Investment Overview

Marcus & Millichap has been selected to exclusively market for sale or lease a former Sonic Drive-In owner/user or value-add opportunity in Poulsbo, WA. The property features a 2,308 SF building, an ~2,750 SF canopy, a double-entry drive-thru, and ample parking, with the flexibility to utilize the existing improvements or redevelop the parcel. The property's zoning explicitly permits drive-thrus and allows for a wide range of uses including retail, office, hospitality, health services, mixed-use, and residential. While operated as a Sonic Drive-In, the property consistently performed well above average AUV for the brand ($1.54M in 2024); generating over $2.18M in sales in its last year of operations. The property is situated on the corner of Viking Way and State HWY 305 adjacent to HWY 3, and benefits from 74,000+ VPD, easy ingress/egress with a protected left turn lane, and prominent pylon signage. The surrounding trade area includes numerous national retailers. The property is also strategically positioned along major commute and school routes, near multiple schools, and adjacent to the North Viking Transit Center/Park & Ride. The Poulsbo submarket features a five-year average retail vacancy rate of 3.3%, 3.4% annual rent growth over five years, and no new retail deliveries in four years, creating a high barrier-to-entry environment. Within three miles, average household incomes exceed $131,000 and the population has grown over 12% since 2010, with over 30% growth within one mile. Washington's lack of state income tax further enhances after-tax returns.