NNN Office Investment Condo
NNN Leased Investment with 3.5% annual rent bumps
Marketing description
Fernwood Building presents an exceptional opportunity to acquire a Class A office condo investment at 19500 10th Ave NE, Suite 270, Poulsbo, WA 98370. Located in Poulsbo’s established commercial corridor just off Highway 305, this 1,248 SF fee-simple condo combines stable in-place income with minimal landlord responsibilities.
The suite is fully leased to Peninsula Counseling Center, a growing local mental health practice, on a triple-net (NNN) lease through May 31, 2031. With the tenant covering taxes, insurance, and HOA dues, ownership benefits from a streamlined, low-management investment structure. The lease also features 3.5% annual rent escalations, enhancing long-term income growth.
Built in 2007, the Fernwood Building is a professionally designed Class A property with quality finishes, elevator service, secured parking, and a strong healthcare/professional tenant mix. Positioned minutes from Highway 3, Town & Country Market, and the broader Seattle-Puget Sound access routes, the property offers excellent regional connectivity in a market with limited competitive office supply.
A rare chance to secure a high-quality, healthcare-anchored investment in growing Kitsap County.
Investment highlights
- Long-term in-place income with approximately 5 years of remaining lease term and fixed 3.5% annual rent bumps, providing built-in cash flow growth through expiration.
- True small-bay NNN structure with the tenant responsible for its pro rata share of project expenses, which helps limit landlord exposure to operating cost inflation.
- Established healthcare/mental health office use in a 1,248 SF suite, which fits the building well and supports continued tenancy in a service-oriented local market.
- Attractive basis for a leased fee condo investment, offering stabilized cash flow from an occupied suite without the lease-up risk of vacant office space.
Listing Contacts
Valuation Calculator
Valuation Metrics
Map
Zoning
Broker Selected Comps View More Comps
Property History
Tax History
Similar Properties
Is there information that looks off?
