Commercial Land with Existing
For Sale
$825,000
20487 Viking Avenue NW, Poulsbo, WA 98370
C-2 zoned parcel with an existing 1,761 SF building on a 1-acre site on Viking Ave NW.
Property Size1,761 SF
Lot Size1.00 Acre
Price / SF$468.48
Days on Market75
Property Features for 20487 Viking Avenue NW
General Information
Standard status
Active
Size
1,761 SF
Lot size
1.00 Acre
Property subtype
Commercial
Zoning
Commercial
Additional Details
Opportunity Zone
Yes
Building Details
Year Built
1978
Listing Agency:
Keller Williams Greater 360
(360) 347-6600
Listed By:
Joey Soller · License #109285
(360) 347-6600
Source:
Multifamilyspecialist
Added: Jun 11
Changed: Aug 23
Last Checked: Aug 24 at 3:42PM
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 Keller Williams Greater 360
Investment Insights
Based on property information with market context.
Located at 20487 Viking Ave NW in Poulsbo, WA, this C-2 zoned commercial property includes an existing 1,761 SF building on a full 1.00-acre (43,560 SF) parcel. The site offers flexibility for an owner-user to occupy the building immediately while keeping room for on-site outdoor use and potential future site reconfiguration, subject to zoning and approvals (buyer to verify).
The property has frontage along Viking Ave NW and is positioned for visibility to passersby. Please note that zoning and permitted uses should be confirmed by the buyer, along with any development options discussed for the property.
For buyers seeking a land-driven commercial setup with interim utility from the existing structure, this asset provides a single, manageable parcel and a straightforward foundation for evaluating short- and long-term plans (buyer to verify).
The property has frontage along Viking Ave NW and is positioned for visibility to passersby. Please note that zoning and permitted uses should be confirmed by the buyer, along with any development options discussed for the property.
For buyers seeking a land-driven commercial setup with interim utility from the existing structure, this asset provides a single, manageable parcel and a straightforward foundation for evaluating short- and long-term plans (buyer to verify).
Key Highlights
- C‑2 zoned commercial parcel with an existing 1,761 SF building (built 1978) on a full 1.00‑acre (43,560 SF) lot
- Located on Viking Ave NW with strong frontage along a major corridor and proximity to established retail, services, and residential neighborhoods
- Site flexibility for parking, storage, yard use, or reconfiguration to fit evolving business needs (buyer to verify)
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
$25,105
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
3.04%
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%
$502,100
$502.1K
Cap Rate 7%
$358,643
$358.6K
Cap Rate 9%
$278,944
$278.9K
Market Conditions
NOI Build-Up for 1,761 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
$38.0K $21.60/SF
− Vacancy
−$4.6K −$2.59/SF
EGI
$33.5K $19.01/SF
− OpEx
−$8.4K −$4.75/SF
NOI
$25.1K $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%
$502,100
Cap Rate 7%
$358,643
Cap Rate 9%
$278,944
Alternative Uses
Best Use
Office B
$358.6K
$313.8K – $418.4K
NOI $25,105 @ 7.0% cap · market cap 3.04%
Second Best
Retail
$291.6K
$255.2K – $340.2K
NOI $20,414 @ 7.0% cap · market cap 2.47%
Theoretical Best
Specialty Retail
$587.2K
$513.8K – $685.1K
NOI $41,104 @ 7.0% cap · market cap 4.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
547
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?
Commercial land - C-2 zoned parcel with an existing 1,761 SF building on a 1-acre site on Viking Ave NW.
Where is this commercial land located?
The property is located at 20487 Viking Avenue NW Poulsbo, WA.
What is the asking price?
The asking price for this property is $825,000.
What are key features of this property?
This property features: C‑2 zoned commercial parcel with an existing 1,761 SF building (built 1978) on a full 1.00‑acre (43,560 SF) lot; Located on Viking Ave NW with strong frontage along a major corridor and proximity to established retail, services, and residential neighborhoods; Site flexibility for parking, storage, yard use, or reconfiguration to fit evolving business needs (buyer to verify)
