Luxury Office Building with Garage

19660 10th Avenue NE Poulsbo, WA 98370

Claim this Listing
For Sale
$4,200,000

A 2007 two-story office building with a 12-car basement garage and flexible suite layout options.

Type:Commercial
Property size:
15,958 SF
Price / SF:
$263/SF
Added:
Dec 10, 2021
Days on Market:
1675
Last Refresh:
Jul 9 at 2:50 am

Property Features for 19660 10th Avenue NE

General Information

Standard status
Active
Size
15,958 SF
Property subtype
Commercial

Building Details

Year Built
2007

Listing office Johansson Clark Real Estate

Listing date Dec 10, 2021

Source Premierepropertygroup

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 Johansson Clark Real Estate


Investment Insights

Based on property information with market context.

Constructed in 2007, this luxury office building totals 15,958 square feet across two floors of offices. The space is currently configured for a single tenant, with the ability to be demised into up to four separate suites. A 12-car basement garage serves the property.

In addition, there is a separate single-story building totaling 2,734 square feet, constructed in 1979. This structure could be remodeled or rebuilt to potentially add approximately 9,000 square feet.

The property has visibility from Highway 305 and is located approximately halfway between the Bainbridge and Kingston ferries. Several government employers are nearby, including Bangor Naval Base and Keyport Research Facility, with retail facilities and Old Town Poulsbo also close by.

Key Highlights

  • 15,958 sq. ft. luxury office building built in 2007 with 2 floors of office space
  • Flexible office layout: currently single‑tenant but could be demised into up to 4 separate suites
  • 12‑car basement garage plus 54 uncovered parking spaces (66 total parking spaces)

Local Financial Insights For Office B

Simulate Cap Rate and NOI

NOI Build-Up
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.

Component $ $/SF
Gross rent $344.7k $21.60
− Vacancy −$41.4k −$2.59
EGI $303.3k $19.01
− OpEx −$75.8k −$4.75
NOI $227.5k $14.26
15,958 SF · lease $21.60/SF/yr · vacancy 12.00% · expense 25.00%

Alternative Uses

Best Use
Office B
$3.25M
$2.84M – $3.79M (±1% cap)
NOI $227,497 @ 7.0% cap · market cap 5.42%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$5.32M
$4.66M – $6.21M (±1% cap)
NOI $372,484 @ 7.0% cap · market cap 8.87%
Zoning and permitted uses should be independently verified with local authorities.

Property Analytics

Property Profile Location Intelligence

Current Use by Public Records

Office buildings

Suggested Use

Building Supply Big Box & Wholesale Store Electrical Service Auto Parts Store Storage Facility HVAC Service Parking Lot & Garage Grocery & Convenience Store Garden Center Furniture & Home Goods

Zoning and permitted uses should be independently verified with local authorities.

FAQs

What type of property is this?
Office building - A 2007 two-story office building with a 12-car basement garage and flexible suite layout options.
Where is this office building located?
The property is located at 19660 10th Avenue NE Poulsbo, WA.
What is the asking price?
The asking price for this property is $4,200,000.
What are key features of this property?
This property features: 15,958 sq. ft. luxury office building built in 2007 with 2 floors of office space; Flexible office layout: currently single‑tenant but could be demised into up to 4 separate suites; 12‑car basement garage plus 54 uncovered parking spaces (66 total parking spaces)
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