Flex Space with Office
For Sale
$1,370,000
26291 Pioneer Way, Poulsbo, WA 98370
Under-construction flex space offers adaptable design and available three-phase power.
Property Size4,000 SF
Price / SF$342.50
Days on Market515
Property Features for 26291 Pioneer Way
General Information
Standard status
Active
Size
4,000 SF
Property subtype
Commercial
Warehouse & Industrial
Warehouse Space
4,000 SF
Office Build-Out
4,000 SF
Three-Phase Power
Yes
Additional Details
Utilities to Site
Yes
Listing Agency:
Bob Guardino Real Estate Srvs
Listed By:
Bob Guardino
(206) 522-3400
Source:
Skylineproperties
Added: Mar 13, 2025
Changed: Aug 8
Last Checked: Aug 8 at 4:08PM
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 Bob Guardino Real Estate Srvs
Investment Insights
Based on property information with market context.
This flex property is under construction with the foundation and site work completed. The planned configuration includes a 4,000 square foot warehouse on the lower level and 4,000 square feet of office space above. The design remains flexible, allowing a future occupant to participate in shaping the layout around its needs. An elevator may also be incorporated into the final plan.
Three-phase power is available for the property. The site also provides views toward the surrounding mountains and canal, adding a distinctive setting to the planned industrial and office configuration. The address is 26291 Pioneer Way in Poulsbo, Washington.
Three-phase power is available for the property. The site also provides views toward the surrounding mountains and canal, adding a distinctive setting to the planned industrial and office configuration. The address is 26291 Pioneer Way in Poulsbo, Washington.
Key Highlights
- Planned 4,000 square foot warehouse with 4,000 square feet of office space above
- Foundation and site work are complete
- Future occupant may participate in design decisions
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
$57,024
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
4.16%
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%
$1,140,480
$1.1M
Cap Rate 7%
$814,629
$814.6K
Cap Rate 9%
$633,600
$633.6K
Market Conditions
NOI Build-Up for 4,000 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
$86.4K $21.60/SF
− Vacancy
−$10.4K −$2.59/SF
EGI
$76.0K $19.01/SF
− OpEx
−$19.0K −$4.75/SF
NOI
$57.0K $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%
$1,140,480
Cap Rate 7%
$814,629
Cap Rate 9%
$633,600
Alternative Uses
Best Use
Office B
$814.6K
$712.8K – $950.4K
NOI $57,024 @ 7.0% cap · market cap 4.16%
Second Best
Flex RnD
$656.5K
$574.5K – $766.0K
NOI $45,958 @ 7.0% cap · market cap 3.35%
Theoretical Best
Specialty Retail
$1.33M
$1.17M – $1.56M
NOI $93,366 @ 7.0% cap · market cap 6.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
100
Businesses Nearby
Balanced
Demand for This Use
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
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Frequently Asked Questions
What type of property is this?
Flex space - Under-construction flex space offers adaptable design and available three-phase power.
Where is this flex space located?
The property is located at 26291 Pioneer Way Poulsbo, WA.
What is the asking price?
The asking price for this property is $1,370,000.
What are key features of this property?
This property features: Planned 4,000 square foot warehouse with 4,000 square feet of office space above; Foundation and site work are complete; Future occupant may participate in design decisions
