Two-Story Office
For Sale
Contact for pricing
5002 Kitsap Way, Bremerton, WA 98312
Two-story office building with a long-term Washington State agency on the lower level and multi-tenant space upstairs.
Property Size11,592 SF
Price / SF$163.91
Days on Market151
Property Features for 5002 Kitsap Way
General Information
Standard status
Active
Size
11,592 SF
Property subtype
OFFICE
Site & Location
Highway Access
Yes
Road Access
Yes
Building Details
Buildings
1
Stories
2
Building Size
11,592 SF
Listing Agency:
Bradley Scott Commercial Real Estate
(360) 479-6900
Listed By:
Chris Wray
(360) 479-6900
Source:
Moodyscre
Added: Mar 23
Changed: Aug 14
Last Checked: Aug 20 at 9:30AM
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.
This two-story office building totals 11,592 square feet and is arranged with a long-term Washington State agency tenant on the lower level. The upper level offers multi-tenant options, making the property suitable for office users seeking flexible space within the same building.
The property is located next to the intersection of Kitsap Way and Highway 3, with visibility from both roads. Public remarks cite traffic counts of 20,000 CPD on Kitsap Way and 38,000 CPD on Highway 3, providing immediate access to main arterials serving Kitsap County.
With Subase Bangor and Naval Base Kitsap Keyport described as within a 15-minute drive and Puget Sound Naval Shipyard referenced as less than 10 minutes away, the building’s location supports office demand tied to regional employment centers.
The property is located next to the intersection of Kitsap Way and Highway 3, with visibility from both roads. Public remarks cite traffic counts of 20,000 CPD on Kitsap Way and 38,000 CPD on Highway 3, providing immediate access to main arterials serving Kitsap County.
With Subase Bangor and Naval Base Kitsap Keyport described as within a 15-minute drive and Puget Sound Naval Shipyard referenced as less than 10 minutes away, the building’s location supports office demand tied to regional employment centers.
Key Highlights
- 11,592‑SF, two‑story office building with a long‑term Washington State agency on the lower level
- Multi‑tenant office options on the upper level
- Visible from both Kitsap Way and Highway 3 with traffic of 20,000 CPD and 38,000 CPD, respectively
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
$165,256
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
8.70%
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%
$3,305,120
$3.3M
Cap Rate 7%
$2,360,800
$2.4M
Cap Rate 9%
$1,836,178
$1.8M
Market Conditions
NOI Build-Up for 11,592 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
$250.4K $21.60/SF
− Vacancy
−$30.0K −$2.59/SF
EGI
$220.3K $19.01/SF
− OpEx
−$55.1K −$4.75/SF
NOI
$165.3K $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%
$3,305,120
Cap Rate 7%
$2,360,800
Cap Rate 9%
$1,836,178
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 authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
289
Businesses Nearby
Explore this area
Business Placement
Demographics for 98312, WA
33,405
Population
14,450
Households
2.3
Avg Household Size
37
Median Age
26%
College-Educated
96%
High-School Grad
65.7 sq mi
ZIP Area
508
Density / Sq Mi
$85,332
Median Household Income
$50,416
Median Earnings
$1,601
Median Rent
$430,700
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?
Office building - Two-story office building with a long-term Washington State agency on the lower level and multi-tenant space upstairs.
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: 11,592‑SF, two‑story office building with a long‑term Washington State agency on the lower level; Multi‑tenant office options on the upper level; Visible from both Kitsap Way and Highway 3 with traffic of 20,000 CPD and 38,000 CPD, respectively
