Two-Story Office
New
For Sale
$4,299,000
3505 Northwest Anderson Hill Road, Silverdale, WA 98383
Elevator-served professional property with updated HVAC, renovated suites, and upgraded common areas.
Property Size16,269 SF
Lot Size2.15 Acres
Price / SF$264.24
Days on Market2
Property Features for 3505 Northwest Anderson Hill Road
General Information
Standard status
Active
Size
16,269 SF
Class
B
Total Parking Spaces
65
Elevators
Yes
Lot size
2.15 Acres
Property subtype
Office
Zoning
RC
Building Details
Building Size
16,269 SF
Year Built
1982
Buildings
1
Stories
2
Tenancy
Multi
Listing Agency:
RE/MAX
(360) 509-6607
Listed By:
Tasha Zetty · License #18370
(360) 509-6607
Source:
Remaxcommercial
Added: Aug 8
Changed: Aug 9
Last Checked: Aug 9 at 3:25PM
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 RE/MAX
Investment Insights
Based on property information with market context.
This 16,269-square-foot professional office building occupies 2.15 acres and was constructed in 1982. The two-story, elevator-served property has undergone partial roof replacement, HVAC updates, suite renovations, common-area improvements, and recent parking lot sealing and striping. One suite is currently available for lease. Existing occupants include medical, dental, financial, and professional engineering practices.
The property includes two tax parcels and carries RC zoning. Parking totals 65 stalls, with 42 spaces beside the building and an additional 23-stall lot serving employee and overflow needs. The address is 3505 Northwest Anderson Hill Road in Silverdale, Washington.
The property includes two tax parcels and carries RC zoning. Parking totals 65 stalls, with 42 spaces beside the building and an additional 23-stall lot serving employee and overflow needs. The address is 3505 Northwest Anderson Hill Road in Silverdale, Washington.
Key Highlights
- 16,269‑square‑foot office building on 2.15 acres
- Two‑story, elevator‑served professional office property
- 65 total parking stalls: 42 adjacent spaces and a 23‑stall secondary lot
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
$231,931
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
5.39%
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%
$4,638,620
$4.6M
Cap Rate 7%
$3,313,300
$3.3M
Cap Rate 9%
$2,577,011
$2.6M
Market Conditions
NOI Build-Up for 16,269 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
$351.4K $21.60/SF
− Vacancy
−$42.2K −$2.59/SF
EGI
$309.2K $19.01/SF
− OpEx
−$77.3K −$4.75/SF
NOI
$231.9K $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%
$4,638,620
Cap Rate 7%
$3,313,300
Cap Rate 9%
$2,577,011
Alternative Uses
Best Use
Office B
$3.31M
$2.90M – $3.87M
NOI $231,931 @ 7.0% cap · market cap 5.39%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$5.42M
$4.75M – $6.33M
NOI $379,743 @ 7.0% cap · market cap 8.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,560
Businesses Nearby
Explore this area
Business Placement
Demographics for 98383, WA
21,565
Population
9,660
Households
2.2
Avg Household Size
39
Median Age
37%
College-Educated
96%
High-School Grad
17.4 sq mi
ZIP Area
1,239
Density / Sq Mi
$106,902
Median Household Income
$55,005
Median Earnings
$2,076
Median Rent
$565,100
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 building - Elevator-served professional property with updated HVAC, renovated suites, and upgraded common areas.
Where is this office building located?
The property is located at 3505 Northwest Anderson Hill Road Silverdale, WA.
What is the asking price?
The asking price for this property is $4,299,000.
What are key features of this property?
This property features: 16,269‑square‑foot office building on 2.15 acres; Two‑story, elevator‑served professional office property; 65 total parking stalls: 42 adjacent spaces and a 23‑stall secondary lot
