Warehouse and Office Flex
For Sale
Contact for pricing
4560 Mile Hill Dr, Port Orchard, WA 98366
Two buildings combine open-span warehouse space with a dedicated office building near Highway 16 access.
Property Size6,347 SF
Price / SF$137.86
Days on Market81
Property Features for 4560 Mile Hill Dr
General Information
Standard status
Active
Size
6,347 SF
Property subtype
RETAIL
Zoning
Urban High Intensity Commercial
Site & Location
Highway Access
Yes
Road Access
Yes
Listing Agency:
G. Anderson Group, LLC
(360) 731-3739
Listed By:
Gary Anderson · License #24306
(360) 731-3739
Source:
Moodyscre
Added: May 21
Changed: Aug 8
Last Checked: Aug 8 at 2:11PM
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 G. Anderson Group, LLC
Investment Insights
Based on property information with market context.
This versatile flex property includes two separate buildings totaling approximately 6,347 square feet, featuring an open-span warehouse/flex building with high ceilings and a dedicated office building for professional workspace. The layout supports operations that need both storage and on-site administration on the same parcel.
The property is located on the outer edge of Port Orchard with excellent visibility along Mile Hill Drive and convenient access to Highway 16. Surrounding development includes residential and commercial uses.
Zoned Urban High Intensity Commercial, the site allows a broad range of commercial applications, including contractor services, professional offices, medical, fitness, retail, equipment rental, and educational facilities, as well as daycare and veterinary services. Multi-family residential uses are also permitted. Three adjacent parcels to the west are also available for sale.
The property is located on the outer edge of Port Orchard with excellent visibility along Mile Hill Drive and convenient access to Highway 16. Surrounding development includes residential and commercial uses.
Zoned Urban High Intensity Commercial, the site allows a broad range of commercial applications, including contractor services, professional offices, medical, fitness, retail, equipment rental, and educational facilities, as well as daycare and veterinary services. Multi-family residential uses are also permitted. Three adjacent parcels to the west are also available for sale.
Key Highlights
- Two separate commercial buildings totaling approx. 6,347 SF: a warehouse/flex building plus a dedicated office building on one site
- Warehouse/flex offers open‑span space with high ceilings and flexible functionality
- Office building provides professional workspace for a variety of business operations
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
$72,923
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
8.33%
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%
$1,458,460
$1.5M
Cap Rate 7%
$1,041,757
$1.0M
Cap Rate 9%
$810,256
$810.3K
Market Conditions
NOI Build-Up for 6,347 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
$114.2K $18.00/SF
− Vacancy
−$2.1K −$0.32/SF
EGI
$112.2K $17.68/SF
− OpEx
−$39.3K −$6.19/SF
NOI
$72.9K $11.49/SF
Area
Kitsap County, WA
Vacancy
1.80%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
35.00%
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%
$1,458,460
Cap Rate 7%
$1,041,757
Cap Rate 9%
$810,256
Alternative Uses
Best Use
Office B
$1.29M
$1.13M – $1.51M
NOI $90,483 @ 7.0% cap · market cap 10.34%
Second Best
Flex RnD
$1.04M
$911.5K – $1.22M
NOI $72,923 @ 7.0% cap · market cap 8.33%
Theoretical Best
Specialty Retail
$2.12M
$1.85M – $2.47M
NOI $148,149 @ 7.0% cap · market cap 16.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
218
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 98366, WA
36,969
Population
15,391
Households
2.4
Avg Household Size
39
Median Age
26%
College-Educated
94%
High-School Grad
23.4 sq mi
ZIP Area
1,580
Density / Sq Mi
$88,807
Median Household Income
$51,884
Median Earnings
$1,704
Median Rent
$449,700
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 - Two buildings combine open-span warehouse space with a dedicated office building near Highway 16 access.
Where is this flex space located?
The property is located at 4560 Mile Hill Dr Port Orchard, WA.
What is the asking price?
The asking price for this property is $875,000.
What are key features of this property?
This property features: Two separate commercial buildings totaling approx. 6,347 SF: a warehouse/flex building plus a dedicated office building on one site; Warehouse/flex offers open‑span space with high ceilings and flexible functionality; Office building provides professional workspace for a variety of business operations
