Class A Office Condo
For Sale
Contact for pricing
19500 10th Avenue Northeast, Poulsbo, WA 98370
Fully leased office suite in a Class A building, offered as a fee-simple condo with NNN tenant obligations.
Property Size1,248 SF
Price / SF$600.92
Days on Market62
Property Features for 19500 10th Avenue Northeast
General Information
Standard status
Active
Size
1,248 SF
Class
A
Total Parking Spaces
96
Property subtype
Office
Zoning
C-3
Occupancy
100%
Lease Type
NNN
Investment Type
Net Lease
Net Operating Income
$52,497
Site & Location
Highway Access
Yes
Road Access
Yes
Additional Details
Office Units
1
Building Details
Year Built
2007
Stories
2
Units
4
Tenancy
Single
Listing Agency:
Hunter Investments
Listed By:
Andrew Hunter · License #WA 21037202
Source:
Crexi
Added: Jun 9
Changed: Aug 8
Last Checked: Aug 9 at 12:45PM
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 Hunter Investments
Investment Insights
Based on property information with market context.
Fernwood Building presents a fee-simple office condo investment featuring Suite 270. The 1,248 SF suite is fully leased to Peninsula Counseling Center on a triple-net (NNN) lease through May 31, 2031. Under the NNN structure, the tenant covers taxes, insurance, and HOA dues, and the lease includes 3.5% annual rent escalations.
Built in 2007, Fernwood Building is a professionally designed Class A property with elevator service and secured parking, and it is positioned in Poulsbo’s established commercial corridor just off Highway 305. The location offers convenient regional connectivity minutes from Highway 3 and Town & Country Market, within the broader Seattle-Puget Sound access routes.
Built in 2007, Fernwood Building is a professionally designed Class A property with elevator service and secured parking, and it is positioned in Poulsbo’s established commercial corridor just off Highway 305. The location offers convenient regional connectivity minutes from Highway 3 and Town & Country Market, within the broader Seattle-Puget Sound access routes.
Key Highlights
- 1,248 SF fee‑simple office condo, built in 2007, in the Fernwood Class A office building
- Suite 270 is fully leased to Peninsula Counseling Center through May 31, 2031
- NNN lease structure: tenant covers taxes, insurance, and HOA dues
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
$22,225
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
2.96%
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%
$444,500
$444.5K
Cap Rate 7%
$317,500
$317.5K
Cap Rate 9%
$246,944
$246.9K
Market Conditions
NOI Build-Up for 1,248 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
$40.9K $32.76/SF
− Vacancy
−$3.8K −$3.08/SF
EGI
$37.0K $29.68/SF
− OpEx
−$14.8K −$11.87/SF
NOI
$22.2K $17.81/SF
Area
Kitsap County, WA
Vacancy
9.40%
Lease Rate
$32.76 /SF/Yr
Expense Ratio
40.00%
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%
$444,500
Cap Rate 7%
$317,500
Cap Rate 9%
$246,944
Alternative Uses
Best Use
Healthcare Medical
$317.5K
$277.8K – $370.4K
NOI $22,225 @ 7.0% cap · market cap 2.96%
Second Best
Office B
$254.2K
$222.4K – $296.5K
NOI $17,791 @ 7.0% cap · market cap 2.37%
Theoretical Best
Specialty Retail
$416.1K
$364.1K – $485.5K
NOI $29,130 @ 7.0% cap · market cap 3.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Office units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,166
Businesses Nearby
Explore this area
Business Placement
Demographics for 98370, WA
32,857
Population
13,849
Households
2.4
Avg Household Size
45
Median Age
45%
College-Educated
95%
High-School Grad
56.3 sq mi
ZIP Area
584
Density / Sq Mi
$109,416
Median Household Income
$56,754
Median Earnings
$1,757
Median Rent
$587,000
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office units - Fully leased office suite in a Class A building, offered as a fee-simple condo with NNN tenant obligations.
Where is this office units located?
The property is located at 19500 10th Avenue Northeast Poulsbo, WA.
What is the asking price?
The asking price for this property is $749,950.
What are key features of this property?
This property features: 1,248 SF fee‑simple office condo, built in 2007, in the Fernwood Class A office building; Suite 270 is fully leased to Peninsula Counseling Center through May 31, 2031; NNN lease structure: tenant covers taxes, insurance, and HOA dues
