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 Market910
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
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Review the available facts, identify missing information and prepare questions for the agent.
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 / Yr
$8,183
Cap Rate
3.00%
Suggested Prices Based on Cap Rates
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
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 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.
How Realmo checks its estimates
Property Analytics
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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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in West region
Frequently Asked Questions
What type of property is this?
Office unit - Class A condominium office space in a prime Bainbridge building.
Where is this office unit 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.
