1794 Mile Hill DrPort Orchard, WA 98366

Property Details for 1794 Mile Hill Dr

Year built

2010

Lot size

0.30 AC

Property size (Sq ft)

3,050 SF

Zone code

CITY

Property type

Grocery and convenience stores

APN

362401-2-096-2006

APU

36240120962006

Description

This exceptional investment opportunity presents a 3,050-square-foot convenience store in Port Orchard, WA, currently leased to 7-Eleven under a Net Lease agreement with a corporate guarantee. The property boasts a strong 6.61% cap rate and a substantial NOI of $92,492. Built in 2010, this single-story building sits on a 0.3-acre lot and enjoys 100% occupancy until December 31, 2025. The property benefits from excellent visibility and access, featuring approximately 340 feet of frontage on SE Mile Hill Drive, which sees over 16,000 vehicles per day. Its strategic location as a pad site at the entrance to the recently renovated Towne Square Retail Center (154,000 square feet), anchored by Grocery Outlet, Goodwill, and Ace Hardware, ensures high traffic and visibility. The center recently underwent over $5,000,000 in improvements. Furthermore, the property's adjacency to South Kitsap High School (2,650+ students) provides a consistent customer base. The surrounding area demonstrates robust growth, with a 4.4% population increase and average household incomes exceeding $93,000 within a 5-mile radius over the past five years. This fee-simple property offers the new owner the potential to operate their own convenience store or pursue redevelopment options after the lease expiration. The sale price is $1,400,000, translating to $459 per square foot. Washington state's income tax-free status adds further appeal to this compelling investment.

• CAP approach

  CAP return

  Valuation

  6%

  $1,213,246

  6.5%

  $1,119,920

  7%

  $1,039,925

• Comparable approach

  Method

  Valuation

  Relative Method

  $2,061,108

  Geo Method

  $1,480,170

• Alternative Use

  Use

  Valuation

  Residential

  $944,694

  Hospitality

  $865,335

  Educational

  $719,948

  Medical

  $744,708

  Retail

  $1,119,920

Location Insight

City

Port Orchard

County

Kitsap

State

Washington

Latitude

47.5337

Longitude

-122.621

CBSA code

14740

CBSA name

BREMERTON-SILVERDALE, WA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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