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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    28040 State Hwy 3rd NE Poulsbo, WA 98370

    • Grocery and convenience stores
    • 3,480 SF
    • 4.59 lot acres
    OFF-MARKET
    Value Estimations
    $1,230,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US90-1620804
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Grocery and convenience stores

    Property Details for 28040 State Hwy 3rd NE

    Year built
    1987
    Lot size
    4.59 lot acres
    Property size
    3,480 SF
    Zone code
    RCO
    Property type
    Grocery and convenience stores
    APN
    232701-2-033-2004
    APU
    23270120332004

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,355,000
      6.5%
      $1,250,000
      7%
      $1,160,000

    • Alternative Use

      Use
      Estimation
      NEIGHBORHOOD: SHOPPING CENTER
      $890,000
      Current use
      COMMERCIAL (GENERAL)
      $1,565,000
      Change: +76% Conversion: Easy
      RETAIL STORES
      $960,000
      Change: +8% Conversion: Easy
      OFFICE BUILDING
      $865,000
      Change: -2% Conversion: Moderate
      MEDICAL BUILDING
      $845,000
      Change: -5% Conversion: Difficult
      WAREHOUSE, STORAGE
      $750,000
      Change: -16% Conversion: Difficult

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Poulsbo
    County
    Kitsap
    State
    Washington
    Longitude
    -122.642
    Latitude
    47.8171
    CBSA code
    14740
    CBSA name
    BREMERTON-SILVERDALE, WA METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2024
    $15,958
    $405,410
    $1,496,900
    $1,902,310
    -
    $405,410
    $1,496,900
    $1,902,310

    Comparable in this City

    • Value Estimation
      $9,135,000
      75,107 SF

      20148 10th NE Ave

      GROCERY, SUPERMARKET • 75,107 SF
      20148 10th NE Ave, Poulsbo, WA 98370-7372
      View Details
    • Value Estimation by Request
      697 SF

      910 Lincoln Rd

      CONVENIENCE STORE • 697 SF
      910 Lincoln Rd, Poulsbo, WA 98370-8511
      View Details
    • Value Estimation
      $1,395,000
      15,989 SF

      20441 Viking NW Ave

      GROCERY, SUPERMARKET • 15,989 SF
      20441 Viking NW Ave, Poulsbo, WA 98370-7148
      View Details
    • Value Estimation
      $1,285,000
      3,252 SF

      15910 State Hwy 305th NE

      CONVENIENCE STORE • 3,252 SF
      15910 State Hwy 305th NE, Poulsbo, WA 98370-7803
      View Details
    • Value Estimation
      $855,000
      3,139 SF

      22003 Viking NW Way

      CONVENIENCE STORE • 3,139 SF
      22003 Viking NW Way, Poulsbo, WA 98370-7263
      View Details
    • Value Estimation
      $8,165,000
      61,185 SF

      19245 10th NE Ave

      GROCERY, SUPERMARKET • 61,185 SF
      19245 10th NE Ave, Poulsbo, WA 98370-8395
      View Details

    Similar Nearby for Sale

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    • $3,679,076
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      Retail Property in Poulsbo, WA

      Retail property with 10,010 square feet of space.
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    • $717,000
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      Poulsbo Commercial Land - Hwy 305

      Prime Poulsbo location, 1.91 acres, C-3 zoning.
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      Poulsbo Development Opportunity

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      Vacant Land in Poulsbo, WA

      Vacant land suitable for development in Poulsbo, Washington.
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    • $1,500,000
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      Functional Warehouse in Strategic Location

      8,000 SF warehouse with easy access to major highways.
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    Similar Nearby for Lease

    • $32 SF/Yr
      1,865 SF

      High-Traffic Retail/Commercial Space Available

      Retail/commercial space with high visibility and traffic.
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      View Details
    • $35 SF/Yr
      1,500 SF

      Retail Space in Poulsbo, WA

      Retail space available for lease in Poulsbo, Washington.
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    • $23 SF/Yr
      7,560 SF

      Equipped Medical Building For Lease

      Turnkey medical building with pharmacy, radiology, and lab.
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    • $12 SF/Yr
      31,153 SF

      Retail Space in Poulsbo Center

      Retail space with excellent access and abundant parking.
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    • $24 SF/Yr
      2,250 SF

      Turn Key Restaurant Opportunity

      Restaurant space with commercial kitchen and seating available for rent.
      19880 7Th Ave NE, Poulsbo, WA 98370
      View Details
    • $0.90 SF/Yr
      24,246 SF

      Scalable Warehouse Space Available

      High-functioning warehouse space suitable for e-commerce, distribution, or industrial teams.
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      View Details
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    28040 State Hwy 3rd NE
    Poulsbo, WA 98370
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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