Light-Industrial Warehouses & Land
For Sale
Contact for pricing
26119-26129 Calvary Ln NE, Kingston, WA
Five light-industrial warehouses and three pre-approved development lots for sale.
Property Size33,050 SF
Lot Size5.17 Acres
Price / SF$137.52
Days on Market272
Property Features for 26119-26129 Calvary Ln NE
General Information
Standard status
Active
Size
33,050 SF
Lot size
5.17 Acres
Property subtype
INDUSTRIAL
Listing Agency:
Northmarq Commercial, LLC
(206) 584-6195
Listed By:
Raymond Vara
(206) 584-6195
Source:
Moodyscre
Added: Nov 24, 2025
Changed: Aug 8
Last Checked: Aug 23 at 5:27AM
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 Northmarq Commercial, LLC
Investment Insights
Based on property information with market context.
This investment opportunity features five light-industrial warehouse buildings and three undeveloped lots located in the Arbor Business Park. The five buildings, encompassing 33,050 square feet, currently generate an NOI of $307,000 at a CAP rate of 6.88%. The three vacant lots are fully serviced and pre-approved for development. The project has received awards for its construction and environmentally-friendly building methods and materials. Arbor Business Park designates each building and lot with its own tax parcel, allowing a buyer to sell individual buildings or lots. This flexibility allows an owner/user to expand as needed and enables an investor to tailor new construction for a future long-term user. Situated approximately 12 minutes from both Kingston and Poulsbo, the property benefits from convenient access to major regional transportation routes in North Kitsap County. This location offers infrastructure to support investment goals.
Key Highlights
- Significant income potential with existing buildings producing an NOI of $307,000 at a 6.88% CAP rate.
- Three fully serviced and pre‑approved vacant lots offer immediate development opportunities.
- Flexibility to sell buildings or lots individually due to the binding site plan.
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
$248,282
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
5.46%
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%
$4,965,640
$5.0M
Cap Rate 7%
$3,546,886
$3.5M
Cap Rate 9%
$2,758,689
$2.8M
Market Conditions
NOI Build-Up for 33,050 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
$297.5K $9.00/SF
− Vacancy
−$5.4K −$0.16/SF
EGI
$292.1K $8.84/SF
− OpEx
−$43.8K −$1.33/SF
NOI
$248.3K $7.51/SF
Area
Kitsap County, WA
Vacancy
1.80%
Lease Rate
$9.00 /SF/Yr
Expense Ratio
15.00%
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%
$4,965,640
Cap Rate 7%
$3,546,886
Cap Rate 9%
$2,758,689
Alternative Uses
Best Use
Warehouse
$3.55M
$3.10M – $4.14M
NOI $248,282 @ 7.0% cap · market cap 5.46%
Second Best
Industrial
$2.92M
$2.56M – $3.41M
NOI $204,467 @ 7.0% cap · market cap 4.50%
Theoretical Best
Specialty Retail
$11.02M
$9.64M – $12.86M
NOI $771,437 @ 7.0% cap · market cap 16.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
119
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Market
Vacancy Rate% for Industrial in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- United Business Park & Storage — 26139 United Rd NE, Kingston, WA 98346
- Kingston Vault Self Storage — 26909 WA-104 NE, Kingston, WA 98346
- Minder Storage — 6101 NE Minder Rd, Poulsbo, WA 98370
Frequently Asked Questions
What type of property is this?
Warehouse - Five light-industrial warehouses and three pre-approved development lots for sale.
Where is this warehouse located?
The property is located at 26119-26129 Calvary Ln NE Kingston, WA.
What is the asking price?
The asking price for this property is $4,545,000.
What are key features of this property?
This property features: Significant income potential with existing buildings producing an NOI of $307,000 at a 6.88% CAP rate.; Three fully serviced and pre‑approved vacant lots offer immediate development opportunities.; Flexibility to sell buildings or lots individually due to the binding site plan.
