Multi-Tenant Shopping Center
For Sale
Contact for pricing
1541 SE PIPERBERRY WAY, Port Orchard, WA 98366
Acquire Bethel Center, a multi-tenant leased retail property serving Port Orchard with easy regional access.
Property Size8,750 SF
Price / SF$171.43
Days on Market61
Property Features for 1541 SE PIPERBERRY WAY
General Information
Standard status
Active
Size
8,750 SF
Property subtype
Retail
Occupancy
81%
Investment Type
Value Add
Building Details
Year Built
2005
Stories
1
Tenancy
Multi
Listing Agency:
Kidder Mathews Seattle
(206) 296-9600
Listed By:
Parker Ksidakis · License #WA 130245
Source:
Crexi
Added: Jun 10
Changed: Aug 8
Last Checked: Aug 8 at 9:45AM
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 Kidder Mathews Seattle
Investment Insights
Based on property information with market context.
Bethel Center is a multi-tenant, leased retail investment offered for sale at 1541 SE Piperberry Way in Port Orchard, Washington. The property is positioned as a shopping center with storefront-style space totaling approximately 8,750 square feet. As a leased investment, it is set up for an ownership group looking to acquire income-producing retail real estate with multiple tenant occupancies in place.
Port Orchard is described as being easily accessible from Seattle and Tacoma, and functions as an access community for both areas. This places the asset in a regional travel corridor where convenience and connectivity can support retail demand.
For investors, the key takeaway is the multi-tenant structure combined with existing leases, which can offer diversification across tenant spaces within a single retail property. For retail operators evaluating space within a shopping center environment, the configuration can support a variety of storefront-based uses, with the advantage of being part of an established, occupied retail setting. Interested parties should review the lease details and tenant lineup as part of their diligence.
Port Orchard is described as being easily accessible from Seattle and Tacoma, and functions as an access community for both areas. This places the asset in a regional travel corridor where convenience and connectivity can support retail demand.
For investors, the key takeaway is the multi-tenant structure combined with existing leases, which can offer diversification across tenant spaces within a single retail property. For retail operators evaluating space within a shopping center environment, the configuration can support a variety of storefront-based uses, with the advantage of being part of an established, occupied retail setting. Interested parties should review the lease details and tenant lineup as part of their diligence.
Key Highlights
- Bethel Center is a multi‑tenant leased retail investment in Port Orchard, Washington
- Year built: 2005
- Port Orchard is easily accessible from Seattle and Tacoma
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
$101,430
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
6.76%
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%
$2,028,600
$2.0M
Cap Rate 7%
$1,449,000
$1.4M
Cap Rate 9%
$1,127,000
$1.1M
Market Conditions
NOI Build-Up for 8,750 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
$157.5K $18.00/SF
− Vacancy
−$12.6K −$1.44/SF
EGI
$144.9K $16.56/SF
− OpEx
−$43.5K −$4.97/SF
NOI
$101.4K $11.59/SF
Area
Kitsap County, WA
Vacancy
8.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
30.00%
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%
$2,028,600
Cap Rate 7%
$1,449,000
Cap Rate 9%
$1,127,000
Alternative Uses
Best Use
Retail
$1.45M
$1.27M – $1.69M
NOI $101,430 @ 7.0% cap · market cap 6.76%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.92M
$2.55M – $3.40M
NOI $204,238 @ 7.0% cap · market cap 13.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
225
Businesses Nearby
136k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 49%
Shops & Services 31%
Dining 15%
Electronics 3%
Fred Meyer
Groceries
67,220 visits/mo
0.2 miles
Fred Meyer Gas Station
Shops & Services
25,578 visits/mo
0.1 miles
Starbucks
Dining
11,780 visits/mo
0.1 miles
Shell
Shops & Services
6,222 visits/mo
0.1 miles
Les Schwab Tire Center
Shops & Services
4,973 visits/mo
0.2 miles
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
Market
Vacancy Rate% for Retail in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Shopping center - Acquire Bethel Center, a multi-tenant leased retail property serving Port Orchard with easy regional access.
Where is this shopping center located?
The property is located at 1541 SE PIPERBERRY WAY Port Orchard, WA.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: Bethel Center is a multi‑tenant leased retail investment in Port Orchard, Washington; Year built: 2005; Port Orchard is easily accessible from Seattle and Tacoma
