Central Plaza

19980 10th Ave NE, Poulsbo, WA 98370

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Description

Central Plaza is 100% leased to a diverse mix of retail and professional tenants on NNN leases, ensuring a stable income stream with minimal landlord responsibilities. The property is strategically located in Poulsbo’s main commercial corridor, adjacent to the high-traffic Town & Country grocery anchor, benefiting from excellent visibility and accessibility.

This offering presents an opportunity to acquire a well-maintained asset in a growing market at a 6.25% cap rate, with an estimated Year-1 Net Operating Income (NOI) of $444,355. The offering price of $7,110,000 ($391/SF) reflects the property’s stable cash flow, high occupancy, and upside potential through scheduled rent increases and continued market growth.

Highlights

SHADOW ANCHORED BY A HIGH-PERFORMING GROCERY STORE

Town & Country Market, the top-performing store in their six-store chain, drives consistent traffic to the center, supporting tenant success.

STRONG TENANT MIX & STABILITY

100% leased to a diverse mix of service-based retail, medical, and financial providers, catering to strong demand in the market.

NNN LEASES FOR PASSIVE INCOME

Minimal landlord responsibilities as nearly all operating expenses are passed through to tenants.

RETAIL DEMAND GENERATORS

Proximity to North Kitsap High School, Poulsbo Middle School, and multiple medical offices creates a strong daytime population that supports retail and service businesses.

ATTRACTIVE RISK-ADJUSTED RETURNS

6.25% cap rate on in-place NOI with average annual rent escalations averaging 3.2% provides built-in income growth.

STABILITY & UPSIDE

No single tenant occupies more than 20% of the center, ensuring diverse income sources. Weighted Average Lease Term (WALT) of 4.2 Years. Upcoming lease renewals offer potential for rent growth.

Location

Under Contract

Price $7,110,000

CAP Rate 6.25%

Year Built 2004

Square Feet 18,189

Price Per SF $391

Location Poulsbo, WA

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