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2nd Floor - Unit 250
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Office
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2,986 SF
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$2,195,000 USD
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Unit Size: 2,986 SF
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Condo Use: Office
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Price: $2,195,000 USD
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Sale Type: Investment
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Price/SF: $735.10 USD
Description
Rare opportunity to acquire a fully leased, Class A office condo backed by the U.S. Federal Government on a 10-year NNN lease with annual CPI rent increases -- delivering durable, inflation-protected cash flow through 2035.
Sale Notes
U.S. Government Credit Tenant - The GSA is an agency of the U.S. General Services Administration, representing the highest-quality credit covenant available in the market.
Government occupancy eliminates counterparty credit risk.
Long-Term Lease with Built-In Growth - The 10-year lease (February 2025 - February 2035) provides approximately 8.75 years of remaining term with annual CPI-linked expense reemburments, protecting purchasing power and providing income visibility.
Class A Office Condominium - Fernwood is a 2007-built Class A office building featuring modern design, a central lobby, elevator, underground parking, and cedar shake exterior -- the premier professional address in Poulsbo.
Limited Management Burden - Modified Gross structure with CAMS reimbursement minimizes landlord obligations. Condo structure means common area and exterior maintenance is handled through the association.
Strategic Kitsap County Location - Poulsbo sits on Liberty Bay with ferry and highway access to greater Seattle. The area's growing population, high household incomes, and limited office supply support stable long-term occupancy.
Premium Pricing Justified by Credit - Investment-grade government tenancy, at 6.0% GSA Suite 250 offers a compelling risk-adjusted return for institutional and private investors.
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Andrew Hunter
Hunter Investors, Inc.
