate% for Office in West region
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Frequently Asked Questions
What type of property is this?
Office building - 100% leased office building with shared ADA restrooms on each floor and a common area kitchen/breakroom.
Where is this office building located?
The property is located at 104 Tremont Street Port Orchard, WA.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: 100% leased office building in Port Orchard; 6.44% cap rate based on actual rents as of 10/1/26; Shared ADA bathrooms on each floor plus a common area kitchen/breakroom
