Two-Story Office Building For
5002 Kitsap Way Bremerton, WA 98312
5002 Kitsap Way, Bremerton, WA, 98312
$1,900,000
For Sale
$1,900,000
Two-story office building with long-term tenant and multi-tenant options.
Property Size11,592 SF
Price / SF$163.91
Days on Market1366
Property Features for 5002 Kitsap Way
General Information
- Standard status
- Active
- Size
- 11,592 SF
- Property subtype
- Commercial
Building Details
- Year Built
- 1985
Listing agency
BRADLEY SCOTT COMMERCIAL REAL ESTATE
Listed by
CHRIS WRAY
Source
Corcoran
Added: Oct 25, 2022 Updated: Jul 10 at 12:26PM Checked: Jul 21 at 4:44AM
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 BRADLEY SCOTT COMMERCIAL REAL ESTATE
Investment Insights
Based on property information with market context.
Located near the intersection of Kitsap Way and Highway 3, this two-story building offers 11,592 square feet of space. The property features a long-term Washington State agency as a tenant on the lower level, with multi-tenant options available on the upper level. The building is visible from both Kitsap Way, which sees approximately 20,000 cars per day, and Highway 3, with a traffic count of 38,000 cars per day. It provides immediate access to main arterials serving Kitsap County. The property is located within a 15-minute drive to Subase Bangor and Naval Base Kitsap Keyport, and less than 10 minutes from Puget Sound Naval Shipyard.
Key Highlights
- High visibility location at the intersection of Kitsap Way and Highway 3 (58,000 combined CPD).
- Long‑term Washington State agency tenant on the lower level.
- Multi‑tenant options available on the upper level.
Local Financial Insights For Office B
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $250.4k | $21.60 |
| − Vacancy | −$30.0k | −$2.59 |
| EGI | $220.3k | $19.01 |
| − OpEx | −$55.1k | −$4.75 |
| NOI | $165.3k | $14.26 |
11,592 SF · lease $21.60/SF/yr · vacancy 12.00% · expense 25.00%
Alternative Uses
Best Use
Office B
$2.36M
$2.07M – $2.75M
NOI $165,256 @ 7.0% cap · market cap 8.70%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$3.87M
$3.38M – $4.51M
NOI $270,575 @ 7.0% cap · market cap 14.24%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Corrections Department Bremerton ...
Government Office
Copeland Sidney S
Foster Care Service
Lyn R. Green, ...
Counselor
Vanilla Bean Photography
Photography Service
Combs Bonnie H
Registered General Nurse
Similar For Sale Nearby
FAQs
What type of property is this?
Office building - Two-story office building with long-term tenant and multi-tenant options.
Where is this office building located?
The property is located at 5002 Kitsap Way Bremerton, WA.
What is the asking price?
The asking price for this property is $1,900,000.
What are key features of this property?
This property features: High visibility location at the intersection of Kitsap Way and Highway 3 (58,000 combined CPD).; Long‑term Washington State agency tenant on the lower level.; Multi‑tenant options available on the upper level.
