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    3001 Mile Hill Dr Port Orchard, WA 98366
    Property profile & analytics

    3001 Mile Hill Dr, Port Orchard, WA 98366

    View on Map
    • Commercial land
    • 7,680 SF
    • 0.59 lot acres
    For Lease
    $22 SF/Yr
    View Listing →
    Retail Space for Lease For Lease
    $22 SF/Yr

    Retail Space for Lease

    Retail space available for lease in Port Orchard, Washington.

    3001 Mile Hill Dr, Port Orchard, WA 98366
    View Listing
    Property ID
    US90-1106050
    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.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Mike Gribbin Agency: Allstate Insurance / Insurance Agency
    • Super Wok / Take-out & Catering / Restaurant
    • Desert Sun Tanning Salons / Tanning Salon
    • Subway / Take-out & Catering / Catering Service

    Property Details for 3001 Mile Hill Dr

    Year built
    2006
    Lot size
    0.59 lot acres
    Zone code
    CITY
    Property type
    Commercial land
    APN
    252401-4-062-2005
    APU
    25240140622005

    Description

    This exceptional retail property, located at 3001 Mile Hill Drive in Port Orchard, Washington, 98366, offers 4,290 square feet of completely vacant space, ideal for multiple tenants. The property is zoned for commercial use and is situated in Kitsap County. Flexible lease terms are available for spaces ranging from a minimum of 1,400 square feet to a maximum contiguous space of 2,890 square feet. This presents a unique opportunity for businesses seeking a prominent location in a thriving community. The building's prime location offers excellent visibility and accessibility, ensuring high foot traffic and potential for strong customer engagement. With its versatile layout and ample space, this property is suitable for a variety of retail businesses. The entire 4,290 square foot building is currently available for lease, providing a blank canvas for a single large tenant or the opportunity to create a vibrant retail center with multiple occupants. Interested parties are encouraged to inquire about lease terms and explore the possibilities this exceptional property offers. The property's address is easily accessible and benefits from convenient access to major transportation routes. This is a rare opportunity to secure a significant retail presence in a desirable location.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,050,000
      Market price range: $1.05M - $6.36M
      AI Estimate
      $952,000
      Market price range: $953k - $2.59M

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

    Location Insight

    • Map
    • Local Demand
    City
    Port Orchard
    County
    Kitsap
    State
    Washington
    Longitude
    -122.613
    Latitude
    47.5346
    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
    $0.00
    $156,650
    $0.00
    $156,650
    -
    $156,650
    $0.00
    $156,650

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      4494 Mile Hill Dr

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      1932 Salmonberry Rd

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      Large Parcel in Opportunity Zone

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      Port Orchard Development Opportunity

      0.49 acre development pad in bustling retail district.
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      View Details
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      Cleared Land Ready for Lease

      Cleared site available for ground lease or build to suit.
      6435 SE Mile Hill Dr, Port Orchard, WA 98366
      View Details
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      Port Orchard Office Space Available

      Office space with ample parking and flexible zoning.
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      Retail Space Near Fred Meyer

      1200 SF retail space shadow-anchored by Fred Meyer.
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      View Details
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      Port Orchard Office Spaces Available

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      Class A Medical Office Space

      Class A medical office space available for rent.
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    View Listing
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    Port Orchard, WA 98366
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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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