New Construction Warehouse and
For Sale
Contact for pricing
26245 Pioneer Way NW, Poulsbo, WA
Under construction warehouse with office space and flexible design.
Property Size8,000 SF
Lot Size1.23 Acres
Price / SF$171.25
Days on Market473
Property Features for 26245 Pioneer Way NW
General Information
Standard status
Active
Size
8,000 SF
Lot size
1.23 Acres
Property subtype
INDUSTRIAL
Listing Agency:
Bob Guardino Real Estate Services P.S.
(360) 710-7844
Listed By:
Bob Guardino
(360) 710-7844
Source:
Moodyscre
Added: May 5, 2025
Changed: Jul 10
Last Checked: Aug 19 at 10:48AM
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 Bob Guardino Real Estate Services P.S.
Investment Insights
Based on property information with market context.
This property, currently under construction, offers a flexible design to match tenant needs. The foundation and site work are complete. The design incorporates a 4,000 square foot warehouse with a 4,000 square foot office space above, totaling 8,000 square feet. The ultimate design is somewhat flexible and may include an elevator. The property features views of the mountains and canal. Three-phase power is available.
Key Highlights
- Customizable design: Tenant can participate in the design to match their specific needs.
- Enjoy desirable mountain and canal views.
- Substantial space: Design calls for a total of 8,000 sq ft (4,000 sq ft warehouse and 4,000 sq ft office).
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
$114,048
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
8.32%
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%
$2,280,960
$2.3M
Cap Rate 7%
$1,629,257
$1.6M
Cap Rate 9%
$1,267,200
$1.3M
Market Conditions
NOI Build-Up for 8,000 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
$172.8K $21.60/SF
− Vacancy
−$20.7K −$2.59/SF
EGI
$152.1K $19.01/SF
− OpEx
−$38.0K −$4.75/SF
NOI
$114.0K $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%
$2,280,960
Cap Rate 7%
$1,629,257
Cap Rate 9%
$1,267,200
Alternative Uses
Best Use
Office B
$1.63M
$1.43M – $1.90M
NOI $114,048 @ 7.0% cap · market cap 8.32%
Second Best
Warehouse
$858.5K
$751.2K – $1.00M
NOI $60,098 @ 7.0% cap · market cap 4.39%
Theoretical Best
Specialty Retail
$2.67M
$2.33M – $3.11M
NOI $186,732 @ 7.0% cap · market cap 13.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
100
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Twelve Trees Self Storage — 26265 12 Trees Ln NW #101, Poulsbo, WA 98370
Frequently Asked Questions
What type of property is this?
Warehouse - Under construction warehouse with office space and flexible design.
Where is this warehouse located?
The property is located at 26245 Pioneer Way NW Poulsbo, WA.
What is the asking price?
The asking price for this property is $1,370,000.
What are key features of this property?
This property features: Customizable design: Tenant can participate in the design to match their specific needs.; Enjoy desirable mountain and canal views.; Substantial space: Design calls for a total of 8,000 sq ft (4,000 sq ft warehouse and 4,000 sq ft office).
