The Fernwood Building presents an exceptional investment opportunity, offering a Class A office condominium(s) with a strong financial profile and strategic location. With a current asking price of $5,600,000, the property boasts 100% occupancy across its 11,445 net rentable square feet. Built in 2007, the property features a modern design, central lobby core, elevator, and durable steel and wood frame construction, complemented by cedar shake exterior siding and reserved underground parking, ensuring both aesthetic appeal and operational efficiency. The current Net Operating Income (NOI) stands at $418,000 with a solid roster of tenants. Yielding an attractive current Cap Rate of 7.5% the property is priced to sell.
Strong Financial Outlook: The Fernwood Building benefits from 100% occupancy and a solid, growing Net Operating Income, indicating strong financial health and increasing returns.
Premium Property in a Desirable Area: This is a Class A office building, featuring modern design and durable construction, located in Poulsbo, Washington, a "charming waterfront town" with good access to regional hubs.
Reliable Tenant Mix: The property boasts a stable and diverse tenant base, anchored by a major government tenant (FBI) with a long-term lease, ensuring consistent income streams and built-in rent growth opportunities.
Grow with Poulsbo
Poulsbo, Washington offers a balance of stable cash flow and long-term appreciation potential. The city combines high household incomes, a well-educated and growing population, and a limited supply of quality commercial space, which supports steady tenant demand. Located on Liberty Bay with convenient access to the greater Seattle market, Poulsbo provides businesses an attractive alternative to the higher rents and congestion of the urban core while maintaining strong demographics and community amenities that appeal to professional tenants.
Downtown Poulsbo, also known as "Little Norway," is a popular tourist destination featuring quaint shops, restaurants, and the picturesque Liberty Bay waterfront.
Strong Demographics: Median household income near $95,800 and a steadily growing, well-educated population create a reliable office tenant base.
Limited Competitive Supply: Few available office properties and constrained new construction help maintain occupancy and support rent growth.
Strategic Location: Scenic waterfront setting with ferry and highway access to the Puget Sound region offers tenants proximity to Seattle at lower occupancy costs.
