Investment Overview

Marcus & Millichap has been selected to exclusively market for sale Myhre Place Retail Center, a fully occupied NNN retail center in Silverdale, Washington. The property is 100% leased by 13 tenants spanning grocery, restaurant, brewery, experiential, general retail, and professional services — with over 76% of GLA occupied by tenants in place more than five years and nearly 50% for more than ten. All tenants operate on NNN leases with management fee reimbursement, and all leases feature annual or semiannual rent increases of 3%–6%. Two new 5-year leases executed since early 2026 have driven $125,000+ in NOI growth and brought the property to full occupancy. Located within the Silverdale retail trade area — the commercial hub of the Kitsap Peninsula with $1.2B+ in annual consumer spending — the property is shadow anchored by Kitsap Mall and surrounded by WinCo, Target, Costco, Home Depot, REI, Trader Joe's, and more. Silverdale's retail vacancy for spaces between 1,000–5,000 SF sits at just 1.7%, with approximately 15% rent growth over five years and no new supply delivered in the past 12 months. Within three miles, the population has grown over 13% in the past decade with average household incomes exceeding $120,000. Washington's lack of state income tax further enhances after-tax returns.