Industrial Warehouse with Drive-In
For Sale
$1,200,000
5805 NE Minder Road, Poulsbo, WA 98370
Built in 1992, the 8,000 SF warehouse includes four 8' x 10' drive-in doors and a 456 SF mezzanine.
Property Size8,000 SF
Lot Size0.78 Acres
Price / SF$150
Days on Market326
Property Features for 5805 NE Minder Road
General Information
Standard status
Active
Size
8,000 SF
Lot size
0.78 Acres
Property subtype
Commercial
Zoning
Commercial
Warehouse & Industrial
Clear Height
18 ft
Drive-In Doors
4
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$6,631
Building Details
Year Built
1992
Listing Agency:
Keller Williams Greater 360
(360) 347-6600
Listed By:
Joey Soller
(360) 347-6600
Source:
Multifamilyspecialist
Added: Oct 3, 2025
Changed: Aug 23
Last Checked: Aug 24 at 2:19PM
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 Keller Williams Greater 360
Investment Insights
Based on property information with market context.
This built-in-1992 industrial warehouse totals 8,000 square feet and sits on 0.78 acres. The facility offers 18’ clear height and includes four 8’W x 10’H drive-in doors to support straightforward loading and receiving. A 456 SF mezzanine provides additional built-in flexible space. A brand new septic system has been installed, and the site supports a 2.3/1,000 SF parking ratio.
The property is located along the Hwy 104 corridor with immediate access to Hwy 305, connecting the Poulsbo and Kingston area with ferry service to Seattle via Winslow. The surrounding trade and service-oriented regional access may support a wide range of business operations.
Zoning is Rural Employment Center (REC), which allows a broad array of employment uses including trades, fabrication, warehousing, assembly, and service-based businesses; buyers should verify details with Kitsap County DCD. Caretaker’s dwelling provisions may also apply.
The property is located along the Hwy 104 corridor with immediate access to Hwy 305, connecting the Poulsbo and Kingston area with ferry service to Seattle via Winslow. The surrounding trade and service-oriented regional access may support a wide range of business operations.
Zoning is Rural Employment Center (REC), which allows a broad array of employment uses including trades, fabrication, warehousing, assembly, and service-based businesses; buyers should verify details with Kitsap County DCD. Caretaker’s dwelling provisions may also apply.
Key Highlights
- 8,000 SF warehouse built in 1992 on 0.78 acres in Kitsap County
- 18’ clear height with four 8’W x 10’H drive‑in doors for warehouse access
- Includes a 456 SF mezzanine
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
$60,098
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
5.01%
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%
$1,201,960
$1.2M
Cap Rate 7%
$858,543
$858.5K
Cap Rate 9%
$667,756
$667.8K
Market Conditions
NOI Build-Up for 8,000 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
$72.0K $9.00/SF
− Vacancy
−$1.3K −$0.16/SF
EGI
$70.7K $8.84/SF
− OpEx
−$10.6K −$1.33/SF
NOI
$60.1K $7.51/SF
Area
Kitsap County, WA
Vacancy
1.80%
Lease Rate
$9.00 /SF/Yr
Expense Ratio
15.00%
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%
$1,201,960
Cap Rate 7%
$858,543
Cap Rate 9%
$667,756
Alternative Uses
Best Use
Warehouse
$858.5K
$751.2K – $1.00M
NOI $60,098 @ 7.0% cap · market cap 5.01%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.67M
$2.33M – $3.11M
NOI $186,732 @ 7.0% cap · market cap 15.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
18 ft
Clear height
4
Drive-in doors
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
136
Businesses Nearby
Well-served
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 Industrial in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- United Business Park & Storage — 26139 United Rd NE, Kingston, WA 98346
- Kingston Vault Self Storage — 26909 WA-104 NE, Kingston, WA 98346
- Minder Storage — 6101 NE Minder Rd, Poulsbo, WA 98370
Frequently Asked Questions
What type of property is this?
Warehouse - Built in 1992, the 8,000 SF warehouse includes four 8' x 10' drive-in doors and a 456 SF mezzanine.
Where is this warehouse located?
The property is located at 5805 NE Minder Road Poulsbo, WA.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: 8,000 SF warehouse built in 1992 on 0.78 acres in Kitsap County; 18’ clear height with four 8’W x 10’H drive‑in doors for warehouse access; Includes a 456 SF mezzanine
