Hunter Investments
Listed by Hunter Investments
$2,035,000
GSA | Fernwood Building
Details
Property Type Office
Sub Type Traditional Office
Square Footage 15,608
Net Rentable (SqFt) 11,445
Cap Rate 6.00%
NOI $132,317
Occupancy 100%
Tenancy Single
Lease Type Modified
Lease Term 10
Lease Expiration 01/31/2035
Remaining Term 8.5
Rent Bumps Yes
Price per SqFt $738
Class A
Year Built 2007
Stories 2
Acreage 4.730
Zoning C-3
Parking Spaces 19 spaces
Parking per 1,000 SqFt 1.22
Investment Type Net Lease
Tenant Credit Credit Rated
Lease Commencement 01/31/2025
Ownership Fee Simple Condo
Federal Government Long Term Lease INvestment
Marketing description
Poulsbo is a waterfront city on Liberty Bay in Kitsap County, Washington — often called "Little Norway" for its Scandinavian heritage and quaint downtown. The city offers businesses a highquality location with direct ferry and highway access to the greater Seattle/Puget Sound region at a fraction of urban occupancy costs.
The Fernwood Building is located just off Highway 305 in the Poulsbo commercial corridor, adjacent to a Town & Country Market and minutes from Highway 3 — giving tenants excellent regional accessibility.
Investment highlights
- U.S. Government Credit Tenant - The GSA is an agency of the U.S. General Services Administration, representing the highest-quality credit covenant available in the market. Government occupancy eliminates counterparty credit risk.
- Long-Term Lease with Built-In Growth - The 10-year lease (February 2025 - February 2035) provides approximately 8.75 years of remaining term with annual CPI-linked expense reemburments, protecting purchasing power and providing income visibility.
- Class A Office Condominium - Fernwood is a 2007-built Class A office building featuring modern design, a central lobby, elevator, underground parking, and cedar shake exterior -- the premier professional address in Poulsbo.
- Limited Management Burden - Modified Gross structure with CAMS reimbursement minimizes landlord obligations. Condo structure means common area and exterior maintenance is handled through the association.
- Strategic Kitsap County Location - Poulsbo sits on Liberty Bay with ferry and highway access to greater Seattle. The area's growing population, high household incomes, and limited office supply support stable long-term occupancy.
- Premium Pricing Justified by Credit - Investment-grade government tenancy commands a cap rate compression relative to market. At 6.5%, GSA Suite 250 offers a compelling risk-adjusted return for institutional and private investors.
Listing Contacts
Hunter Investments
Listed by Hunter Investments
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$132,317.00
$11,026.42/mo
Valuation Metrics
0
DSCR
6.5%
Cap Rate
6.5%
ROI
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