Island Craft Condominium
12935 Islandcraft Lane NE #A5 Bainbridge Island, WA 98110
12935 Islandcraft Lane NE #A5, Bainbridge Island, WA, 98110
$458,000
For Sale
$458,000
Leased condominium unit on Bainbridge Island.
Property Size1,254 SF
Price / SF$365.23
Days on Market957
Property Features for 12935 Islandcraft Lane NE #A5
General Information
- Standard status
- Active
- Size
- 1,254 SF
- Property subtype
- Commercial
Building Details
- Year Built
- 2015
Listing Agency
WINDERMERE COMMERCIAL/ERES
(206) 780-5007
Listed by
KELLY MULDROW
Source
Corcoran
Added: Dec 6, 2023 Checked: Jul 20 at 3:59 am
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 WINDERMERE COMMERCIAL/ERES
Investment Insights
Based on property information with market context.
This investment opportunity is located on Bainbridge Island at the Island Craft Condominium project. The unit, with a total size of 1,254 square feet, is currently occupied by a coffee roaster with a lease extending through 2029. The Island Craft Condominiums consist of individually owned light industrial condominiums suitable for personal and professional uses. The property is zoned Business Industrial by Bainbridge Island and has a proforma net operating income of $22,700.
Key Highlights
- Long‑term lease in place with options to extend through 2029, providing stable income.
- Proforma Net Operating Income of $22,700.
- Located on Bainbridge Island at the Island Craft Condominium project.
Local Financial Insights For Specialty Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $41.1k | $32.76 |
| − Vacancy | −$2.1k | −$1.64 |
| EGI | $39.0k | $31.12 |
| − OpEx | −$9.8k | −$7.78 |
| NOI | $29.3k | $23.34 |
1,254 SF · lease $32.76/SF/yr · vacancy 5.00% · expense 25.00%
Alternative Uses
Best Use
Specialty Retail
$418.1K
$365.9K – $487.8K
NOI $29,270 @ 7.0% cap · market cap 6.39%
Second Best
Flex RnD
$205.8K
$180.1K – $240.1K
NOI $14,408 @ 7.0% cap · market cap 3.15%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Flex space
Similar For Sale Nearby
Similar Off Market Nearby
- Finders Keepers — 8890 Three Tree Ln NE, Bainbridge Island, WA 98110
- Culinary Capers — bainbridge island, wa 98110
FAQs
What type of property is this?
Flex space - Leased condominium unit on Bainbridge Island.
Where is this flex space located?
The property is located at 12935 Islandcraft Lane NE #A5 Bainbridge Island, WA.
What is the asking price?
The asking price for this property is $458,000.
What are key features of this property?
This property features: Long‑term lease in place with options to extend through 2029, providing stable income.; Proforma Net Operating Income of $22,700.; Located on Bainbridge Island at the Island Craft Condominium project.
