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33193201

18978 Front Street, Poulsbo, WA 98370 For Sale

$1,375,000
51 days on market
Updated 51 days ago

18978 Front St

Details
APN 4223-000-005-00-08
Property Type Retail, Office (+1)
Sub Type Storefront, Executive Office (+1)
Square Footage 2,318
Cap Rate 5.00%
NOI $68,750
Occupancy 100%
Tenancy Multi
Brand/Tenant Sue Marie Casagrande Licsw, Thor's Hammer & Needle Tattoo
Price per SqFt $593
Class C
Year Built 1908
Stories 2
Acreage 0.060
Zoning City
Parking Spaces 3 spaces
Parking per 1,000 SqFt 1.29
Investment Type Core

18978 Front Street NE, Poulsbo, WA 98370

Marketing description

The historic hostmark building represents an incredibly rare opportunity to acquire a fully renovated, cash-flowing, mixed-use asset in the absolute heart of downtown poulsbo, Washington. As the oldest standing structure in the district, this stabilized landmark asset perfectly marries irreplaceable heritage with modern commercial functionality.

Spanning over 2,500 square feet, the property features a highly functional dual-income design with two separate entrances. The lower level boasts edgy, high-visibility street-front commercial appeal, while the upper level offers a serene, professional wellness environment. Fully leased to established, long-term tenants—several with a decade-plus history of success at this location—this property delivers immediate, predictable cash flow with exceptional long-term stability.

Located on front street, the asset benefits from poulsbo's massive year-round tourist traffic and strong local demographics as Washington's premier Scandinavian destination.

Poulsbo, Washington—affectionately known as "Little Norway"—is one of the most prominent cultural and tourist destinations in the puget sound region. Characterized by its thriving waterfront, boutique retail shops, and tight-knit community, downtown poulsbo experiences intense, year-round pedestrian traffic that peaks heavily during tourist seasons and local festivals. Front street properties are among the most tightly held and rarely traded real estate assets in kitsap county, making the acquisition of the hostmark building a true generational investment opportunity.


Investment highlights

  • 100% stabilized asset with proven tenancy: turnkey commercial property featuring highly successful, long-term tenants, multiple of which have anchored their businesses here for over 10 consecutive years.
  • Dual-income streams & versatile layout: excellent mixed-use configuration with two independent entrances. Upper and lower levels operate autonomously, effectively functioning as two separate buildings under a single Parcel.
  • Significant value-add / expansion potential: the property features a structurally sound flat roof offering completely unblockable water views. Investors can explore significant upside through vertical development, including adding a third story, constructing a premier rooftop bar/restaurant space, or creating an outdoor wellness deck.
  • Irreplaceable front street location: situated in the highest foot-traffic corridor of historic downtown poulsbo, a major Pacific northwest tourist destination that drives robust, recession-resistant consumer spending.
  • Meticulously maintained & turnkey: fully renovated infrastructure preserves historical integrity while upgrading all vital building systems, drastically minimizing near-term capital expenditure (CAPEX) for the next owner.
  • Building ht: 20'

Listing Contacts

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Loan Amount
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Annual Debt Service
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Annual Cash Flow
$68,750.00
$5,729.17/mo

Valuation Metrics

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DSCR
5%
Cap Rate
5%
ROI

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