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Shopping Community

Starbucks & Kitsap Bank Plaza

1000 6th St, Bremerton, WA 98337

Listing Price: $3,065,000

Cap Rate
5.00%
Gross SF
12,760
Rentable SF
12,760
Price/Gross SF
$240.20
Lot Size
1.21 acres
Year Built
1970

Investment Overview

Starbucks & Kitsap Bank Plaza is a 95% occupied 12,760 sf retail/office building situated on a 1.21-acre lot. The property is prominently positioned at the signalized intersection of two major arterials in downtown Bremerton within blocks of the Bremerton Ferry Terminal and Puget Sound Naval Shipyard. Anchored by Starbucks and Kitsap Bank, the property provides steady, stable cash flow while presenting investors the opportunity to purchase a trophy asset below replacement cost. Over the past several years, the property has undergone an extensive and thorough remodel in which over $3 million was invested by ownership and tenants. The building is fully sprinklered and has a new roof (with assignable warranty), parking lot, HVAC system, and landscaping. With three ingress/egress access points, ample parking, and rare double drive-thru on both sides of the building, the property is well-suited to serve its mix of top-tier professional and retail tenants long into the future. Kitsap Bank has recognized this as such and has invested over $1 million in improvements to its space. While the property is already mostly stabilized, additional upside is available by leasing the small 573 sf vacant office on the main floor and 4,222 sf of vacant basement space.

Investment Highlights

  • Extensive 2019 Remodel: Over $3,000,000 has been invested into renovating the property, which includes a new roof, parking lot, HVAC, and extensive interior tenant improvements.
  • Strong National & Regional Anchors: Together, Starbucks and Kitsap Bank, occupy over 71% of the building and are on new 10- and 5-year lease terms.
  • New 10-Year Leases: Starbucks and Altman Law recently executed 10-year leases, creating long-term, stable cash-flow.
  • Kitsap Bank Flagship Location: Kitsap Bank contributed over $1 million towards the build-out of their premises, and benefits from low contract rent of $11.71/sf Gross, which provides surety of their long-term tenure in the building.
  • High Traffic Corner Location: Positioned at the signalized intersection of two major arterials with combined traffic counts of 31,595 VPD.
  • Proximity to Ferry Terminal & Major Employer: Within blocks of the Bremerton Ferry Terminal with an annual ridership of 2.4 million (2019) and in close proximity to the 179-acre Puget Sound Naval Shipyard which is the largest employer in Kitsap County.
  • Below Replacement Cost: At $240/SF, the building is priced below replacement cost.
  • Double Drive-Thru Location: Features two drive-thru lanes on the north and south side of the building which serve customers at both Starbucks and Kitsap Bank.

Exclusively Listed By

Financing By

  • Tammy Linden

    Vice President Capital Markets

    Direct:

    Email Tammy

    Seattle, WA

Shopping Community

Starbucks & Kitsap Bank Plaza

Listing Price: $3,065,000

Cap Rate
5.00%
Gross SF
12,760
Rentable SF
12,760
Price/Gross SF
$240.20
Lot Size
1.21 acres
Year Built
1970

Investment Highlights

  • Extensive 2019 Remodel: Over $3,000,000 has been invested into renovating the property, which includes a new roof, parking lot, HVAC, and extensive interior tenant improvements.
  • Strong National & Regional Anchors: Together, Starbucks and Kitsap Bank, occupy over 71% of the building and are on new 10- and 5-year lease terms.
  • New 10-Year Leases: Starbucks and Altman Law recently executed 10-year leases, creating long-term, stable cash-flow.
  • Kitsap Bank Flagship Location: Kitsap Bank contributed over $1 million towards the build-out of their premises, and benefits from low contract rent of $11.71/sf Gross, which provides surety of their long-term tenure in the building.
  • High Traffic Corner Location: Positioned at the signalized intersection of two major arterials with combined traffic counts of 31,595 VPD.
  • Proximity to Ferry Terminal & Major Employer: Within blocks of the Bremerton Ferry Terminal with an annual ridership of 2.4 million (2019) and in close proximity to the 179-acre Puget Sound Naval Shipyard which is the largest employer in Kitsap County.
  • Below Replacement Cost: At $240/SF, the building is priced below replacement cost.
  • Double Drive-Thru Location: Features two drive-thru lanes on the north and south side of the building which serve customers at both Starbucks and Kitsap Bank.

Investment Overview

Starbucks & Kitsap Bank Plaza is a 95% occupied 12,760 sf retail/office building situated on a 1.21-acre lot. The property is prominently positioned at the signalized intersection of two major arterials in downtown Bremerton within blocks of the Bremerton Ferry Terminal and Puget Sound Naval Shipyard. Anchored by Starbucks and Kitsap Bank, the property provides steady, stable cash flow while presenting investors the opportunity to purchase a trophy asset below replacement cost. Over the past several years, the property has undergone an extensive and thorough remodel in which over $3 million was invested by ownership and tenants. The building is fully sprinklered and has a new roof (with assignable warranty), parking lot, HVAC system, and landscaping. With three ingress/egress access points, ample parking, and rare double drive-thru on both sides of the building, the property is well-suited to serve its mix of top-tier professional and retail tenants long into the future. Kitsap Bank has recognized this as such and has invested over $1 million in improvements to its space. While the property is already mostly stabilized, additional upside is available by leasing the small 573 sf vacant office on the main floor and 4,222 sf of vacant basement space.

Exclusively Listed By

Financing By

  • Tammy Linden

    Vice President Capital Markets

    Direct:

    Email Tammy

    Seattle, WA

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