1844 NE Poulsbo Avenue, Keyport, WA 98345

$1,380,000

Listing courtesy of Urban Commercial Partners, LLC. Selling Office: ZNonMember-Office-MLS.

Sold Price
$1,380,000
List Price
$1,500,000
Status
SOLD
MLS#
1808817
Closing Date
May 16, 2022
Days on Market
221
Annual Tax Ammount
19830

Property Description

Rare commercial investment opportunity in the community of Keyport, located in Kitsap County near Poulsbo. Historically operated as an office building primarily servicing Navy contractors, the building has been continuously occupied with virtually no vacancies since it opened for business in 1984. Minimal maintenance and oversight required. Offering a 7.2% cap rate on current financials with rental upside and potential to achieve an 8.5% cap rate once market expectations are met. As a bonus, the building can be converted to multi-family units for future added value. Ideal 1031 replacement property or any investor needing to deploy capital and looking for a better return than the average multi-family market cap in the region.

Additional Information

Community
Keyport
Building Condition
Average
Style
73 - Office
Year Built
1984
Roof
Torch Down
Tax Year
2021
Potential Terms
Cash Out, Conventional, Rehab Loan, See Remarks
Interior Features
Forced Air, Ceramic Tile, Concrete, Wall to Wall Carpet
Flooring
Ceramic Tile, Concrete, Carpet
Driving Directions
From Poulsbo head South on Viking Way, turn left onto Hwy 308 and continue for 2.12 miles. Sharp left turn onto NE Poulsbo Ave, the subject property is located on the right side of Poulsbo Ave.
Electric Expenses
6573
Other Expenses
11513
Energy Source
Electric, Natural Gas
Net Operating Income
$107,249
Gross Adjusted Income
$152,716
Gross Scheduled Income
$152,716
Water/Sewer/Garbage Expenses
$4,786
Cap Rate
6.5
Total Expenses
$45,467
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