2995 Mile Hill DrPort Orchard, WA 98366

Property Details for 2995 Mile Hill Dr

Lot size

0.77 AC

Zone code

CITY

Property type

Retail properties

APN

252401-4-061-2006

APU

25240140612006

Description

This exceptional 13,384 square foot shopping center, built in 2006, presents a compelling value-add investment opportunity in the rapidly growing Port Orchard, Washington market. Located at 2995 - 3001 SE Mile Hill Dr, 98366, this property sits on a 1.93-acre lot and boasts 95 parking spaces. Currently operating at 67.9% occupancy, the center offers significant upside potential. Two vacant endcap suites, totaling approximately 2,890 square feet, are available for lease. The larger suite includes a valuable drive-thru. The property benefits from a shadow anchor, a high-performing Albertsons, providing excellent visibility along the main thoroughfare of Mile Hill Drive. Port Orchard's population has experienced remarkable growth, increasing by 57% from 2010 to 2024, making it one of Kitsap County's fastest-growing communities. This growth is fueled by affordable housing options and the expansion of the nearby Bremerton naval station. The property is zoned for Commercial Corridor use. The asking price is $1,900,000, translating to $141.96 per square foot. This retail center offers investors a chance to capitalize on a strong market with immediate rental upside and the potential to increase occupancy to historical levels.

• CAP approach

  CAP return

  Valuation

  6%

  $13,342,127

  6.5%

  $12,315,810

  7%

  $11,436,109

• Comparable approach

  Method

  Valuation

  Relative Method

  $22,666,108

  Geo Method

  $16,277,501

• Alternative Use

  Use

  Valuation

  Residential

  $10,388,846

  Hospitality

  $9,516,127

  Educational

  $7,917,306

  Medical

  $8,189,594

  Retail

  $12,315,810

Location Insight

City

Port Orchard

County

Kitsap

State

Washington

Latitude

47.5346

Longitude

-122.613

CBSA code

14740

CBSA name

BREMERTON-SILVERDALE, WA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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