Well-Maintained Office Building with
For Sale
$999,999
Pending
1550 Woodridge Dr SE, Port Orchard, WA 98366
Two-story office building with flexible layout and detached garage/shop.
Property Size3,840 SF
Days on Market362
Property Features for 1550 Woodridge Dr SE
General Information
Standard status
Pending
Size
3,840 SF
Property subtype
Commercial
Building Details
Year Built
1997
Listing Agency:
MARTIN REAL ESTATE GRP
(360) 876-7600
Listed By:
TJ MARTIN
Source:
Corcoran
Added: Aug 13, 2025
Changed: Jul 6
Last Checked: May 10 at 9:46PM
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 MARTIN REAL ESTATE GRP
Investment Insights
Based on property information with market context.
This well-maintained, two-story office building is situated in the Woodridge Professional Center, located just off Mile Hill Drive. The property is positioned at the end of a quiet cul-de-sac, providing a private and peaceful setting complemented by a greenbelt in the rear. A large deck offers an outdoor space suitable for breaks, meetings, or events. The interior features a functional layout, including a reception area, multiple private offices, a large open work area, a conference room, a full kitchen, and four bathrooms, one of which includes a shower. This layout provides flexibility for various professional uses. Additional features include a security system and air conditioning. A detached 3-car garage/shop is also included, equipped with 240V power and internet access. The building has a size of 3840 square feet.
Key Highlights
- Spacious office building in a private, peaceful setting with a greenbelt view.
- Functional layout with reception area, private offices, open work area, conference room, and full kitchen.
- Includes a detached 3‑car garage/shop with 240V power and internet.
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
$54,743
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
5.47%
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%
$1,094,860
$1.1M
Cap Rate 7%
$782,043
$782.0K
Cap Rate 9%
$608,256
$608.3K
Market Conditions
NOI Build-Up for 3,840 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
$82.9K $21.60/SF
− Vacancy
−$10.0K −$2.59/SF
EGI
$73.0K $19.01/SF
− OpEx
−$18.2K −$4.75/SF
NOI
$54.7K $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%
$1,094,860
Cap Rate 7%
$782,043
Cap Rate 9%
$608,256
Alternative Uses
Best Use
Office B
$782.0K
$684.3K – $912.4K
NOI $54,743 @ 7.0% cap · market cap 5.47%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.28M
$1.12M – $1.49M
NOI $89,631 @ 7.0% cap · market cap 8.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
72
Businesses Nearby
Explore this area
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
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Two-story office building with flexible layout and detached garage/shop.
Where is this office building located?
The property is located at 1550 Woodridge Dr SE Port Orchard, WA.
What is the asking price?
The asking price for this property is $999,999.
What are key features of this property?
This property features: Spacious office building in a private, peaceful setting with a greenbelt view.; Functional layout with reception area, private offices, open work area, conference room, and full kitchen.; Includes a detached 3‑car garage/shop with 240V power and internet.
