Class A Office Space
For Sale
$273,000
271 Wyatt Way NE, Bainbridge Island, WA 98110
Class A condominium office space in a prime Bainbridge building.
Property Size574 SF
Price / SF$475.61
Days on Market865
Property Features for 271 Wyatt Way NE
General Information
Standard status
Active
Size
574 SF
Building Details
Year Built
2008
Listing Agency:
THE AGENCY BAINBRIDGE ISLAND
Listed By:
BROR ELMQUIST
Source:
Corcoran
Added: May 2, 2024
Changed: Mar 16
Last Checked: Apr 12 at 2:54PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of THE AGENCY BAINBRIDGE ISLAND
Investment Insights
Based on property information with market context.
This is a Class A condominium office space located in one of the premier office buildings on Bainbridge Island. The unit is situated on the ground floor and occupies a corner position adjacent to the sidewalk. The property provides ample parking options, including an underground garage and a surface parking lot. The property size is 574 square feet.
Key Highlights
- Class A condominium office space, a premium professional environment.
- Located in one of the best office buildings on Bainbridge.
- Ground floor unit for easy access.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$8,183
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.00%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$163,660
$163.7K
Cap Rate 7%
$116,900
$116.9K
Cap Rate 9%
$90,922
$90.9K
Market Conditions
NOI Build-Up for 574 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$12.4K $21.60/SF
− Vacancy
−$1.5K −$2.59/SF
EGI
$10.9K $19.01/SF
− OpEx
−$2.7K −$4.75/SF
NOI
$8.2K $14.26/SF
Area
Kitsap County, WA
Vacancy
12.00%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$163,660
Cap Rate 7%
$116,900
Cap Rate 9%
$90,922
Alternative Uses
Best Use
Office B
$116.9K
$102.3K – $136.4K
NOI $8,183 @ 7.0% cap · market cap 3.00%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$191.4K
$167.5K – $223.3K
NOI $13,398 @ 7.0% cap · market cap 4.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,873
Businesses Nearby
Explore this area
Business Placement
Demographics for 98110, WA
24,825
Population
10,728
Households
2.3
Avg Household Size
51
Median Age
75%
College-Educated
99%
High-School Grad
27.6 sq mi
ZIP Area
899
Density / Sq Mi
$159,882
Median Household Income
$77,528
Median Earnings
$2,081
Median Rent
$1,076,200
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in West region
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Frequently Asked Questions
What type of property is this?
Office units - Class A condominium office space in a prime Bainbridge building.
Where is this office units located?
The property is located at 271 Wyatt Way NE Bainbridge Island, WA.
What is the asking price?
The asking price for this property is $273,000.
What are key features of this property?
This property features: Class A condominium office space, a premium professional environment.; Located in one of the best office buildings on Bainbridge.; Ground floor unit for easy access.
