Central Plaza
19980 10th Ave NE, Poulsbo, WA 98370
Description
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
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